Studley Reshapes DC's NoMa Skyline with Recent NPR, DoJ Deals

Business Wire, July 31, 2008

Studley Executes More Than 3.7 Million SF of Transactions in First Half of 2008, Including the District's Largest Office Lease in Five Years

WASHINGTON -- International commercial real estate services firm Studley announced today that it has successfully negotiated more than 3.7 million square feet of lease and purchase agreements in the first half of 2008, assisting prestigious tenants such as media company NPR and the Department of Justice (DoJ) to take space in Washington's NoMa (north of Massachusetts Avenue) submarket.

Last week, NPR closed on the purchase of 1111 North Capitol St. NE, where it will build a new headquarters, in a transaction negotiated by Studley's Vernon Knarr, Art Greenberg, Julie Rayfield, David Perlstein, Adam Schindler, Collin Wheeler and Parker Lange. Occupancy is expected in 2012.

In March, Studley represented the DoJ in its lease of approximately 521,000-square-feet at Two Constitution Square, a 12-story building under construction at 145 N St. NE. Studley's Neil Levy, Julie Rayfield, Mett Miller, Rick Barnett and Todd Valentine represented the DoJ in the transaction, which is the second phase of efforts to consolidate multiple DoJ locations within the District. The lease is largest federal lease in the region since 2003 when the Department of Transportation agreed to move to the Southeast waterfront, a transaction also represented by Studley.

NoMa is an emerging mixed-use neighborhood north of the U.S. Capitol and Union Station in Washington, DC. According to the NoMa Business Improvement District, private developers have invested approximately $1.5 billion to date in the submarket to develop more than 20 million square feet of office, residential, hotel, and retail space in the area over the next ten years.

About Studley. Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants with their commercial real estate transactions. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley, a partnership with Paris-based AOS, Studley provides strategic real estate consulting services to top-tier corporations, not-for-profit organizations and law firms. Information about Studley is available at www.studley.com.