WASHINGTON, DC-1050 Connecticut, N.W. is and has been home to many of the law firms in the city’s East End and CBD. And it will continue to be the home for the law firm of Gibson, Dunn & Crutcher, LLP, which last year announced it would be staying put in the building plus expanding some space.
Jones Lang LaSalle’s Elizabeth K. Cooper explains gives some of the details behind the transaction. “The firm restructured its lease early and then extended it,” she tells GlobeSt.com. “Essentially they took an additional 33,000 square feet last year.”
For 1050 Connecticut Ave., NW--or Washington Square as the building is called--an additional 33,000 square feet is a pittance. However, the building--at one million square feet and 12-stories--will be experiencing a vacancy when Arent Fox, which occupies 230,000 square feet there currently, moves into neighboring 1000 Connecticut Ave., NW, when that building delivers. When Gibson, Dunn & Crutcher announced the expansion last year, the building had 43,000 square feet available for occupancy.
Building owners Lerner Enterprises and Tower Cos., recently secured a $250-million loan from MetLife. The building recently underwent a major $14-million renovation, which delivered at the beginning of 2011.
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