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The Downtown D.C. office market continues to struggle with high vacancy and slow leasing demand, but one owner has inked three deals for new tenants in its downtown portfolio.
LaSalle Investment Management signed two new leases at One Thomas Circle totaling 50K SF and one lease of 19K SF at 2020 K St. NW, landlord representative JLL announced Tuesday.
At One Thomas Circle, it signed a 34K SF lease with tech company Quorum, which is moving from 1111 19th St. NW, and it landed a 16K SF lease with nonprofit Global Giving, which is moving from 1110 Vermont Ave. NW. At 2020 K St. NW, it lured law firm Fox Rothschild to move from 1030 15th St. NW and sign a 19K SF lease.
JLL's Doug Mueller, Evan Behr, Kristen Mathis and Thomas Myers represented LaSalle in the leases. JLL's Andy O'Brien and Zach Boroson represented Quorum, Savills' Ben Plaisted and Greg Scheipers represented Global Giving, and Cushman & Wakefield's Mark Richardson represented Fox Rothschild.
Two of the leases represented an expansion in the tenant's footprint, while one of them was a downsizing, JLL said, though it declined to provide more details.
D.C.'s office vacancy hit an all-time high of 14.5% in Q2, according to JLL, and its leasing velocity last quarter was down 73% from 2019.
“Considering the current market conditions, it is reassuring to see this leasing activity in our portfolio,” LaSalle Associate Vice President Brett Bowman said in a release. “This activity reinforces our strategic investment in core real estate in one of the most resilient markets in the country: Washington, D.C.”
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