WASHINGTON, DC—Chicago-based LaSalle Investment Management is in a very pleasant, albeit rare position, of having more tenants clamoring for space in a local office building than actual space available.
That property would be 2001 L St., NW, which LaSalle Investment acquired from Minshall Stewart Properties and Heitman recently.
Michael Katcher and Mark Wooters of Cushman & Wakefield have been tapped to take over leasing of the 167,603-square foot office building and they report that demand is very high for the remaining vacant space of 10,000 square feet, divided into two separate suites. They have received enough proposals to lease out 30,000 square feet in the building, if it were available.
Asking rates for the property are in the low to mid 50s per square foot, full service.
The interest, Wooters tells GlobeSt.com, is indicative of the strength of the building's extensive repositioning a few years ago.
Minshall Stewart and Heitman, its JV partner in this transaction, purchased the building in 2012, paying about $62 million. The following year the owners embarked on a renovation of the 10-story property, relocating its lobby, creating new office and retail space on the first three floors and installing a three-story glass storefront and curtain wall.
This April, the Urban Land Institute signed a 15-year lease to occupy 33,481 square feet, taking over the entire 2nd and 3rd floors, bringing the building to approximately 85% occupancy.
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