Carr Properties Inks HQ Relocation at DC Trophy Building
Carr Properties has signed a long-term leasing agreement for nearly 16,000 square feet of space at Signal House, a 10-story, Class A office building in Washington, D.C.’s Union Market District. The tenant is KIPP DC, a high-performing public school system, that will move from its current headquarters to the 228,000-square-foot property.
Transwestern represented the tenant, while an Avison Young team negotiated on behalf of the landlord. The deal brings Signal House to 80 percent occupancy. KIPP DC will occupy a portion of the property’s ninth floor, with move-in scheduled for fall next year. Notable tenants at Signal House include TikTok, Industrious, NeighborWorks America, Starr Restaurant Group’s El Presidente.
READ ALSO: Top Destinations for Corporate Relocations
The office asset’s remaining space available for lease includes the entire top floor and three new speculative suites on the eight floor, ranging in sizes from 4,500 to 7,000 square feet.
Completed in 2021 and designed by Gensler, Signal House is a prime office building at 1255 Union St. NE and features five passenger elevators, floorplates between 18,112 square feet and 24,038 square feet, on-site bike lockers, a conference room that can host up to 100 people, a lounge area, a rooftop terrace and 150 vehicle parking spots, according to CommercialEdge. Additionally, the property includes a penthouse and a DJ booth, a recording studio and a rooftop terrace.
The property is close to the NOMA-Gallaudet Metro station and to Washington Union Station, while being 3 miles from downtown Washington, D.C., 6 miles from The Ronald Reagan Washington National Airport and within 29 miles of Dulles International Airport.
Transwestern’s team of Senior Vice President Kamis O’Farrell Lawrence and Executive Vice President Michael Goldman negotiated on behalf of the tenant. Avison Young’s Principals Jonathan Wellborn and Eli Barnes represented the landlord. The same team, together with Senior Vice President Lauryn Harris and Carr Properties’ Senior Vice President of Leasing Kaitlyn Rausse, are the exclusive leasing brokers in charge of the remaining space at Signal House.
Leasing deals at trophy office assets
A recent CommercialEdge report shows that Washington, D.C.’s office vacancy rate reached 16.2 percent as of July, below the national rate of 18.1 percent. The metro’s average asking rent stood at $40.45 per square foot, outperforming similar markets such as Atlanta ($32.02 square foot) and Seattle ($36.89 per square foot).
This month, Carr Properties signed a 340,000-square-foot leasing agreement at Midtown Center, a 867,000-square-foot Class A+ office mid-rise in downtown Washington, D.C. The tenant, Fannie Mae, is downsizing from a 713,500-square-foot footprint at the same property, where it started its commitment nearly a decade ago.
In the same period, law firm Brown Rudnick signed a full-floor lease at 1900 North St., another trophy office in the metro. The 256,000-square-foot Class A office asset is owned by Germany-based Commerz Real AG, part of Commerzbank Group.
The post Carr Properties Inks HQ Relocation at DC Trophy Building appeared first on Commercial Property Executive.
