Leasing Transaction of the Year - DC
The Advisory Board Company at 655 New York Avenue, NW
The Advisory Board Company signed a lease for roughly 530,000 square feet at 655 New York Avenue, NW in Mount Vernon Triangle. After a national search, the tenant, who retained JLL in 2014, ultimately decided to stay in DC after receiving a negotiated $60 million tax incentive package from the District in exchange for a commitment of at least 1000 new jobs over the 16-year term of the lease. A significant economic development win for the District, the deal is expected to return more than $300 million in net new real estate and other taxes to the city. As well, the Advisory Board is pleased to remain in DC, having operated here for 35+ years. The publicly-traded consulting company has 2,000 local employees, the majority of which are at their 300,000 square foot headquarters in the West End. In 2018, the company will move eastward into its portion of the 756,000 square foot 655 New York Avenue development next to the Washington Convention Center. Also known as Square 450, the development team is a partnership of Douglas Development Corp. and Brookfield Office Properties. Representing the developers was CBRE’s Randy Harrell and Mark Klug. The Advisory Board was represented by the JLL team of Greg Lubar, Trip Howell, Amy Bowser and Marshall Durston.