The DC Bar has leased 52,255 square feet in--1101 K St, NW--the ten-story, 310,000-square-foot building--represented by Julie Schuelke, Wendy Feldman Block, Vernon Knarr, Collin Wheeler and Suzanne Keech of Studley. ITIC leased 11,340 square feet and was repped by Jones Lang LaSalle's Creighton Armstrong and David Houck. A Studley agent--Steve Hubberman--also represented Lazard Freres & Co., in its 6,730 square foot lease.
Leasing activity has slowed measurably in the District--even the city's busy East End and CBD has felt the impact. Annualized absorption for 2008 totaled 823,000 square feet, according to a Transwestern market report--compared to 1.3 million square feet absorbed in 2007 and the long-term average of 2.2 million square feet per annum. Cassidy & Pinkard Colliers did not return a call to GlobeSt.com in time for publication.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
