WASHINGTON, DC—Law firm O'Melveny & Myers, LLP has signed a lease renewal for 101,032 square feet at 1625 Eye Street, NW. The firm secured contiguous space on the top of floors of the building in a lease that is running through 2028.
Scott Frankel, Joe Coleman, Mark Klug and DJ Callahan of CBRE negotiated the renewal on behalf of the owners, Edge Funds and Brookfield. Greg McCavera of JLL and Jeff Welch of the Cushman & Wakefield's Los Angeles office negotiated the renewal on behalf of the law firm.
A vacancy on the top floor of the 370,000-square foot building was one factor behind the decision by the firm to stay put and renew the lease ahead of the 2018 expiration, according to Frankel. The lease also "accommodates the law firm's desire to restack its footprint,” he said.
Landlords have learned to accommodate law firms' demands as lease renewals come up—a point illustrated by White & Case's renewal of 148,613 square feet at One Metro Center. "Those landlords that have been successful in keeping tenants have been readily agreeable to making upgrades to existing infrastructure in order to compete with newer product," CBRE's Randy Harrell told GlobeSt.com in an interview discussing the White & Case lease.
That was also the back story to Morgan, Lewis & Bockius' reupping the 268,000-square feet it occupies at 1111 Pennsylvania Ave. – a lease renewal that included agreements by landlord Invesco Real Estate to make improvements to the building's systems as well as other upgrades and modernizations.
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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.
