Co-Working Firm Takes 51,268 SF At Chevy Chase Pavilion
The deal is emblematic of the growing footprint co-working is having in DC’s office market.
WASHINGTON, DC–Co-working provider AdvantEdge Workspaces has signed a 51,268 square foot lease at the mixed-use center Chevy Chase Pavilion.
Cushman & Wakefield’s Bobby Schwartz, Matt Sullivan and Kirsten Ryan represented Clarion Partners, which owns Chevy Chase Pavilion on behalf of one of its comingled funds, in the deal. Tony Bolino of CBRE represented AdvantEdge Workspaces in lease negotiations.
Chevy Chase Pavilion is a 360,000-square-foot mixed-use lifestyle center that includes retail and 205,385 square feet of office space at 5335 Wisconsin Ave. NW, atop the Friendship Heights Metro station.
The location is complementary to a co-working model for many reasons, C&W says.
“Chevy Chase Pavilion is a proven location for professional services tenants who prefer a DC address within a mixed-use environment more amenable to work-life balance,” said Schwartz, Cushman & Wakefield Executive Managing Director.
The deal is emblematic of the growing footprint the co-working model is having on the DC office community. Earlier this month Boston Properties sold 1333 New Hampshire Ave. NW, to a joint venture between The Meridian Group and WeWork Property Advisors. The companies paid $136.5 million for the 317,371-square-foot Dupont Circle office. As part of the deal WeWork is signing a lease for more than 100,000 square feet.