WASHINGTON, DC-Taking advantage of a lease option, Hanley Wood LLC has increased its occupancy at One Thomas Circle, NW from 49,000 sf to 68,500 sf. When Hanley Wood renewed its lease at the 227,000-sf office building with owner One Thomas Circle Investment five months ago, the publishing company incorporated a clause that allowed it to expand in the building. The arrangement also allowed for them to look elsewhere for a larger space without being penalized for breaking the lease.

Studley’s Steve London and Scott Hoffman represented Hanley Wood. CB Richard Ellis represented the property owner. The publisher’s expansion, which will take place in September, makes it the largest tenant at One Thomas Circle.

“One Thomas Circle has served Hanley Wood well over the past decade–the challenge was securing significantly more space in a fully leased building within the time frame dictated by Hanley Wood’s expiring lease,” London explains. A tenant on the fourth floor will soon be vacating its space, which will become Hanley Wood’s. Financial terms of the expansion arrangement have not been disclosed; however, space at the 12-story, 25-year-old building goes for about $36.50 per sf, according to real estate data source Black’s Guide.

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