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Simpson Thacher in talks for a 200,000 SF Washington DC office lease
The potential deal would follow a wider run of large law-firm leases in downtown DC, including White & Case’s 196,000 SF lease near the White House at more than $105 per square foot triple-net.
International law firm Simpson Thacher & Bartlett is reported to be in talks to lease 200,000 square feet at 1445 New York Ave. NW in Washington, D.C., a historic building near the White House, according to Bisnow. The publication said the firm’s name and lease negotiations appeared in an earlier Stream Realty second-quarter report shared with Bisnow, but that reference was later removed from the report.
Bisnow reports Simpson Thacher declined to comment, and Stream Realty did not respond to requests explaining why the reference was taken out. If the lease is finalized, it would rank among the biggest deals in years, fitting a trend of major law-firm transactions in downtown DC that drive trophy office renovations.
The building at 1445 New York is owned by Ponte Gadea, the investment vehicle of Zara founder Amancio Ortega. Renovation plans revealed in filings with the U.S. Commission of Fine Arts call for updates including a rooftop amenity space and habitable penthouse, partial glass facade replacement, entryway modifications, and creation of a new atrium, aiming to make the property more competitive and attractive to top tenants.
Bisnow noted the potential deal would mirror White & Case’s transaction last quarter a few blocks away at 1701 Pennsylvania Ave. NW, where the firm signed a 196,000 SF lease that is currently the largest private sector lease of the year, with pricing at more than $105 per square foot triple-net. Bisnow also referenced the CFA approving the concept design at its July 16 meeting and saying it looks forward to further review.