Boston Properties (BXP) has recently acquired 725 12th Street, a 12-story property located in the East End of Washington, DC. The property spans over 300,000 square feet and was purchased for $34 million.
In line with their plans to revamp the area, BXP intends to demolish and redevelop this property into a modern workplace spanning approximately 320,000 square feet. As part of this acquisition deal, BXP has also secured an impressive lease agreement with global law firm McDermott Will & Emery for around half of the newly constructed building’s top five floors. Negotiations are currently underway with another client for occupying most of the remaining space.
The lease transaction was facilitated by Lou Christopher , Jordan Brainard , Rob Copito , and Clay Hammerstein from CBRE on behalf of McDermott Will & Emery while Evan Behr from JLL represented BXP in this deal. Situated in Washington DC’s central business district just three blocks away from White House and steps away from Metro Center Station makes it an ideal location for businesses looking to establish themselves in prime areas.
Pete Otteni , Executive Vice President and Co-Head of Washington DC Region at BXP expressed his satisfaction stating that they are delighted to have completed such a creative deal which highlights their strong position within both real estate as well as financial markets.
