Studley's Julie Schuelke, Wendy FeldmanBlock and Collin Wheeler represented the law firm in the transaction. Jon Kaylor, Greg Storrs and Garrett Preis with Boston Properties represented the building's landlord, Square 407 LCC, a joint venture between Boston Properties and the Gould Property Co.
The deal follows another large 15-year lease earlier this month at 700 Sixth St., a recently delivered building by Akridge. Sutherland Asbill took 156,676 square feet there, joining other law firms Cadwalader, Wickersham & Taft LLP, which is occupying 82,543 square feet, and Becton, Dickinson and Co., which has taken 5,200 square feet.
These and other transactions--largely by the federal government--should continue to push the District's market to normality, or at least better health. The Washington, DC office market ended 2009 on a positive note as District tenants absorbed 85,000 square feet during the fourth quarter, according to Cassidy & Pinkard Colliers statistics.
While fourth quarter demand was considerably lower than historical levels, the positive absorption does signal that the DC market is back to consuming office space once again. New supply, though, has pushed DC's vacancy rate up by 390 basis points year-over-year to 11.7%, which is well above the historical average of 7.5%, Cassidy also said.
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