Capitol Crossing Announces 33K SF Of New Office Leases
The owner of a major office development that has struggled to reach full lease-up has revealed its latest slate of office tenants.
The seven leases total more than 33K SF in 200 Mass, Bisnow has learned. Two of the tenants were undisclosed, and the largest tenant, Strategic Marketing Initiatives, took just under 13K SF.
Four other tenants — the Boys and Girls Club of America, the National Hydropower Association, the International Code Council and Sustainable Strategies DC — all signed leases under 4K SF.
The new tenants arrive in a 414K SF office development that was 75% leased in 2021 after delivering three years prior. The landlord hasn't provided updated occupancy numbers.
The property’s neighbor, a 559K SF building at 250 Massachusetts Ave. NW, delivered in 2019 and sat vacant until Elias Law Group signed for 54K SF in November 2021.
The 2.2M SF megaproject was developed by Property Group Partners with financial backing from Greenwich, Connecticut-based W.R. Berkley Corp., but leasing trouble has plagued the project in the years since.
The developer switched leasing teams from Cushman & Wakefield to JLL in July 2018 and hired George Cantrell in November 2021 to help infuse the project with fresh energy.
Cantrell continues to serve as lead developer for the project. In December, W.R. Berkley shifted control of the project to the wholly owned subsidiary Capitol Crossing Advisors LLC, with Cantrell as its president.
Cantrell touted the progress Capitol Crossing had made on the retail leasing front in a statement announcing the move on Dec. 22.
That includes the 9K SF L'ardente at 200 Mass, the 7K SF Bar Spero at 250 Mass and a 4K SF Tatte Bakery at 250 Mass.
The development is also expecting this quarter to open Love Makoto, a 9K SF Japanese food hall from chef Makoto Okuwa and Unconventional Diner co-owner Eric Eden, more than two years after it was first announced.
"This is an exciting time for Capitol Crossing," Cantrell said in his December statement. "We have had a successful 2022 in leasing office space, opening three buzz-worthy restaurants and beginning the design work on Phase 3 of the development, which will include a multi-family building."
