WASHINGTON, DC—Well, this is a new twist on the space optimization trend. The National Association of Counties (NACo) and National League of Cities (NLC) are co-locating their headquarters at 660 North Capitol St. in Capitol Hill, a 200,000-square foot spec building under development by Republic Properties that is set to deliver next year.
The two associations are taking a total of 78,000 square feet in the building, occupying three floors. Joe Judge and Ken Patton from JLL represented NACo and NLC. JLL's Doug Mueller and Evan Behr represented Republic Properties.
The two associations are not consolidating space or co-sharing services with this lease except for sharing a conference room, Judge tells GlobeSt.com. They both set out looking for individual leases and then decided to join forces for various reasons, he explains: their respective missions were closely aligned and a co-location would be beneficial for their members; also they could better collaborate and/or consult on various initiatives.
Plus, obviously, they would get better concessions going to market with 78,000 square feet than the 39,987 square feet and 33,654 square feet that NACo and NLC are taking, respectively, in 660 North Capitol.
© 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.
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.
