WASHINGTON, DC-A new lease at Dweck Properties’ 300 New Jersey Ave., NW, illustrates that demand for trophy space here is alive and well. The Business Roundtable inked a 26,107-square foot lease, bringing the building to within 5,000-square feet of full occupancy. "We are seeing a lot of demand for this kind of space despite the continued after-affects of the recession," CB Richard Ellis’ Randy Harrell tells GlobeSt.com.

Harrell represented the building owner in the transaction. Gary Stein with Cresa Partners represented the tenant. The Business Roundtable will move from 1717 Rhode Island Ave., NW in the spring of 2012. This move represents an expansion for the firm, from its current 14,000 square feet.

As a percentage of the overall market, the District’s trophy office supply is relatively small. Trophy buildings in the Washington area market equals 12.4 million square feet of space in 38 buildings, with just over one million square feet currently vacant, according to figures from Jones Lang LaSalle. In 2010 they reached a milestone, with investment sales topping $900 million--the highest ever for the city. Still the trophy market attracts a steady supply of tenants, from the top law firms, government affairs units of the Fortune 50 to 100 companies to international organizations that wish to be close to the Capitol. These companies are seeking more than just prestigious addresses, Harrell adds, and the buildings, he says, tend to be ultra-efficient.

"Demand for trophy space as a percentage of a supply is outpacing the available inventory, especially when consider the waning delivery pipeline," he says. In general, asking rates for trophy space in the CBD and East End are approaching $80 per square foot, full service, for new properties.