Both deals were signed the same day, Matt Levin at West, Lane & Schlager tells GlobeSt.com. Levin repped the tenants in the deals, along with colleague Gary Schlager. In the American Council transaction Transwestern agents Peter Prominski and Thomas Hilley Jr. represented the landlord, along with Tower's Chuck Wallach and Eric Posner.
American Councils, which evaluated several dozen properties in Maryland, Virginia and the District, plans to vacate its current space at 1776 Massachusetts Ave., NW, in Q2 of 2010. The two leases bring the building to close to full occupancy; asking rates for the remaining space are in the mid-$40s per square foot. Despite the desirable core location, supply is flooding this submarket; 1.4 million square feet in general is expected to deliver to the District by year-end, according to CBRE's Q3 report.
Tower Cos. is planning renovations to the lobby and entry-way as well as the construction of a tenant-only gym. It's also pursuing a LEED-EB rating.
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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.
