One of the country’s fastest-growing artificial intelligence companies has nearly doubled its office footprint on Pennsylvania Avenue.
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CoreWeave inked a 22,590 SF lease at Nuveen's 1001 Pennsylvania Ave. NW, expanding its footprint by 79%, according to a third-quarter JLL report.
A CoreWeave spokesperson confirmed the expansion in an email to Bisnow.
“We’re excited to be growing our presence in the region as we continue to scale our business and operations,” CoreWeave Vice President of Communications Lia Davis wrote.
CoreWeave is the largest player in the rapidly growing sector of AI service providers called “neoclouds.” The company went public in March with the U.S. tech sector's largest initial public offering since 2021, and its stock price has risen by more than 240% since.
Over the past month and a half, the company secured a series of multibillion-dollar contracts with the biggest names in the AI space.
At the end of September, CoreWeave inked a contract worth up to $14.2B to provide Meta Platforms with AI computing through the end of 2031. It also came to an agreement with ChatGPT creator OpenAI to increase its contract value to $22.4B, and it signed a $6.3B commitment with Nvidia.
The D.C. building it occupies, Nuveen’s 1001 Pennsylvania, spans 761K SF. It sits in a prominent location six blocks from the White House, across the street from the Waldorf Astoria and next to the FBI headquarters.
The building is set to lose a major tenant early next year in Crowell & Moring. The law firm has 280K SF at 1001 Pennsylvania, which it is set to exchange for 199K SF at Stonebridge and Rockefeller Group’s redevelopment of the former WMATA headquarters next to Capital One Arena.
A brochure on 1001 Pennsylvania shows more than 356K SF of availability, including five full floors.
Nuveen didn't respond to a request for comment on the CoreWeave lease.
Hines manages the property, and Cushman & Wakefield leases the office space.
CoreWeave was included in JLL’s report in a section highlighting tenants maintaining and growing their footprints in D.C. It shows that during the third quarter, 68% of tenants that signed leases of more than 10K SF grew their footprints.
Those tenants include R&P Technologies, which expanded by 199% in a relocation to 300 M St. SE, taking 21K SF this past quarter. Vanguard expanded by 20% in its relocation to 601 Pennsylvania Ave. NW, where it took 16,600 SF.
JLL reported direct vacancy in the D.C. market at 20.4%, slightly above Q2’s 20.2%. Over the first three quarters of the year, the city's office market has lost 889K SF of occupancy.
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