Washington DC CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Washington DC  + DC  + Office  | 
Avison Young has closed 140,000 square feet in lease transactions at Nuveen Real Estate and Norges Bank Investment Management’s Franklin Square office building in Washington, DC

$21M Renovation at Franklin Square Helps Bring the DC Office to 95% Occupied

Avison Young has closed 140,000 square feet in lease transactions at Franklin Square in Washington, DC over the last 18 months following a $21-million renovation of the 485,000-square-foot building. The building is now 95% occupied.

Franklin Square’s renovation was led by real estate investment managers Nuveen Real Estate and Norges Bank Investment Management, co-owners of the building, along with with project management by Hines Company, property management through Cushman & Wakefield, architecture by Hickok Cole Architecture, and construction by Rand Construction. 

Since the renovations delivered, leasing partner Avison Young has executed five new leases totaling 112,000 square feet, and two lease renewals totaling 28,000 square feet. New tenants include the Conference of State Bank Supervisors, the Bank Policy Institute, Greenpeace, TIAA-CREF and Disabled American Veterans, along with renewals from American Public Transportation Association and American Water Works Association.

“The fact that these companies have signed long-term leases at Franklin Square is a very positive sign for the DC market,” said Eli Barnes, principal at Avison Young. “Despite the tough market conditions, the activity we’ve seen here is promising and we remain optimistic that we will continue to see more companies leasing office space in the coming months.”


Inside The Story

Avison Young's Eli Barnes

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.