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An East End office building that sold for a near-record price in 2016 has just renewed two leases, including one expansion to bring it to 100% occupancy.
Newmark Knight Frank represented the owner of 733 10th St. NW, Bahrain-based investment firm Investcorp, in the two deals totaling 81K SF.
The National Association of Manufacturers, represented by Cresa's Sam Heiber and Richard Rhodes, renewed its 42K SF lease through 2030. The industry association is planning a major renovation of its headquarters space.
SoundExchange, represented by Cushman & Wakefield's Sherry Cushman, leased 39K SF. The nonprofit, which collects and distributes royalties from digital recordings to artists, is expanding by about 5K SF from its previous space.
“NAM is flourishing, and the event-heavy nature of the association’s operations influenced the decision to overhaul its space so that it is capable of hosting speakers and networking events in-house,” said NKF’s Morgan Monroe, who brokered the deals along with Brendan Owen. “SoundExchange is working on behalf of its 170,000-member community and the expansion will accommodate the company’s expanding role in the music industry.”
Skanska developed the building in 2011 and sold it to Jamestown in 2012. Jamestown then sold it in 2016 to Investcorp for $180M, or $1,053/SF, a near-record at the time.
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