WASHINGTON, DC-LivingSocial, an online daily deal company, has reportedly taken a full building lease in the East End. According to a report by the Washington Post, the company has leased 918 F St., NW, a 27,000-square foot, seven-story building owned by Douglas Development. LivingSocial declined to comment on the leasing announcement to GlobeSt.com and the other principals involved in the deal did not return calls in time for publication.
This is not the first building space the company has taken with Douglas Development. Earlier this year it inked a lease for 12,500 square feet at 718 Seventh St., NW. It also occupies offices in other Douglas Development-owned properties.
LivingSocial, despite its relatively small amounts of expanding space, is among the few private sector companies that are actively expanding right now. Q1 statistics for the District show that the city’s availability rate has changed little from the fourth quarter, declining less than one percent in the first quarter to 11.3%, Studley reports. It’s a tepid rate of growth that can be attributed to a lackluster private sector and a government sector that is scaling back.
Coincidentally it did note that there were some encouraging signs from a limited number of law firms and associations--and “start ups” like LivingSocial. Still, though, the East End is still struggling to absorb the close to 350,000 square feet left behind after the law firm Howrey disbanded in the East End.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.