The Atlantic Council — a Washington, D.C.-based think tank specializing in security, defense, economics, politics and diplomacy — announced the closing of a new lease deal for 79,671 square feet of office space at The Aleck, which was previously owned by The Meridian Group. According to CBRE, the agreement was the largest new lease signed on the Washington, D.C. office market in the first quarter of 2023.
CBRE’s Mark Klug, Carroll Cavanagh, Scott Frankel, Emily Eppolito, and Dimitri Hajimihalis represented the landlord, while Cushman & Wakefield’s Kurt Richter, Ned Goodwin and Reed Miller negotiated on behalf of The Atlantic Council.
Located at 1400 L St. NW in the city’s Franklin Square neighborhood and named for Alexander Graham Bell (one of his first laboratories was located just a block away), The Aleck was acquired by Meridian in 2016 for $70 million. Following its purchase, the owner embarked on a $20-million renovation effort led by Hickok Cole Architects.
Since then, the 175,500-square-foot office property has added several organizations to its tenant roster. That includes the American Council of Engineering Companies, which moved its headquarters there last year.
“The organization was looking for a creative home to host large-scale meetings and events, and we were able to achieve their needs seamlessly at our building,” said Katie Yanushonis, senior vice president and head of leasing at The Meridian Group. “The company’s upgraded experience and thoughtful design will allow them to continue their mission of providing the best programming and services for its employees, guests and members.”
CBRE’s Mark Klug added: “A handful of buildings are really starting to separate themselves from the pack, and this transaction reflects that bifurcation in the market for an increased demand for higher-end renovated space.”
The Atlantic Council will be moving from its current location at 1030 15th St. NW, where it currently occupies 41,941 square feet. The transition is estimated for the second half of 2024 after its new space on L Street is built out. The organization’s new home at The Aleck will include an expanded events venue, along with top-notch coworking and office space facilities.
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