American Bar Association Enters 15-Year Lease
WASHINGTON, D.C., March 6, 2012 —The American Bar Association announced today that it has entered into a 15-year lease with Washington Square Limited Partnership, LLP, at 1050 Connecticut Ave. NW, where it will occupy 61,000 square feet of the 707,000-square-foot building.
This follows the Dec. 16, 2011, sale of its historic 175,000-square-foot building at 740 15th St. NW, Washington, D.C.—a block from the White House—to an entity controlled by the John Buck Company.
ABA staff and leadership, and Studley brokers, spent nearly a year reviewing dozens of properties for lease or purchase before the ABA’s Board of Governors approved the competitive, long-term lease at 1050 Connecticut Ave.
The Washington Square property features efficient use of space and competitive lease terms. The ABA’s new offices are in a central and convenient location with excellent access to transportation and hotels.
In its current facility, the ABA staff is spread over seven floors. The 1050 Connecticut Avenue location has a floor plate of approximately 55,000 square feet, and will house all 250 of the ABA’s D.C.-based staff on one floor.
“Although the current building has served the ABA well for nearly 20 years, the ABA occupies only 40 percent of the property and its staff is very dispersed,” said Rives. “The new location allows the ABA to more efficiently utilize its space. With access to natural light on all four sides and an exceptional amenities package, the state-of-the-art facility offers an improved work environment for all employees,” he added.
The international commercial real estate services firm, Studley, negotiated both the sale of the ABA building and the new lease. Both transactions come on the heels of the ABA’s long-term lease extension and renewal of 201,000 square feet of office space in Chicago last June, also negotiated by Studley.
With nearly 400,000 members, the American Bar Association is the largest voluntary professional membership organization in the world. As the national voice of the legal profession, the ABA works to improve the administration of justice, promotes programs that assist lawyers and judges in their work, accredits law schools, provides continuing legal education, and works to build public understanding around the world of the importance of the rule of law.
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