Homegrown Tech Firm Signs Lease To Relocate, Expand HQ In Downtown D.C.
A D.C. tech firm signed a deal to move from its Dupont Circle home to a downtown office building, more than doubling its footprint.
Virtru leased 17K SF at 1801 Pennsylvania Ave. NW, a Pembroke-owned office building that recently went through a major repositioning, the developer announced Wednesday.
The lease is for the entire fifth floor, and the company plans to move in spring 2023. Virtru currently occupies 8K SF at 1130 Connecticut Ave. NW, CoStar reported.
Virtru, a cybersecurity firm that provides encryption services, raised a $60M Series C funding round in January. Co-founder and CEO John Ackerly told Bisnow the following month that the firm was planning to double its headcount as a result, noting the region was an attractive place for tech workers coming from San Francisco and New York.
Pembroke, which has owned the office since 2006, repositioned the property one block from the Farragut West Metro station in 2019. The improvements renovated the double-height lobby, open-air cupola and 5K SF fitness center.
The developer has signed a series of large tenants over the last year totaling 89K SF, according to a press release. The property is now 70% leased.
D.C.'s tech industry has seen a renaissance in recent years, but the industry as a whole isn't immune to macroeconomic trends. Major layoffs have swept Big Tech, including at Amazon, which is still moving forward on its HQ2 office across the Potomac River in Arlington.