GSA Renews 2 DC Office Leases
- Jun 24, 2020
The General Services Administration has renewed two leases totaling 29,071 square feet at 625 Indiana Avenue NW, a 160,897-square-foot office building in Washington, D.C. The agency will continue to occupy a 14,598-square-foot space for eight more years, while the other 14,473-square-foot lease carries a new 15-year term.
Cushman & Wakefield’s Scott Johnston negotiated the deal on behalf of landlord Office Properties Income Trust, a REIT managed by The RMR Group Inc.’s operating subsidiary. According to Yardi Matrix data, OPI acquired the asset in 2010 for $51.5 million from Rosecliff Realty. The 11-story building came online in 1988 in the city’s central business district. RMR manages the Class B property which includes a fitness center and covered parking.
Situated less than 2 miles from the city center, 625 Indiana Avenue NW is a block from Pennsylvania Avenue, just east of U.S. Navy Memorial Plaza and within walking distance of Verizon Center and the Smithsonian. The property is also less than a mile west of a 609,000-square-foot office building where The National Governors Association signed a 23,000-square-foot lease renewal and extension in February.