WASHINGTON—March 8, 2011—Comprehensive real estate services firm Akridge today announced a new five-year lease with the GSA's Office of Personnel Management (OPM) for 52,000 square feet at 999 North Capitol Street, NE, in the Union Square office complex. Owned by CIM Group and man-aged by Akridge, the two-building campus in the heart of the NoMa submarket is quickly drawing major government tenants as renovations to the property wrap up. More than half of Union Square's 600,000 square feet is now spoken for, following leases signed by the Internal Revenue Service (IRS) less than a month ago, the DC Department of Health last Spring, and OPM most recently.
"The completion of this transaction with OPM so quickly on the heels of the IRS lease reflects the general market upswing we're seeing in desirable locations," said P. Brian Connolly, Senior Vice President of Akridge. "But CIM's flawless timing in upgrading the Union Square buildings while activity was slow and the Akridge leasing team's unflagging pursuit of well-suited Clients for the space have played a key role in this success."
OPM will move out of the federally-owned 1900 E Street, NW. That building will in turn be renovated, with the goal of adding sustainable features and reducing the building's carbon footprint. Both Union Square buildings, at 899 and 999 North Capitol, are LEED Silver certified and have been Energy Star rated. OPM is expected to relocate to the campus's north building in the fourth quarter of 2011, taking space on third and fourth floors. Renovations nearing completion at Union Square include newly designed and modernized entryways, lobbies, elevators and restrooms, as well as enhanced security features and a new fitness facility.
Representing the landlord in the OPM lease were Akridge's Benjamin A. Meisel, Director of Leasing, and Katherine A. Burton, Assistant Vice President of Leasing, along with four members of Cushman & Wake-field's federal services team: Peter Marcin, Managing Senior Director, Brian Sullivan, Senior Director, Matthew Lynch, Senior Director, and Lauren LeHew, Associate. GSA provided their own representation for OPM.
Akridge is a comprehensive real estate services company that provides acquisition, development, construction management, asset management, property management, leasing and consulting services. Since 1999, Akridge has won ten national Best in the Industry awards for Client satisfaction from the industry's foremost benchmarking firm, CEL & Associates. The Akridge organization has been honored with the National Capital Business Ethics Award, awarded by the Society of Financial Service Professionals, and has also been recognized as the Best Place to Work in Greater Washington according to the Washington Business Journal. For more information, please visit www.akridge.com.
About CIM Group
CIM Group is a premier real estate fund manager that makes private equity and/or debt investments in urban communities throughout North America, utilizing its full array of investment and operational expertise to maximize returns while mitigating risks. With offices in Los Angeles, San Francisco, New York and Bethesda, Maryland, CIM has three distinct portfolios each diversified by geography and type of property. They include: Opportunistic or repositioning and development projects in established and emerging urban areas, Stabilized/Core or well-positioned operating properties in transitional districts, and Infrastructure or properties serving the public interest. Once involved in a qualified community, CIM seeks to routinely make additional investments in order to support the growth of the community and enhance the value of its previous investments. For more information, please visit www.cimgroup.com.
The United States Office of Personnel Management is an independent agency of the federal government that manages the civil service. The agency's mission is to recruit, retain and honor a world-class workforce to serve the American people. OPM supports U.S. agencies with personnel services and policy leadership including staffing tools, guidance on labor-management relations and programs to improve workforce performance. For more information, please visit www.opm.gov.