D.C.'s asking price for a 10,000-square-foot lease: $1.1M
October 20, 2014

How challenged is the D.C. commercial real estate market? Challenged enough that the District thinks it can negotiate an unusually generous package of incentives for a 10-year lease on a relatively small space.

The Department of General Services is seeking 10,000 rentable square feet for use by the D.C. Office of Employee Appeals, the agency charged with adjudicating employee personnel appeals. The space must be located within the Central Business District or East End and within 1,500 feet of a Metro station, with a preference for Metro stations serving multiple lines (as in, Metro Center or Gallery Place).

The kicker, per the solicitation, “The District requires a Tenant Improvement Allowance of $110” per square foot — a non-restrictive tenant improvement allowance, no less, and the city may request the landlord provide a turnkey buildout. Offers are due by Nov. 10. The District is being represented by broker Savills Studley, Inc.

D.C.'s asking price for a 10,000-square-foot lease: $1.1M

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