Wells Fargo Signs 70K SF Lease To Relocate D.C. Office
A Downtown D.C. office building that recently lost its anchor tenant has just inked a lease with one of the world's largest banks.
Wells Fargo signed a 69K SF lease at 1700 K St. NW, a deal that closed in February and was revealed Tuesday in a Q1 market report from Savills. Multiple sources involved in the deal confirmed the details to Bisnow.
The banking giant is moving its D.C. office from 1300 I St. NW. CBRE represented the tenant, and Cushman & Wakefield represented the landlord. The 1700 K St. NW building is owned by a group of private investors and managed by JBG Smith.
The 390K SF office building, constructed in 2005, sits one block from the Farragut North Metro station. It was previously anchored by Winston & Strawn, which occupied 154K SF on the upper floors of the building. The law firm in November 2018 signed a deal to relocate to 1901 K St. NW and was scheduled to make the move last month.
The Wells Fargo lease, signed in early February, closed before the coronavirus created an economic crisis that has slowed down the city's office market. Savills' Q1 report found 1.8M SF of total leasing velocity in Q1, the lowest of any quarter since 2017.
"The bulk of the leasing was in January and February," Savills Head of Americas Research Sarah Dreyer said. "I did not see a lot of deals coming through in the month of March."