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A Texas university is taking space in a Downtown D.C. office building, the latest example of how the federal government can benefit the District's office market in a variety of ways.
Texas A&M University signed a five-floor, 47K SF lease to open a D.C. campus at 1620 L St. NW, the school's broker announced Monday.
Newmark Knight Frank's Doug Damron and Chris Lucey represented Texas A&M in the deal. JLL's Nathan Beach, Doug Mueller and Evan Behr represented the landlord, an affiliate of Liberty Mutual. The building, two blocks from the Farragut North Metro station, recently underwent a renovation that upgraded its lobby and amenities.
The office space will serve as the D.C. campus for the university's Bush School of Government and Public Service. It picked the location because of its proximity to the White House and other federal buildings, NKF said.
Market experts point to the government as a stabilizing factor that keeps the D.C. office market resilient through economic downturns, because not only do federal agencies lease space, but D.C. landlords can also do deals with contractors, lobbying shops and universities looking to locate in the nation's capital.
"This new location makes perfect sense for the university as it helps their students get real-world experience in government and public service right in the heart of our nation’s capital,” Damron said in a release. “The Class-A office property met all of their needs to develop a world-class D.C. campus site with its excellent location and upgraded infrastructure.”
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