NPS Staying Put, But Not For Long
Yesterday, we snapped Transwestern GSA aces Matt Lynch and Pete Marcin flanking Cushman & Wakefield's Gene Kenney outside 1201 Eye St. On behalf of owner Piedmont Office Realty Trust, the guys recently extended the National Park Service lease there—a 220k SF deal (the buffalo need plenty of room to graze) that keeps it in the building until 2017. But while keeping a blue-chip GSA tenant in place is always nice, the real story at 1201 Eye is for the first time since the building delivered in '01, a big block of space (92k SF) will become available, since NPS is vacating some in early 2015 as part the deal. The entire building will be available once the lease expires in '17, Gene says.
The neighborhood's changed quite a bit since the building delivered, as we saw when Gene took us up on 1201 Eye's rooftop. New office neighbors 1101 New York (left) and CityCenter (in, well, the center) give the block a new vibrancy, he tells us. And by the time the building's full 266k SF block becomes available in '17, Gene expects a frothy market due to the lease expirations (and big space requirements) of several large law firms. Piedmont will aim to capture some of that demand with a space that includes 40 windowed and 14 corner offices per floor and a rent significantly lower than that of its neighbors at CityCenter.