Market Square, an iconic 696,000-square-foot office property in Washington, D.C., has been brought by Columbia Property Trust to 90 percent leased, the company announced in a press release.
Since 2015, Columbia has leased over 350,000 square feet at the property through property enhancements and targeted marketing to the legislative arms of major corporations. This has led to increase in rental rates by approximately 20 percent.
About half of the space at Market Square was expiring in the three years following the announcement of renovation plans at the beginning of 2015. In mid-2016, the occupancy also dropped to a low of 73 percent. However, over the last four years, Columbia was able to lease or renew over 50 percent of the total space at the property, bringing it back to 90 percent leased.
“We have been very purposeful in creating a vibrant community at Market Square of business and industry leaders who maintain offices in D.C. in order to participate in the conversation taking place in our nation’s capital,” said Nelson Mills, Columbia’s chief executive officer. “Our efforts have been rewarded, with the property now well leased at very attractive rates.”
Mark Witschorik, who looks after Columbia’s D.C.-area portfolio as Vice President, Eastern Region, said that they’ve worked meticulously to establish Market Square as the epicenter of the legislative offices of Fortune 500 and leading midsize companies in Washington, D.C.
“In addition to maintaining the timeless grandeur of the architecture and interior design of these iconic office buildings, we’ve developed an unrivaled package of amenities to serve the specific needs of lobbyist groups, who rely on having access to exclusive entertainment and meeting spaces,” said Witschorik, adding that they’re planning to add more luxury retail and dining options onsite in the year ahead.
Market Square has a unique distinction of having 10 Fortune 100 companies among its tenants. According to property management firm JLL, no other D.C. office building has more than four companies.