It seems like everyone in commercial real estate is moving these days. Last week, we showed you Bozzuto's new digs in Greenbelt, and yesterday, we visited Savills Studley's new space at 1201 F Street. Regional co-manager Gary Stein (showing off his new moveable stand-up desk) says the firm is taking 25k SF, which is 8k SF more than its previous space across the street at Columbia Square, due to more employees following the Savills Studley merger earlier this year. About 70 employees are in the new DC spot, he adds.
Open layouts and more light are hallmarks of almost every new space these days, and the Savills Studley design is no different. "It's pretty energizing," says Gary, who tells us the two floors allow for more collaboration. DC holdovers from Studley had been at Columbia Square since the property delivered in 1987, when the firm brokered the anchor Hogan & Hartson lease and decided to follow its client into the building. Gary tells us it's been the most successful year ever for the local office. When he's not managing a deep roster of 51 tenant advisors, he's also gearing up for his 26th year as a basketball referee in the storied WCAC.
On our way out, we stopped by research manager Ted Skirbunt's desk, where he told us renewals were his big takeaway from Q3 in DC. Eight of the 10 largest deals in the city in Q3 were either renewals or early lease restructures, he says, accounting for nearly 50% of all leasing activity in the quarter. He adds that historic landlord concessions are likely to remain for the time being.
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