Grassroots Analytics has signed a lease for 24,692 square feet of office space at Arch Square in downtown Washington, D.C. The leased premises span three floors of the mixed-use property located at 803 Seventh Street NW. The move more than doubles the company's previous presence in the US capital.
The building is owned by Swiss real estate investment foundation AFIAA. Following this transaction, the property's office section is now 100 per cent let. The parties involved did not disclose the precise terms of the lease or the asking rent.
Advisers involved and market signal
On the landlord side, Greg Tomasso and Macy Parana of Avison Young represented the owner AFIAA. Grassroots Analytics was represented by Sean Balile, Jake Payne and Whitney Huang of brokerage firm Clarity Tenant Representation.
In a statement, Tomasso explained that achieving full occupancy was a significant milestone, particularly in the current market environment. He noted that the lease not only strengthens the tenant mix at Arch Square, but also demonstrates that reliable demand continues to exist for the right product in the right location.
Recovery in Washington's office market
The deal comes at a time when the commercial lettings market in Washington is showing signs of recovery. According to research by Avison Young, leasing volume in the third quarter increased by 21 per cent compared to the same period last year.
Despite the office element being fully let, Arch Square still offers around 25,000 square feet of specialised space. The owner AFIAA is currently marketing these areas to retailers and potential occupiers seeking to deliver creative office spaces, showrooms or similar concepts.
