Hastings Commits To New D.C. Office At CBS-anchored M Street Redevelopment | News | Tishman Speyer
Hastings Commits To New D.C. Office At CBS-anchored M Street RedevelopmentWashington Business Journal January 9, 2017
Tishman Speyer has landed its first law firm tenant at 2050 M St. NW, a trophy-class project being developed between Washington and Dupont circles on the site of what is now CBS's D.C. bureau.
Paul Hastings LLP, which currently operates in D.C. out of 875 15th St. NW, has signed a lease for 97,000 square feet at 2050 M, an 11-story, 364,000-square-foot project slated for completion in 2020. The deal is a significant victory for Tishman Speyer, which hoped its innovative design would appeal to marquee tenants like Hastings. It also redoubles the global law firm's relationship with Tishman Speyer, also its landlord at 200 Park Ave. in New York City.
The developer hasn't been shy about the caliber of tenants it's seeking for the new building, designed by New York's REX Architecture PC, and Tishman Speyer Senior Managing Director Paul DeMartini said he's confident in landing more firms like Hastings as the project gets closer to completion.
"With leasing momentum now established three full years in advance of delivery, we look forward to attracting additional blue-chip tenants as we make 2050 M Street one of the District's most iconic projects," he said in a statement.
Hastings had put out proposals to a number landlords in addition to Tishman Speyer, according to market sources, and the two sides traded several proposals going back to their first presentation about a year ago. Hastings, represented by CBRE, made the lease official before the end of the year.
The lease is the latest in a string of fairly large deals for downtown D.C. landlords including a pair of leases for nearly 100,000 square feet at 2001 M St. NW, the Aspen Institute's lease for about 91,000 square feet at 2300 N St. NW and Macfadden & Associates' lease for about 120,000 square feet at 555 12th St. NW.
Those deals represent positive momentum for the District's sluggish office market, but they come at a challenging time as well. D.C.'s office vacancy rate came in at 12.6 percent to close 2016, according to CBRE Group Inc., the highest level it's been since 1992.Read the full article