Penske Corp. Leases Northeast D.C. Building For New Car-Sharing Hub
A $32B automotive giant chose the D.C. area as the first market for its new car-sharing concept and has just leased space to support the service.
Penske Corp. signed a three-year, 9K SF lease at 3330 New York Ave. NE for an office and maintenance space for its new car-sharing service. Savills Managing Director Ken Biberaj represented the tenant. CBRE's Ralph Haught represented the landlord, Douglas Development.
The company Oct. 22 announced the launch of Penske Dash, a car-sharing service that gives members on-demand access to Volkswagen Jettas that can be rented by the minute, hour or day. The service began operations in D.C. and Arlington. Local news website ARLnow spotted a Penske Dash car Oct. 31.
The service costs $0.45/minute if rented by the minute, $15/hour if rented hourly or $85/day, according to the company's website. It is similar to car-sharing services such as Car2Go and Zipcar that have already launched in D.C.
"It was very exciting to assist a household name such as Penske in the expansion of an innovative business line to the local market," Biberaj said in a release. "The company selecting this area to pilot Penske Dash is a testament to the region as a magnet for innovation and business growth."
The building Penske is leasing sits on the eastern edge of the New York Avenue corridor, about a mile from the D.C.-Maryland border. Douglas Development founder Douglas Jemal, who owns a host of properties along the corridor, will speak Dec. 5 on Bisnow's Welcome To New York Avenue event.