New America Foundation, an independent DC-based think tank, has signed a 15-year, 50,536-square-foot lease for the top three floors at 740 Fifteenth Street, NW. Listed on the National Register of Historic Places, the former Union Trust Building is located just one block from the White House and recently benefited from a multi-million dollar renovation project.
The John Buck Company acquired the 11-story, 175,000-square-foot building, from the American Bar Association in 2011 and began renovations in 2013. These include modernization and expansion of the building’s lobby, as well as new elevator cab interiors, restrooms, common areas and fitness center. Newmark Grubb Knight Frank’s Brendan Owen, chairman, metropolitan Washington asset services, and George Vogelei, director, are exclusive leasing agents for the property.
“New America is a civic enterprise driven by big ideas and renewing America’s promise in the digital age. We also curate unique ways to engage with broad audiences,” said Anne-Marie Slaughter, president and CEO of New America. “We believe our new headquarters supports and strengthens these goals. 740 Fifteenth Street is a modernized building that allows us to be proximate to the core of policy making while helping us to extend our reach far beyond the Beltway. As we reinvent the think tank, we’re thrilled to help forge a new America while staying close to our nation’s historic roots.”
The nonprofit organization, which is relocating from L Street, was attracted to 740 Fifteenth Street’s culturally significant location, visibility and its 16,700-square-foot floor plates with exceptional views.
“The John Buck Company’s commitment to provide a best-in-class office environment has successfully landed an anchor tenant for the building, in otherwise stagnant market conditions. The upgrades to the historic property, combined with the location, views and onsite Joe’s Seafood, Prime Steak and Stone Crab restaurants distinguishes 740 Fifteenth St., NW, from its peers,” said Mr. Owen.
New America’s future office is approximately 20,000 square feet larger than the space it occupies at 1899 L Street. 740 Fifteenth Street will provide the organization with room to grow and onsite venues for hosting events, according to New America’s leasing representatives MGA’s Michael Goldman, president, and Taylor Manning, managing director.
Mr. Owen added, “There remains 48,496 square feet available for lease, including two full floors at approximately 16,700 square feet each, or suites starting from 1,883 square feet. All common areas, including the lobby, tenant-only fitness center, elevators and restrooms feature high-end finishes.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.