WASHINGTON, DC—Millennium Challenge Corp. has signed a 10-year lease for 96,894 square feet at 1099 14th St. NW. The lease is a relocation and a consolidation for the US agency, which currently is operating out of two buildings on 875 15th St. and City Center at 1401 H St., NW.
MCC tapped JLL in July 2011 to help it assess and streamline its real estate footprint. It wanted to increase its space efficiency and reduce rental costs. Some eight buildings were considered, including the option of remaining at 875 15th St.
Landlords responded in droves to the original request for information with competitive offers, according to JLL Managing Director Kurt Haglund. For example, even though the term of the lease was ten years, all of the bidders agreed to a rolling termination option to meet US government guidelines. "The resulting deal is substantially below the maximum rental rate determined for MCC by OMB and a substantial reduction in overall cost compared to the current cost," he says in a prepared statement.
MCC will move into its new headquarters when its current leases expire in May 2015.
Besides Haglund, Jae Lee and Howard Traul of JLL also worked with MCC on this project.
1099 14th St., also called Franklin Court, is an 11 story, 450,000-square foot office building.
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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.
