This Week's D.C. Deal Sheet
D.C.'s America’s Square office complex has two new tenants totaling nearly 40K SF.
Jamestown signed The American Council of Life Insurers and ClearPath to deals at 300 New Jersey Ave. NW, the newer of the two buildings that make up the 461K SF complex. ACLI inked 27K SF across the full top floor, and clean energy policy nonprofit ClearPath inked 12K SF.
“People want to work in connected and compelling places,” Jamestown Head of North America Portfolio Management Mark Witschorik said in a statement. “With proximity to the National Mall and design that brings together historic and innovative architecture, America’s Square provides a unique offering in the heart of D.C.”
CBRE represented Jamestown, and Cushman & Wakefield represented ACLI.
300 New Jersey Ave. NW was built in 2009, and its sister building, 51 Louisiana Ave. NW, was constructed in 1935. The two are linked via a 17K SF glass atrium. Major tenants at the property include law firm Jones Day’s global headquarters and Comcast Corp.’s D.C. offices.
SALES
PRP Real Estate Investment purchased an iconic office complex on Pennsylvania Avenue in D.C.'s largest sale since the summer of 2022. The D.C.-based company purchased Market Square, a 696K SF office property surrounding the Navy Memorial, for $323M from Blackstone and Columbia Property Trust. The sale pencils out to $464 per SF. PRP, in conjunction with an affiliate of Morning Calm Management, obtained a $247.5M loan from Pacific Life Insurance Co. Eastdil Secured brokered the sale.
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Houston-based SitusAMC purchased a pair of 1980s-era Tysons office buildings, which it is seeking to redevelop into townhomes, the Washington Business Journal reported. The developer bought the two four-story buildings on 10 acres at 7600 Leesburg Pike from an affiliate of True North Management Group LLC for $20.7M, 43% less than its 2014 sale price, the WBJ reported. Situs plans to turn the properties into 165 stacked and traditional townhomes, according to a March 15 zoning application with the Fairfax County Department of Planning and Development.
LEASES
Healthcare employment agency Quadrant Inc. renewed its 23K SF global headquarters lease in Reston, its broker, Cushman & Wakefield, announced this week. The company inked an extension at 1881 Campus Commons, which TF Cornerstone purchased in September. The 246K SF property on an 18-acre campus was built in 1999 and renovated in 2013.
Cushman & Wakefield’s Tom Walsh, Matt Bundy, Paige Barger and Chloe Eyring oversee leasing at the building and represented the landlord. CBRE represented Quadrant Inc.
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A Japanese market is taking over 18K SF formerly home to Ethan Allen at Tysons 3 Center. Rappaport announced Marufuji Japanese Market is expected to open in the property at 8520 Leesburg Pike in December. The 41K SF shopping center is anchored by The Tile Shop and Starbucks. Ethan Allen vacated the space in 2019 in a move to Meridian Group’s The Boro.
MILESTONES
BXP announced it will build a 1.3-megawatt solar canopy at Reston Town Center. The canopy will be above the shopping center’s Green Garage, the Boston-based firm announced Friday, saying it has partnered with renewable energy developer Amresco on the project. The installation is expected to produce 1.5 kilowatt-hours of renewable energy annually for the town center.
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HR&A Advisors was the first of two consultant teams expected to be selected this year to advance a reimagining of Pennsylvania Avenue. The effort to create a new framework for the 1.2-mile stretch between the White House and the Capitol has been in the works for a decade. HR&A will recommend funding, infrastructure and governance structures. The firm joins a project team consisting of federal and local agencies that have various jurisdictions in the corridor: the General Services Administration, National Park Service, District government, Events DC, DowntownDC Business Improvement District and National Capital Planning Commission.
PERSONNEL
Greysteel has promoted Nigel Crayton from director to senior director of mid-Atlantic investment sales. The Bethesda-based middle-market investment banking firm announced this week that Crayton will take on an expanded role overseeing strategic initiatives and expanding regional client relationships. Crayton has been with Greysteel since 2020, starting as a senior investment associate. He is a founding member of the company’s Black Professionals Network.
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Mid-Atlantic nonprofit Enterprise Community Development has a new president. Janine Lind will head the Silver Spring-based firm, an affiliate of Enterprise Community Partners. Lind was most recently the chief operating officer of Northern California-based MidPen Housing Corp. Her first day will be April 29. She replaces interim President Christine Madigan. The nonprofit oversees a $1.4B portfolio of 115 communities and serves 24,000 residents.
