Coworking operator Industrious is opening another location in the heart of downtown D.C.
The company inked a lease for 33,600 SF on the top two floors — all of the eighth floor and some of the seventh floor — in one of the buildings at The Row complex at 19th and M streets NW.
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The three adjacent office buildings are owned by Rockrose, which fused them together in an overhaul completed in the fall of 2023. Industrious is moving into the corner building at 1900 M St. NW.
Cushman & Wakefield’s third-quarter D.C. office report published this week revealed the lease, and Rockrose Director Ted Traum confirmed the details to Bisnow on Friday.
“We have for a very long time just admired them as operators and think that they not only create an incredible product for their customers, but I think that their business model makes a ton of sense and, I think, is extraordinarily attractive for landlords like us,” Traum said in an interview.
Industrious declined to comment.
Cushman & Wakefield Vice Chair Michael Katcher and Managing Director John Skolnik represented Rockrose in the lease.
The buildings that make up The Row at 1900 M St. NW, 1146 19th St. NW and 1140 19th St. NW total around 245K SF and are about 75% leased, Traum said. Amenities include a lounge, wellness center, conference center and tenant-only coffee shop run by For Five Coffee Roasters.
Industrious has 16 locations in D.C., Maryland and Northern Virginia, according to its website.
SALES
Jemal Real Estate Strategies, a new investment firm from Norman Jemal, and DivcoWest have acquired a 342K SF West End office building for a conversion. The partnership plans to turn the property at 1255 23rd St. NW into 323 units. It didn't disclose the acquisition price, but the Washington Business Journal reported that it sold for $42.2M. New York-based private equity firm Madison Realty Capital provided a $40M predevelopment and acquisition loan. Fillat + Architecture is the architect, and CBG Building Co. is the general contractor.
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Minnetonka, Minnesota-based firm Onward Investors has picked up a 166K SF office building in Tysons. Nuveen sold the 10-story property at 8270 Greensboro Drive, which was built in 1999 and renovated in 2021, according to JLL, which represented the seller. Fairfax property records show the price was $48M. TIAA, which bought Nuveen in 2014, paid $60.1M in 2005. The property is 96% leased to 13 tenants, according to the release. JLL’s Andrew Weir, Kevin Byrd, Jim Meisel, Dave Baker and Trey Ramsey brokered the deal on behalf of Nuveen.
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Cummings Capital Partners and JSB Capital Group purchased two Tysons buildings totaling 466K SF, not far from Onward’s investment, the Washington Business Journal reported this week. Brandywine sold the properties at 8260 Greensboro Drive and 1676 International Drive for $19M and $78M, respectively. The buildings are 86% leased, JLL, which represented the seller, told WBJ. Cummings was founded last year by former Monday Properties Senior Vice President Cliff Cummings.
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New D.C.-based firm Assembly Real Estate and London-based Fitzwalter Capital have acquired a 306K SF office building next to Capital One Arena. The partnership purchased the $140M note, which was $145.8M as of last week, on 700 Sixth St. NW for $79.5M from Principal Real Estate Investors before executing a deed-in-lieu-of-foreclosure with the owner, Affinius Capital. JLL had been marketing the loan since at least this spring, Bisnow reported at the time. At that time, it was 79% leased with a 7.8-year weighted average lease term.
PERSONNEL
Victor Hoskins, who led the Fairfax County Economic Development Authority for seven years, has launched a mid-Atlantic real estate consulting firm. Hoskins, who just left his role at FCEDA, announced his new firm, Mid-Atlantic Strategic Advisors, on LinkedIn this week. “My work now is the same work I have loved for a long time — real estate strategy and public-private investment,” he wrote in a post. FCEDA announced Hoskins’ departure in February, saying he would be returning to the private sector in the fall.
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