Sheppard, a law firm with more than 1,200 lawyers across 16 offices, has committed to a major new office presence at 2033 K Street NW in Downtown DC. The firm signed a 107,224-square-foot lease at the property and will become the building’s anchor tenant once the project is completed.
The office building at 2033 K Street NW is controlled by In-Rel Properties, which previously acquired the asset. Following the lease signing, the property is set for a comprehensive redevelopment program that will significantly change its scale and layout while retaining core structural elements.
According to ownership, the redevelopment will preserve the building’s existing concrete structure but expand the property both vertically and horizontally. The plans call for three additional floors to be added to the current building, as well as the creation of an occupiable penthouse level, positioning the asset for a new cycle of tenancy once construction is complete.
The upgraded property is expected to deliver in July 2029. The timeline provides a multi-year runway for construction and repositioning, during which the project team will execute the expansion and modernization strategy while preparing the asset for Sheppard’s long-term occupancy as anchor tenant.
CBRE is leading leasing efforts on behalf of the owner for this transaction. Dimitri Hajimihalis, Emily Eppolito and Carroll Cavanagh of CBRE represented ownership in negotiating the lease with Sheppard. Their work focused on securing a large, pre-committed tenant that aligns with the building’s future repositioning.
On the tenant side, Sheppard was represented by a Savills team. Gary Stein, David Lipson, Jon Glass and Owen Jaccard of Savills advised the law firm in evaluating the opportunity at 2033 K Street NW and structuring the lease commitment at the redeveloped building.
Hines has been retained as construction manager for the redevelopment, overseeing execution of the expansion and modernization plan. Corgan is serving as the base-building architect, responsible for the design program that will guide the property’s new configuration, including the added floors and penthouse level.
Commenting on the transaction, CBRE’s Dimitri Hajimihalis noted that the lease demonstrates the ability of a well-capitalized developer to reimagine a well-located asset. He highlighted that thoughtful design and strategic market positioning can create significant value while meeting evolving requirements from contemporary office occupiers.
