{"id":1004703786,"date":"2024-02-27T04:41:23","date_gmt":"2024-02-27T12:41:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004703786"},"modified":"2024-02-27T07:09:41","modified_gmt":"2024-02-27T15:09:41","slug":"the-washington-post-extends-lease-at-one-franklin-square","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-washington-post-extends-lease-at-one-franklin-square\/","title":{"rendered":"Hines JV Inks 300 KSF Lease Extension"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2d447d1580a&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-medium is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004703787\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/the-washington-post-extends-lease-at-one-franklin-square\/one-franklin-square-image-courtesy-of-hines\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/One-Franklin-Square.-Image-courtesy-of-Hines-e1709033841803.jpg\" data-orig-size=\"1265,948\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"One Franklin Square. Image courtesy of Hines\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The 12-story One Franklin Square came online in 1990. Image courtesy of Hines&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/One-Franklin-Square.-Image-courtesy-of-Hines-e1709033841803.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"225\" width=\"300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/One-Franklin-Square.-Image-courtesy-of-Hines.jpg?w=300\" alt=\"Exterior of One Franklin Square\" class=\"wp-image-1004703787\" style=\"width:400px\"\/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The 12-story One Franklin Square came online in 1990. <em>Image courtesy of Hines<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The media publisher and paper of record <strong>The Washington Post<\/strong> has extended its lease at One Franklin Square in Washington, D.C. The tenant renegotiated its initial commitment of occupying 300,000 square feet with the assistance of <strong>JM Zell Partners<\/strong>.<\/p>\n\n\n\n<p>The Washington Post first signed a long-term lease with <strong>Hines<\/strong>, the building\u2019s owner, back in 2014 and moved in 2016. The paper\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/washington-post-hq-sale-put-to-bed-for-159m\/\">previous headquarters<\/a> was at 1150 15th St. NW, less than one mile away from the current offices.<\/p>\n\n\n\n<p>Hines and <strong>General Motors Pension Fund<\/strong> acquired the 12-story, 612,189-square-foot One Franklin Square in 1996. <strong>Prentiss Properties Trust<\/strong> sold the property for $180 million. Since its acquisition, the asset has been subject to two loans. <strong>Metropolitan Life Insurance Co.<\/strong> originated $184 million in financing in 2005, while <strong>Mesa West Capital<\/strong> provided a $261 million loan in 2016, CommercialEdge data shows. Hines has now modified and extended the building&#8217;s loan through Mesa West, for up to five years.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/office-trends-in-2024-how-much-will-the-sector-change\/\">Office Trends in 2024: How Much Will the Sector Change?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>One Franklin Square came online in 1990 and was designed by <strong>Hartman-Cox Architects<\/strong>. The LEED Certified Gold building features 59,312 floorplates, 12 passenger elevators, a fitness center and a yoga center, a conference room, a rooftop terrace, controlled access and 864 car parking spaces. The property includes a first-floor retail component as well that hosts Compass Coffee, SoHo Caf\u00e9, and Union Kitchen.<\/p>\n\n\n\n<p>Besides The Washington Post, the tenant roster also includes law firm Reed Smith, Davis Wright Tremaine, Atoll Financial Group, Mindspace, National Median Board and The Executive Leadership Council, among others.<\/p>\n\n\n\n<p>Located at 1301 K St. NW, the building is across the street from Franklin Park and five blocks northeast of the White House. The property is surrounded by major thoroughfares such as K Street, 13th Street and 14th Street, while tenants have access to the McPherson Metrorail Station.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-office-vacancy-is-up-in-d-c\">Office vacancy is up in D.C.<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/dc-office-deliveries-ranked-high-in-2023\/\">Washington D.C.\u2019s office market<\/a> registered a slowdown in 2023, in line with national trends, with less construction underway and lower transaction volume. Nevertheless, in terms of tenancy, D.C. had quite a few significant leases last year, situating the metro above some of the other gateway markets such as Chicago and Seattle.<\/p>\n\n\n\n<p>As of February 2024, Washington D.C.&#8217;s office vacancy rate was at 17.1 percent, a 340-basis-point increase over a 12-month period and lower than the national rate of 18.0 percent, a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/navigating-office-sector-transitions-in-2024\/\">CommercialEdge report<\/a> shows.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This media company has been a tenant at this Washington, D.C., building since 2016.<\/p>\n","protected":false},"author":2829,"featured_media":1004703787,"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":[33884,32797,33282,33240,35073],"class_list":["post-1004703786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-midatlantic","category-latest","category-office","category-washington-dc","tag-hartman-cox-architects","tag-hines","tag-jm-zell-partners","tag-mesa-west-capital","tag-metropolitan-life-insurance-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hines JV Inks 300 KSF Lease Extension - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The Washington Post renegotiated its 300,000-square-foot lease at Hines&#039; 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