Six Big Private Sector Leases Expiring Before 2020
While the General Services Administration has a number of major leases expiring in the next two years, several large private tenants are also nearing the end of their leases. At least three have already announced moves, leaving some DC landlords without their anchor tenants. With help from NGKF research manager Bethany Schneider, we identified six of the biggest private sector tenants with leases expiring before 2020.
Washington Gas
- Address: 101 Constitution Ave.
- Size: 200k SF
- Expiration: 2018
Washington Gas was acquired last month by Calgary-based AltaGas for $6.4B. The Canadian utility said it would relocate its HQ to Washington Gas' office at 101 Constitution, a Lincoln Property building. It is unclear if AltaGas plans to renew, or expand, the lease when it expires next year.
Venable
- Address: 575 7th St. NW
- Size: 244k SF
- Expiration: 2017
Venable is leaving Terrell Place to occupy Gould and Oxford's new trophy building at 600 Massachusetts Ave. NW. JLL is marketing the firm's former home across from the Verizon Center on behalf of Beacon Capital Partners, which has yet to find a new anchor tenant. The building's ground floor is occupied by Mexican restaurant Rosa Mexicana. A large space on the ground floor, once occupied by the National Crime and Punishment Museum, is also vacant.
Akin Gump
- Address: 1333 New Hampshire Ave. NW
- Size: 250k SF
- Expiration: 2019
Akin Gump just announced this morning it is leaving its Dupont Circle home to occupy 185k SF at Alexander Court, the trophy office building Rockrose Development and Spitzer Enterprises are redeveloping. This move will leave Boston Properties' 1333 New Hampshire Ave. without its anchor when the law firm leaves in 2019.
Morgan Lewis
- Address: 1111 Pennsylvania Ave. NW
- Size: 288k SF
- Expiration: 2017
Invesco Real Estate does not have to worry about losing its anchor tenant at 1111 Penn. Morgan Lewis, which occupies 80% of the building, renewed its lease in 2014. The building, with a Fogo de Chao on the ground floor, is also occupied by DHA Group, Envision, Bright Horizons, United Technologies Corp., Minority Corporate Counsel Association, FTC Publications, Community Oncology Alliance and Regus.
Finnegan, Henderson, Farabow, Garrett & Dunner
- Address: 901 New York Ave. NW
- Size: 296k SF
- Expiration: 2017
Finnegan's lease at Boston Properties' 901 New York Ave. NW was set to expire this year, but the law firm renewed the lease in 2014. The building's ground-floor offerings include Cajun diner Acadiana and Starbucks, and its other office tenants include Bright Horizons and Touchstone Gallery. Finnegan was the building's original anchor tenant when it opened in 2005.
The Advisory Board
- Address: 2445 M St. NW
- Size: 325k SF
- Expiration: May 31, 2019
While Douglas Development builds The Advisory Board's brand-new HQ at 655 New York Ave. NW, WashREIT continues to seek tenants for the West End office building left without an anchor tenant. The landlord received early interest from tenant reps but has yet to sign a lease. The healthcare consulting company is also leaving an expiring lease at 1227 25th St. NW.
