One of the top 50 highest-grossing law firms in the USA has signed an anchor lease for a planned prime office revitalisation project in Washington, D.C., three years before its anticipated completion. The firm Sheppard secured 107,224 square feet at 2033 K Street NW from In-Rel Properties, as announced by CBRE on Tuesday.
The firm, which employs over 1,200 lawyers across 16 offices, will move in after the building's expected completion in July 2029. The broker did not disclose the value of the lease or the asking rent. Dimitri Hajimihalis, Emily Eppolito and Carroll Cavanagh of CBRE represented In-Rel, while Gary Stein, David Lipson, Jon Glass and Owen Jaccard of Savills represented Sheppard.
In-Rel is expanding and modernising the existing building, which is located along K Street at the intersection of D.C.'s Central Business District, West End and Dupont Circle. The developer will retain the property's concrete structure but will expand it vertically and horizontally, including the addition of three floors and a penthouse.
The renovations are another example of owners betting on Washington's bifurcated office market, where distress coexists with a shortage of large, new prime space, especially for law firms and other high-calibre tenants. Jackson Siegal, CEO of In-Rel, stated: "We all know D.C. has an abundance of office space, but it lacks sufficient large, high-quality products that leading law firms like Sheppard require."
Luca Salvi, Chair of Sheppard, commented that the new office will provide a more modern and efficient work environment as the firm approaches its centennial and continues to expand its Washington operations. The strategic lease underscores the importance of contemporary infrastructure for established firms in competing for talent and mandates.
- —Property: 2033 K Street NW, Washington D.C.
- —Tenant: Sheppard (Law Firm)
- —Area: 107,224 square feet
- —Completion: July 2029 (expected)
