1 Massachusetts Ave, NW Washington, DC

Background:

One Massachusetts Avenue is a 175,000 SF office building located in the Capitol Hill submarket across from Union Station; Donohoe Commercial Real Estate has actively managed and leased the property since 1991.

Challenge:

A long-term federal government tenant vacating two floors, along with other rollover, left the building with approximately 65,000 SF vacant.  DCRE initiated an extensive marketing campaign and broker outreach program that yielded several viable re-leasing options within six months.

Result:

Ultimately, building ownership proceeded with a plan to relocate Amtrak’s regional headquarters to the property. During the process, Donohoe recommended to ownership that it allow certain other leases to expire or be bought out, move smaller tenants from floor to floor, and uniquely structure the lease term and tenant concessions to accommodate Amtrak’s strict economic terms and 85,000 SF size requirement. This complicated transaction involved many moving parts and showcased Donohoe’s ability to think creatively, manage the leasing process, and close-out a highly competitive deal valued at over $50 million.