Avison Young has been tapped to sell 2025 M St. NW and is pitching the 191K SF property as a residential conversion with potentially 260 to 270 units.
The landlord is pushing up rents dramatically amid a dwindling supply of office space.
More buildings are being taken offline, reducing options for tenants.
Los Angeles is lagging while other major cities see office vacancy drop, but not all submarkets are having trouble.
AI firms’ square footage in Chicago reached 308K SF at the halfway point of the year.
With rents to build a new office reaching upward of $90 per SF, few tenants are willing to anchor a prospective office tower in Atlanta.
Google has had a presence at the office for nearly 10 years.
Clarion Partners acquired the One Marina Park Drive building in 2019 from The Fallon Cos. and Barings for $482M.
The REIT is working with an institutional owner to put together a joint venture and hopes to have a lease commitment by the end of the year.
The New York City-based firm is “at lease” for 200K SF at 1445 New York Ave. NW, according to an earlier copy of Stream Realty’s second-quarter report.
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