March 21, 2018
Washington – Transwestern today announces WeWork has signed a lease for the top three floors of 777 Sixth St. NW in Washington, D.C. Transwestern Executive Vice President Joe Michel and Senior Vice President Scott Fetterolf represented building landlord, Bentall Kennedy’s U.S. Core Fund, in the transaction. JLL’s Zach Boroson, Vice President, and Andy O’Brien, Senior Vice President represented WeWork in the transaction.
“777 Sixth St. provided a terrific opportunity for WeWork to occupy top floors for its Chinatown expansion,” said Michel. “There was very little downtime backfilling this space as the previous tenant’s lease expired on Jan. 31, 2018, and the lease will commence before the end of 2018.”
“Our goal is to be strategic in finding the very best opportunities for WeWork to continue the momentum that they have built in the area. WeWork has been successful at their nearby 718 Seventh St. location, and adding another Chinatown location at 777 Sixth St. was a logical choice,” stated Zach Boroson, Vice President, JLL. “WeWork is changing the landscape of office use in many cities across the world and we are excited to partner with them as they continue on this growth trajectory.”
WeWork’s 777 Sixth St. NW location will house more than 900 desks and operate in addition to the firm’s popular Chinatown office at 718 Seventh St. NW. The expansion marks WeWork’s 11th location in the Washington metro.
“Mount Vernon and Chinatown have transformed into top office destinations not only for traditional tenants like The Advisory Board Company and law firms Venable and Arnold & Porter, but also tech giants like Facebook, Apple and Yelp,” said Fetterolf. “These are no longer fringe submarkets and have become real alternatives to the Central Business District and East End.”
Facebook and Yelp recently moved into Terrell Place, located at 575 Seventh St. NW. Apple is creating a new store in the historic Carnegie Library at 801 K St. NW and reportedly opening a new office at 700 K St. NW. The Advisory Board Company is building a new headquarters at 655 New York Ave. NW, and law firm Baker Botts signed a 103,000-square-foot lease at 700 K St. NW. Law firms Arnold & Porter and Venable relocated to 601 and 600 Massachusetts Ave., respectively.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Mid-Atlantic region, follow @TranswesternDC.
ABOUT BENTALL KENNEDY
Bentall Kennedy, a Sun Life Investment Management company, is one of the largest global real estate investment advisors and one of North America’s foremost providers of real estate services. Bentall Kennedy serves the interests of more than 550 institutional clients with expertise in office, retail, industrial and multi-residential assets throughout Canada and the U.S. Bentall Kennedy is comprised of Bentall Kennedy (Canada) Limited Partnership, Bentall Kennedy (U.S.) Limited Partnership and the real estate and mortgage operations of their affiliates. Bentall Kennedy is a member of UN PRI and a recognized Responsible Property Investing leader ranked among the top firms around the globe in the Global Real Estate Sustainability Benchmark (GRESB) for the seventh consecutive year since GRESB was launched.
For more information, visit www.bentallkennedy.com.
WeWork is the platform for creators. We provide everything you need to make a life, not just a living. WeWork’s mission is to create a world where people work to make a life, not just a living. WeWork members are creators who run the gamut from entrepreneurs, freelancers, and startups, to artists, small businesses and even divisions of large corporations. We are helping to create a world where people work to make a life, not just a living. There has been a macro shift towards a new way of work—one focused on a movement towards meaning. WeWork is accelerating this movement.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. AFortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.