EAB Isn’t Coming To 655 New York After All, But WeWork Is
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The coworking giant is advertising on its website for a new location at 655 New York Ave. NW, the new, 768K SF project from Douglas Development and Brookfield. A building permit was filed last month for a tenant fit-out of a 107K SF space on the building's sixth and seventh floors, and WeWork was listed as the permit's applicant.
The 655 New York development in 2015 landed The Advisory Board Co. as its anchor tenant, with the consulting company leasing about 500K SF. EAB spun off from The Advisory Board in 2017 and had still planned to move with it to the new building — until this week.
Beacon Capital Partners, EAB's current landlord, announced it inked a 150K SF lease renewal with EAB at 2445 M St. NW. Beacon bought the West End property in July 2018, when anchor tenant EAB was slated to vacate, from WashREIT for $102M, down from the $181M WashREIT paid for it in 2008. The new owner announced an extensive renovation project along with the renewal.
Brookfield spokesperson Andrew Brent tells Bisnow the Advisory Board and EAB lease commitments remain intact, adding that the developer would have new announcements coming soon on the tenant makeup of the building.
Brent declined to comment on the WeWork deal. WeWork also declined to comment through a spokesperson.
The deal continues a rapid expansion across the District for WeWork, the coworking leader that is preparing for its initial public offering. The company signed on for 111K SF at the Capitol Crossing megaproject in May, 110K SF at Midtown Center in April and in February it leased 102K SF at 1701 Rhode Island Ave. NW, which later sold for a near-record price.
WeWork in the last year has also leased 67K SF at 700 K St. NW, signed on for 25K SF at 660 North Capitol St. NW and partnered with The Meridian Group on the acquisition of a property in Dupont Circle, which precipitated the closing of local watering holes Buffalo Billiards and The Front Page on that building's lower levels.