Financial details of Ogilvy's lease with the property owner, a joint venture involving Equity Office Properties and TIAA-CREF, have not been disclosed; however, Equity Office is currently marketing available office space in the building for $35 to $36.50 per sf.
Developed in 1979 and substantially renovated in 1995, 1111 19th St. is within blocks of a handful of Metro stations. Ogilvy, a division of global communications company WPP Group plc, will make its home on the ninth and 10th floors of the 12-story structure which is now at a 90% occupancy level with Ogilvy's lease.
"WPP's long-standing relationship with Equity Office helped streamline the leasing process," says Cushman & Wakefield's Mark Minich, who represented the tenant. "We were able to solidify a great value, and take advantage of Equity Office's flexibility, customer service and creative solutions to find the right space in the right location." Equity Office's Jim Potocki and Beau Pearce represented the ownership.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.