Ocean West Capital Partners has executed an eight-year lease extension with the District of Columbia at Sentinel Square II, an office property located at 1050 First Street NE in Washington, D.C.’s NoMa submarket. The lease is structured through the District’s Department of General Services, which handles real estate needs for the local government.
The District has occupied space at Sentinel Square II for nearly a decade, establishing a long-term relationship with the ownership. Although the existing lease was not scheduled to expire until 2029, the parties agreed to extend the term well in advance, providing additional clarity on future occupancy.
The new agreement secures the District’s tenancy for an additional eight years beyond the prior expiration date. According to Ocean West, the extension meaningfully increases the building’s weighted average lease term, adding nearly five years on that metric and providing the ownership group with greater visibility into future cash flows.
Ocean West led the negotiations on behalf of the ownership, coordinating closely with representatives for both the landlord and the District. The firm worked through the District’s Department of General Services to finalize the extended commitment at Sentinel Square II.
Russ Allegrette, chief executive officer and co-founder of Ocean West Capital Partners, emphasized the importance of the relationship with the government tenant. He noted that the company values its long-standing partnership with the District of Columbia and views the lease extension as an outcome that aligns the District’s ongoing space needs at Sentinel Square II with the ownership’s long-term objectives for the property.
The extended lease reinforces the District’s continued presence in the NoMa submarket and formalizes its role as a long-term tenant at 1050 First Street NE. For the ownership and for Ocean West Capital Partners, the early agreement on an additional term provides increased stability at the asset and a clearer outlook for the building’s tenancy profile.
