Ropes & Gray Signs for 60k SF in Golden Triangle
Law firm Ropes & Gray is moving its DC office west—and, because it's 2015, downsizing—after signing on to occupy 60k SF in Paramount Group's 2099 Pennsylvania Ave NW. Ropes & Gray is leaving its current office at Jamestown's One Metro Center, where it's occupied 67k SF for 12 years. Wasting no time, the firm plans to move in next week. Newman Grubb Knight Frank brokered the deal for Ropes, while JLL repped Paramount. “Many landlords were very aggressive in their attempts to attract Ropes & Gray to their buildings, which emphasizes how coveted a marquee tenant is in the current market environment," NGKF executive managing director Larry Bank said during his announcement of the lease. The 208k SF building sold to Vico Capital in 2008 for a then-record $837 per SF, or $172M. Paramount paid $155M in late 2011 for the well-located property. This is the first major lease in DC to hit Bisnow's inbox since the summer ended, but we expect plenty more to come shortly.