Washington DC + DC + Office | April 6, 2023

Hines Acquires DC Offices as Law Firm Leases More Than Half the Space

The Lenkin Co. has sold 1050 17th St. NW, a new-construction office building near Washington, DC’s Farragut Square, to Hines for $59.81 million, according to the Washington Business Journal. It’s one of the few major office sales in the District this year.

Simultaneously, law firm Davis Polk & Wardwell LLP has signed an agreement to lease 82,000 square feet there. The deal will lift occupancy in the 11-story, 154,000-square-foot building from just 10% to about 61%, according to Hines.

Davis Polk, now housed at 901 15th St. NW, plans to occupy the top five floors and penthouse. Andrew McGeorge, the DC head for Hines, told the Business Journal that Hines’ 30-year relationship with Davis Polk helped secure the deal.

He added that between the lease, a fixed-rate acquisition loan from EagleBank and limited supply of trophy office space in the CBD, now was a good time to acquire the property.

Connect

Inside The Story

Hines' McGeorge

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints