Consulting Firm Extends Lease, Expands Footprint In Downtown D.C. Building
While many tenants in D.C.'s office market are reducing their footprints, one downtown consulting firm is growing.
Berkeley Research Group signed a five-year lease extension at 1800 M St. NW and expanded its footprint from 57K SF to 68K SF, Columbia Property Trust CEO Nelson Mills said Thursday on the firm's Q2 earnings call.
Columbia Property Trust acquired the building in 2017 in partnership with Allianz Real Estate for $421M. The 581K SF building, sitting three blocks from the Farragut North Metro station, is 97.4% leased, according to the company's earnings report. It is also home to the global headquarters of brokerage firm Cresa, which moved into a 14,500 SF space in the building last year.
The deal was Columbia Property Trust's largest lease of Q2, during which it leased a total of 87K SF. It also confirmed it terminated a lease with WeWork at 149 Madison Ave. in New York.
The firm owns roughly 5M SF of commercial properties in New York, San Francisco and D.C., and its portfolio is 97.2% leased as of Q2. The landlord said it has collected 98.8% of its second-quarter office rents.
"While we have limited available space across the portfolio, a leasing accomplishment worthy of note was our extension and expansion with Berkeley Research Group at 1800 M Street in Washington, D.C.'s Golden Triangle," Mills said on the earnings call, according to a Motley Fool transcript.
Contact Jon Banister at firstname.lastname@example.org.