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.”