Washington, DC – Cassidy Turley announced today that the U.S. General Services Administration (GSA) has awarded a 285,434 square foot, 10-year lease for the Department of Veterans Affairs (VA) to occupy 425 Eye Street, NW, a 7-story, 370,000 square foot office building located in the East End submarket of Washington, DC. The project is owned by Paramount Group, Inc of New York. Cassidy Turley represented 425 Eye Street in securing this lease award, one of the largest office leases in the District for 2010.
Newly redeveloped for 2010, 425 Eye Street, NW is a state-of-the-art, Class-A building designed to seek the U.S. Green Building Council LEED Gold Rating through the implementation of sustainable design, sustainable energy and atmosphere as well as materials and resources, indoor environmental quality and innovation and design. Achieving a Gold LEED certification reinforces the environmentally conscious attitude of Paramount Group, Inc., the GSA and VA. As part of the nation’s capital urban landscape, 425 Eye’s design is forward thinking and sets a new standard in the Mount Vernon Triangle neighborhood.
425 Eye Street, NW is ideally situated in the heart of the Mount Vernon Triangle submarket in the East End of Washington, DC. Its central location affords convenient access to the lively Gallery Place-Chinatown neighborhood, as well as Penn Quarter, Shaw, Logan Circle, Capitol Hill, and Union Station.
Cassidy Turley’s brokerage team for this property includes Darian LeBlanc, Laurie Mc Mahon, Bobby Schwartz, Scott Killie, Allison Berry and Jonathan Wellborn. The Government was represented by Neil Levy, Julie Rayfield and Mett Miller of Studley and James Phelan of the GSA.
“We are delighted to welcome the US Veterans Affairs as the primary tenant at 425 Eye Street, a property in our specialized Paramount Group Real Estate Fund, which is a portfolio composed of prime central business district office buildings in major U.S. cities poised for continued growth. We look forward to a long and enduring association with the VA as it enjoys all of the amenities our building offers as well as the numerous conveniences in the surrounding neighborhood,” said Paramount Group Senior Vice President Drew Conner.
“425 Eye Street was the most logical choice as the VA’s newest facility,” stated Darian LeBlanc, Managing Director of Government Services for Cassidy Turley. “The building’s 55,000 square foot floorplates are ideal for large tenants such as the VA. And when combined with this impressive redevelopment and abundant amenities, 425 Eye Street is a remarkable new home for the VA and its employees,” added Mr. LeBlanc
About Paramount Group
Led by President & CEO Albert Behler, Paramount Group is a privately held and independently operated full service U.S. real estate company. Established in 1968, it is New York’s largest international real estate investment and management firm. Through its Paramount Group Real Estate Funds which acquire well-located, commercial business district properties in U.S. cities poised for long-term growth, the company presently owns over 12 million square feet of Class A office buildings in midtown and downtown Manhattan as well as in Washington, D.C., Arlington, Virginia and San Francisco.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider in the U.S., with 420 million square feet of managed space, 58 locations,19 national markets, and $13 billion in completed transactions for 2009. Outside of North America, Cassidy Turley partners with GVA Grimley, the founder and majority shareholder of GVA Worldwide. Through its diverse team of experienced professionals, Cassidy Turley focuses on the needs of its clients, offering end-to-end services delivered across a full spectrum of commercial real estate including Capital Markets, Corporate Services (which supports more than 25,000 locations), Landlord and Tenant Representation and Property and Project Management. The firm also offers specialty services and industry focused practice groups as well as world class market research. In addition, Cassidy Turley is a leader in assisting clients to create more sustainable workplace environments. The firm recently ranked in the Top 10 on the Lipsey Co.’s Commercial Real Estate Top Brands Survey. Please visit www.cassidyturley.com for more information about the company.