Law Firm Negotiating 90,000-SF Prelease

The suggested 15-year lease agreement with property developer Akridge would likely pave the way for construction on Carroll Square to begin. For Dewey Ballantine, the deal would allow the firm to relocate from its present digs at 1775 Pennsylvania Ave. in the central business district to the burgeoning East End area.

Carroll Square is not just another premiere District office building in the works; it is an endeavor that will incorporate portions of seven historic townhouse structures into its design, which is being spearheaded by architectural firm SmithGroup. Upon its completion, the 10-story facility will also feature retail space, as well as art gallery space and artists' studios.

Dewey Ballantine is looking at settling into space on part of the first floor, the entire concourse level, the second floor and the sixth through ninth floors. If all goes as planned, the firm will have moved into its new home by January 2007.

New York's Byrnam Wood LLC and West, Lane & Schlager Oncor International in the District are representing the tenant in the negotiations, while in-house leasing agents P. Brian Connolly and Wilbur Pace are standing in for locally based Akridge. "This lease is unique in that it provides Dewey Ballantine with tight control of occupancy costs and excellent flexibility with respect to space requirements over the long term," Byrnam Wood chairman Joseph Thanhauser notes.

While the parties involved are not releasing the specifics of the pending transaction, it is rumored that the firm will commit to space at a full-service rate somewhere in the high-$50 to the low-$60 range. Because the deal is not set in stone just yet, Akridge's Bill Connelly would not say what rate Dewey Ballantine or any potential tenant is being offered. But Connelly did tell GlobeSt.com that Akridge is marketing office space at Carroll Square for $40 to $44 triple net.