A joint venture comprised of Chicago-based Sterling Bay — along with MRP Realty and Declaration Partners — inked two new leases with the U.S. Travel Association and the Coalition for Epidemic Preparedness Innovations (CEPI) for a total of 25,745 square feet at its Washington, D.C. offices at 1899 Pennsylvania Ave.
The U.S. Travel Association is set to occupy 19,170 square feet on the top floor, while CEPI will take 6,575 square feet on the fifth floor of the building. Both deals are said to be long-term, and the two companies are scheduled to move in by 2025.
JLL brokered the leases for the landlord, while CBRE’s Tyler Bensten and Scott Hoffman represented the tenants.
Sterling Bay and its partners acquired 1899 Pennsylvania Ave. from the Paramount Group for $103 million in 2021 at a $12 million discount attributed to the COVID-19 pandemic.
The 192,000-square-foot building is currently undergoing renovations, including a modernized lobby, shared conference rooms and a new fitness center. The improvements are expected to be finalized by the end of 2024 with the owners hoping to achieve a LEED Gold Certification for sustainability.
“The building’s renovation is creating a new, functional space that is ideal for performing our work and meeting our future needs,” said DeLisa Selwitz, U.S. Travel Association executive vice president of operations.
The property is situated in the heart of Washington, D.C.’s central business district, which is just a few blocks northwest of the White House. It features convenient access to four Metrorail lines, premium restaurants and the high-end retail collection at 2000 Pennsylvania Ave.
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