X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-At least for a few years, a short-term lease by the German government is more than salvaging a 50,724-square-foot hole left by the European Union as it decamps from its long-standing address at 2300 M St. The German government will base its Embassy there for the next three to four years while its Embassy on Reservoir Road in the District undergoes renovations, CBRE’s Bruce Pascal tells GlobeSt.com. The German government has inked a 76,000-square-foot lease at 2300 M St.–to go into effect one day after the EU lease expires. It was a win for AION Partners, which owns the 140,000-square-foot building, because its cash flow hasn’t been disrupted, Pascal notes.

AION has also renewed another tenant in the nine-story property: HQ Global Workplaces, which has extended its 20,000-square-foot lease on the eight and ninth floors for an additional five years. The German Embassy will occupy a portion of the first floor and the entire third through seventh floors at 2300 M St., while renovations at its permanent home are underway. Bruce Pascal and Mark Klug of CB Richard Ellis negotiated the lease transaction on behalf of Germany. AION Partners was represented by Zeke Dodson, Kerri Mulligan Salih and Jonathan Wellborn of Cassidy & Pinkard. Brian Murphy and Seth Benhard of CB Richard Ellis represented HQ Global Workplaces in the negotiations.

Located in the West End submarket, 2300 M St., NW is a Skidmore Owings Merrill-designed immediately adjacent to the Westin Grand Hotel. Over the last two years, AION Properties has upgraded the property’s lobby, landscaping, elevators, and mechanical systems. The remaining space at 2300 M includes a 5,000 square feet block of space on the first floor, 11,000 square feet on the second floor and 3,600 square feet on the ninth floor. The term of the German Embassy lease is three years, with two six-month renewal options.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.