2 Federal Agencies Sign Deals To Stay At L'Enfant Plaza
The new owner of a L'Enfant Plaza office building has signed lease renewals with two large federal tenants comprising about half of the building.
Normandy Real Estate Partners reached deals with the government to renew leases with the Federal Aviation Administration and the Department of Homeland Security totaling over 140K SF at 950 L'Enfant Plaza.
The FAA lease is for roughly 100K SF, while the DHS occupies 42K SF. The deals were inked before the longest-ever government shutdown began Dec. 21, reducing General Services Administration staffing and slowing operations.
New Jersey-based Normandy acquired the building in June for $39.5M after the building's previous owner, Heyman Enterprise, went into foreclosure. The 280K SF building has 39K SF available. Lincoln Property Co.'s Merrill Turnbull, Jae Lee, Adam Biberaj and Robert Hines manage the leasing on behalf of Normandy.
The investor has pursued a strategy of acquiring distressed assets in the D.C. area. In August, it bought Rockville's Gateway Tower after the property went through foreclosure. It owns 2.9M SF of office properties in the region, including the National Press Building at 529 14th St. NW and office parks in Reston and Herndon.