{"id":1004645464,"date":"2023-02-13T05:06:42","date_gmt":"2023-02-13T13:06:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004645464"},"modified":"2023-02-13T06:36:31","modified_gmt":"2023-02-13T14:36:31","slug":"cushman-wakefield-retained-to-lease-dcs-union-station-office-space","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-retained-to-lease-dcs-union-station-office-space\/","title":{"rendered":"Cushman & Wakefield Retained to Lease DC\u2019s Union Station Office Space"},"content":{"rendered":"
\"Union<\/a>

Union Station. Image courtesy of Cushman & Wakefield<\/p><\/div>\n

Rexmark<\/strong> has retained Cushman & Wakefield<\/strong> as the exclusive leasing agent for the office space at Washington, D.C.\u2019s historic Union Station. The 607,735-square-foot office and retail asset is at 50 Massachusetts Ave. NE.<\/p>\n

Cushman & Wakefield\u2019s Mark Wooters, Michael Katcher and John Skolnik will be the leasing agents for the property\u2019s 130,000 square feet of available office space on behalf of landlord Rexmark.<\/p>\n

In a statement, Wooters highlighted the property\u2019s convenient access to seven modes of transportation and the 43 million visitors it attracts annually.<\/p>\n

\n

READ ALSO<\/strong>: Getting Into the Heads of Tech Tenants<\/a><\/p>\n

\n

The station opened in 1908 and features 20-foot ceilings, ample natural light and balconies with views of the U.S. Capitol. It\u2019s 100 percent Green-e Energy certified for wind power, holds a Certificate of Environmental Stewardship and is an EPA Green Power Leader.<\/p>\n

Currently, its retail areas are home to numerous national-brand shops and eating options, including Walgreens, Chick-Fil-A, Warby Parker and Shake Shack.<\/p>\n

Recently the property has been the subject of a three-way dispute over its control. According to published reports, the parties are Ashkenazy Acquisition Corp<\/strong>., which in 2007 paid $160 million for an 84-year lease; Rexmark, which had extended mezzanine financing as U.S. agent for Korea\u2019s Kookmin Bank<\/strong>; and Amtrak<\/strong>, which operates numerous trains through the station. Amtrak had its headquarters there for many years and filed an eminent domain claim to take control of the station in April 2022.<\/p>\n

Slow times<\/h2>\n

The Washington, D.C., office market is contending with negative net year-over-year absorption, pallid interest in many buildings on the market and an overall 19.5 percent vacancy, according to a fourth-quarter report from Cushman & Wakefield.<\/p>\n

The Capitol Hill\/NoMa submarket has an average vacancy of 12.8 percent on an inventory of 15.2 million square feet.  No office space is currently under construction in the submarket, Cushman & Wakefield reports.<\/p>\n

This past November, Rexmark was part of a consortium of investors that provided financing for Extell Development\u2019s 1520 First Ave.<\/a> project, a $425 million 420,000-square-foot medical office building on Manhattan\u2019s Upper East Side.<\/p>\n","protected":false},"excerpt":{"rendered":"

Rexmark tapped the firm for the assignment at the 1908 landmark.<\/p>\n","protected":false},"author":882,"featured_media":1004645478,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,11,21742,21747,1615],"tags":[36651,32799,51882],"class_list":["post-1004645464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-midatlantic","category-latest","category-office","category-washington-dc","tag-ashkenazy-acquisition-corporation","tag-cushman-wakefield","tag-rexmark"],"acf":[],"yoast_head":"\nCushman & Wakefield Retained to Lease DC\u2019s Union Station Office Space - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Rexmark has retained Cushman & Wakefield as the exclusive leasing agent for the office space at Washington, D.C.\u2019s, historic Union Station.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-retained-to-lease-dcs-union-station-office-space\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cushman & Wakefield Retained to Lease DC\u2019s Union Station Office Space\" \/>\n<meta property=\"og:description\" content=\"Rexmark has retained Cushman & Wakefield as the exclusive leasing agent for the office space at Washington, D.C.\u2019s, historic Union Station.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-retained-to-lease-dcs-union-station-office-space\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-13T13:06:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-13T14:36:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Union-Station-Washington-D.C.featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"803\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-retained-to-lease-dcs-union-station-office-space\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-retained-to-lease-dcs-union-station-office-space\/\",\"name\":\"Cushman & Wakefield Retained to Lease DC\u2019s Union Station Office Space - 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