Square, Cash App Parent Signs D.C. Office Lease: The D.C. Deal Sheet
Block, a publicly traded tech services giant, is opening an office near the McPherson Square Metro station.
The Oakland, California-based company, which owns platforms like Square, Cash App and Afterpay, is taking 8K SF at Marx Realty’s The Herald building at 1307 New York Ave. NW, according to a source familiar with the deal.
Block didn't respond to a request for comment. A spokesperson for Marx Realty declined to comment.
The Herald was built in 1923 and served as the historic home for the Washington Herald Examiner. Marx purchased the 114K SF property in 2020 and invested more than $40M to renovate it.
In May, Marx announced that it had signed three tenants to 16K SF of new leases at the property: Auburn University’s nonpartisan think tank, The McCray Institute, public policy consulting firm August Strategy Group and a confidential government tenant. Avison Young’s Eli Barnes, Will Stern and Lauryn Harris lease the building for Marx.
Block trades as XYZ on the New York Stock Exchange. The company, formerly called Square, was founded by Twitter co-founder Jack Dorsey in 2009.
LEASES
AI firm CoreWeave inked a nearly 23K SF lease at Nuveen’s 1001 Pennsylvania Ave. NW during the third quarter, Bisnow first reported this week. The lease is a 79% expansion from its previous footprint at the 761K SF building, six blocks from the White House. Hines manages the property and Cushman & Wakefield leases the office space.
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A public charter school moved into a Gallery Place-area office building with a lease across the second and third floors. YouthBuild DC Public Charter School signed a 17K SF lease at 419 Seventh St. NW. The school was previously housed in Columbia Heights at a building that is being marketed for sale. JLL’s Andy O’Brien and Branden Isaac represented YouthBuild and CBRE’s John Pacheco and Tony Bolino represented the landlord, Odd Fellows Hall Association.
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Ikea is opening one of its small-format plan-and-order stores on Georgetown’s M Street. The Swedish home furnishings retailer took 7K SF at 3307 M St. NW, landlords EastBanc and Acadia Realty Trust announced. Acadia purchased Jamestown’s stake in the 22-building Georgetown Renaissance Portfolio in January. The M Street location will open on Nov. 5, after which Arlington's plan-and-order store at Pentagon Centre will shutter on Nov. 30.
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Fontina Grill is moving from Rockville to the Westside at Shady Grove development. The Italian restaurant is set to open next fall at the Laureate. EYA, Bozzuto and the Housing Opportunities Commission of Montgomery County delivered the 268-unit residential building in 2022. It was the first development funded by the HOC’s Housing Production Fund. The 45-acre Westside at Shady Grove has delivered more than 1,100 residential units over the last decade. KLNB's Matt Skalet, Ben Becker and Victor Salcido represented the landlord and Lincoln Property Co.'s Ethan Bernardi represented the tenant.
SALES
The 153-room Capitol Hill Hotel at 200 C St. SE sold for $60M, the Washington Business Journal reported. D.C.-based Friedman Capital purchased the 1950s-era property — the closest hotel to the U.S. Capitol — from TPG Real Estate Partners. The San Francisco-based firm acquired the hotel from Hersha Hospitality Trust in 2021 for $37.7M.
