Lease Update: Little Things Start to Count Again

WASHINGTON, DC-Not long ago there was one thing and one thing only that won over tenants: concessions, low rental rates and more concessions. Now that the market is showing signs of landlords gaining the upper hand, more are exploring alternative ways to attract tenants.

AION Partners and the Carlyle Group, for example, just announced that a $6-million renovation of 1200 New Hampshire Ave., NW. The project will add 8,000 square feet of corner retail space, as well as other amenities like a new lobby, fitness center and a green roof for the 310,000-square-foot, CBD building. "The new look and additional retail amenities will enhance the experience for our 1200 New Hampshire office tenants as well as the residents of the nearby West End neighborhood," says AION Partners principal Michael Betancourt in a statement.

There is currently 68,000 square feet of space available for lease including one full floor. The renovations are expected to deliver this September. Cassidy Turley’s Zeke Dodson, Kerri Mulligan Salih, and Jonathan Wellborn are handling the office leasing. Retail leasing is being handled by Bill Dickinson of the Rappaport Cos.

Another deal that recently closed likely because of the building’s amenities is Catalist‘s full-floor lease at the Akridge-owned 1090 Vermont Ave., NW. The political consultancy, which wanted to be in its new digs in time for the election season, is moving from across the street at 1101 Vermont Ave. to the new space. “1090 has a lot of amenities,” Katie Burton, assistant VP of leasing with Akridge, tells GlobeSt.com. “There have been renovations to the lobby, the building’s exterior. And the building just received its Energy Star rating.” John Boland of Boland Advisory Services represented Catalist in the eight-year, three-month lease. Akridge's Wilbur E. Pace and Burton handled their end of the transaction.

Then there is Monday Properties, which has made a total of $8 million in capital improvements to its Rosslyn-based portfolio, including a $400,000 project, currently underway, to improve the retail amenities at 1000 and 1100 Wilson Blvds. The company knows it will reap the rewards in terms of tenant satisfaction, retention and local community goodwill, COO Brian Robin tells GlobeSt.com.