Rightsizing has been a buzzword in DC real estate for several years. But expansions are happening, including one local tech firm that just nearly quadrupled its space. (Are tech firms the new law firms? We sure hope someone is.)
Albert Lee is the founding principal of local analytics firm Summit, which just signed an 11-year, 19k SF lease at 601 New Jersey Ave in Capitol Hill—a big jump from its 5,000 SF at 718 7th St. He tells us the 11-year-old firm has seen top-line revenue growth of 30% in each of the past three years—and taking more space is directly related to the uptick in demand in financial analytics. (Americans can't get enough of Guardians of the Galaxy and Guardians of the Wallet.) The firm has 100 employees on 7th Street, and the new HQ can fit 150. Beacon Capital Partners and GE own 601 New Jersey.
Albert says Summit chose 601 New Jersey (snapped here) for the proximity to Union Station and Capital Bikeshare, more collaborative spaces, lots of natural light, and a central location to most of its clients. Cresa's Lucy Wadeson, who repped Summit, took Albert and staff on over 30 site visits, including NoMa, Farragut North, and near CityCenter. But the desire of Summit's staff to have a modern, amenitized building, won out, Albert says.
Summit is giving up a hip, vibrant location in Chinatown when it moves in February. But it gains an up-and-coming Capitol Hill neighborhood and newly renovated building—there's also a rooftop deck and fitness center at 601 New Jersey. Cassidy Turley's Eli Barnes, Laurie McMahon, Kate Oelschig, and James Collins repped the landlord in the deal, and Kate tells us 601 New Jersey's efficient column spacing also drove Summit to the building.
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