WASHINGTON, DC-Patton Boggs has decided to extend its full-building lease at 2550 M St., NW, for another 20 years. The firm will continue to occupy the 206,000-square foot building until 2032. The building’s owner, Tishman Speyer, needless to say, is happy.
“Patton Boggs is one of the nation’s prominent law firms, and we are extremely pleased that they have chosen to remain at 2550 M for the next 20 years,” Tishman Speyer Managing Director Todd Rich, says in a prepared statement.
The lease renewal announcement was made as it became clear just how bad a year 2012 was for the DC area: in short, according to Jones Lang LaSalle, the DC area posted its worst year on record in terms of absorption with 3.3 million square feet of negative net absorption. Indeed, in many ways Patton Boggs fits the profile of a typical DC area tenant these days with its decision to stay put. “Renewals have increased to comprise more than half of all transaction activity,” the report said.
Patton Boggs first took space in the building in 1978, and has occupied substantially all of the building since 1999.