Lincoln Property Signs 2 New Leases, Expansion At Renovated West End Building
A West End office building, after losing its anchor tenant and undergoing a large renovation, has signed three deals to bring it over 75% leased.
Education technology company EverFi, which signed on in May for 58K SF at 2300 N St. NW, has added another 20K SF to its footprint before it finished moving in, said Lincoln Property Co. Senior Vice President Adam Biberaj, who represents the building's owner.
Lincoln Property also brokered deals to bring two new tenants to the building, Biberaj said. Law firm Jackson Campbell signed on for 24K SF and advocacy group Plan International leased 15,500 SF.
The EverFi lease expansion comes amid rapid growth for the tech company. It raised $190M in a 2017 funding round, which followed a $40M round in 2016, and it had grown to 500 employees as of October.
The company's May deal at 2300 N more than doubled its footprint from its previous office at 3299 K St. NW. After committing to the fifth floor and half of the fourth, it then grew its lease to encompass the entirety of both floors for a total of 78K SF. JLL's Gregory Lubar and Andy O'Brien represent the tech company.
"We did the deal expecting growth, but we didn't necessarily expect it to happen pre-occupancy," Biberaj said.
Jackson Campbell is moving to 2300 N from 1120 20th St. NW. It was represented by Cushman & Wakefield's Daniel Rasmussen and Brian Heatherington. Plan International, moving from 1255 23rd St. NW, was represented by Cresa's Samuel Heiber and Mindy Saffer. The two new tenants will occupy the third floor of the building.
The 287K SF building at 2300 N is owned by the Illinois Teachers Retirement System. Lincoln Property Co. worked with the landlord to complete a $14M renovation in 2015. It added a rooftop terrace, a tenant lounge, a conference center, a fitness center and a golf simulator. The first and second floors remain available, but the remainder of the eight-story building has been leased.
"The amenities we brought to that building have really gone a long way," Biberaj said.
