JBG Secures 30,221-SF Lease at Georgetown Office

WASHINGTON, DC-JBG Cos. has scored a major coupe with a 30,221-square-foot lease at its recently-acquired office building, Jefferson Court. In other parts of the city, 30,221 square feet might be something of a yawner--for this particular submarket, Georgetown, it is a major deal. Most leases tend to be inked by mid-sized companies for mid-sized spaces. American Institutes for Research is taking the space at the building, located at 1025 Thomas Jefferson Street, NW. J Street is providing leasing services for the building.

JBG’s acquisition of the building was a value-add play. J Street’s Geoff Kieffer tells GlobeSt.com that the 316,000-square-foot building traded with a 90,000-square-foot vacancy. “This deal brings us to 60,000 feet that needs to be filled,” he said. JBG, in fact, is in the process of negotiating another deal--one more in sync with Georgetown’s usual activity--that will take another 3,000 feet.

“This is a big building, and the challenge is finding big tenants in Georgetown," says Kieffer. ”JBG is also planning a renovation of the lobby and common areas. Asking rates are between $41 and $42 per foot, full service.

This deal is also significant for the Georgetown market, Kieffer says, as AIR is moving from the CBD and not another location within Georgetown. “It's a net add for the submarket, and a significant one.” Like the rest of the city, leasing activity was good in Georgetown for Q1, but then it experienced a lull for Q2.