WASHINGTON, DC—Proskauer, a long-standingtenant at 1001 Pennsylvania Ave. is expanding to48,216-square feet at 1001 Pennsylvania Ave. where it has been atenant for eight years. The law firm inked a 15-year lease and willrelocate from the fourth floor to the sixth.


The 14-story building, which is managed byHines and owned by TIAA-CREF, hasapproximately 712,000 square feet of office spaceand 43,029 square feet of retail. Other tenants inthe building include Carlyle Investment Management and Crowell& Moring LLP.


Andrew Sussman and StuartEisenkraft with CBRE's New York officerepresented Proskauer, and Hines represented the buildingowner.


Law firms are still a valued constituency among DC arealandlords; however in recent years they have proven to be much morecost conscious about real estate costs. They have also beenretrenching their space use for various reasons. In general theratio for attorney space has dropped to 600 square feet or less. Inthe halcyon days of the early 2000s it was as much as 1,000 persquare foot per attorney.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.