Grosvenor Americas, a private property investment and development company, signed leases totaling over 42,000 square feet at 1701 Pennsylvania Avenue, NW, its 200,000-square foot LEED-EB Gold certified office building located a block from the White House.
“The 1701 Pennsylvania Avenue office property is a high-quality building with a distinctly DC location,” said D.J. Sworobuk, Grosvenor Americas’ Vice President of Investment. “We continue to work diligently to improve and maintain its high standard. Cushman & Wakefield have done a great job in attracting businesses to our building and we look forward to continuing to grow our tenant base.”
Grosvenor recently completed a substantial portion of its $7.5M HVAC modernization that involves replacing the building’s existing perimeter heat pumps with a fully automated, quieter, and more energy-efficient VAV-based system. The new VAV system has been implemented on 6 of the 11 office floors and currently achieves $100K per year in energy savings. The building’s fitness center and its secure underground valet parking garage waiting lounge were also recently renovated.
Cushman & Wakefield is handling the building’s leasing. Institute for Defense Analyses, SBD Advisors, and Afiniti are the most recent additions to the tenant mix which includes existing tenants JAB Holdings – the parent company of such iconic brands as Krispy Kreme, Panera Bread and Bally – Groom Law Group, Carr Workplaces, and the District’s flagship Peet’s Coffee on the ground floor.
“We have enjoyed working with Grosvenor to find tenants for this unique asset,” said Mark Richardson, Cushman & Wakefield’s Executive Managing Director. “Not only can you see the heart of the nation from your window, you can also feel its energy in everything surrounding you—and that’s something you can’t find in many Washington, DC buildings.”
Grosvenor acquired the 12-story property in 1986, and it is home to the company’s east coast offices.
1701 Pennsylvania Avenue is just two blocks from the Farragut West Metro station serving Metro’s Orange, Blue, and Silver lines, and only three blocks from the Farragut North station serving the Red Line. Major roadways, government buildings, historic landmarks, and world-class amenities are nearby. Modern suites ranging from 2,625 to 18,510 RSF are available. For more leasing information, please contact Mark.Richardson@cushwake.com.
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Notes to Editors
Grosvenor, one of the world's largest private international property groups, works in some of most dynamic cities around the globe. We are guided by our 'Living cities' philosophy; we strive to create, manage and invest in properties and places that contribute to the enduring success of the cities in which we work.
Today we have 17 offices in 11 countries and assets in 17 countries. We have regional investment and development businesses in Britain & Ireland, the Americas and Asia Pacific. We also have indirect investments, managed centrally. As at 31 December 2016, the Group had total assets under management of £12.63B.
Unusual for a private company, Grosvenor publishes a detailed reporting suite - Annual Review, Financial Statements and a Non-Financial Data Report – all available at: www.grosvenor.com Twitter: @GrosvenorGRP
Grosvenor Americas aims to become a market leader in select geographical areas and sectors in Canada and the USA through focused, strategic expansion. Grosvenor Americas uses their knowledge of the cities they work in and their property skills to develop projects that contribute to the vibrancy and attractiveness of those communities. With particular interest in retail, residential condominiums and apartments, and mixed-use sectors, the Company currently operates in Washington, D.C., Seattle, San Francisco, Los Angeles, Vancouver and Calgary. As at 31 December 2016, Grosvenor Americas had assets under management of $4.6B www.grosvenor.com Twitter: @GrosvenorAmer