Carr Properties Lands 117 KSF Lease in Downtown DC
Law firm Freshfields has signed a 117,000-square-foot, long-term lease at Midtown Center in Washington, D.C. Carr Properties owns the 869,000-square-foot, two-building office complex. CBRE brokered the deal on behalf of both parties, while Carr Properties also had in-house representation.
Freshfields will occupy floors six through eight at the property’s West Tower, more than doubling its presence in the metro.
The firm will relocate from 700 13th St., N.W., an almost 244,000-square-foot office building where the company has been located since 2014. The leased space at that property comprised 52,000 square feet, according to the Washington Business Journal.
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Midtown Center is now more than 80 percent leased. The roster also includes Fannie Mae, which downsized its headquarters from 713,500 square feet to 340,000 square feet in August.
The 14-story property is at 1100 15th St., N.W., in downtown Washington, D.C., four blocks north of The White House. Ronald Reagan Washington National Airport is 4 miles southwest.
Midtown Center, up close
Carr Properties completed Midtown Center in 2017, using funds from a $525 million construction loan from Wells Fargo Bank, CommercialEdge shows. In 2021, the company sold a 49 percent stake in the asset to IGIS Asset Management, in a deal that valued the asset at $980 million.
The Class A property consists of two LEED Gold-certified buildings connected by three pedestrian bridges. Features include floorplates averaging 75,500 square feet, 16 passenger elevators and a 45,000-square-foot retail plaza.
Amenities include a fitness center, yoga room, rooftop terrace and bike room. The owner plans to add new amenities to the buildings, including conference and entertainment centers, as well as a rooftop penthouse.
CBRE Executive Vice President Amy Bowser and Senior Vice Presidents Brooks Brown and Harry Stephens, along with Vice Chair Rob Copito, arranged the lease. Carr Properties’ in-house representation comprised Senior Vice President Kaitlyn Rausse and Director Ryan Lopez.
D.C.’s office vacancy sees minor change
Washington, D.C.’s office vacancy rate clocked in at 18.5 percent at the end of December, 60 basis points higher year-over-year, but still below the 19.8 percent national average, the latest CommercialEdge office report shows. The metro’s listing rate during the same period was $41.4, marking a 1.8 percent increase compared to December 2023.
A few months ago, ArentFox Schiff signed a roughly 120,000-square-foot lease also at Midtown Center. The firm will relocate its headquarters to the property in early 2028.
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