(WASHINGTON, D.C.) – Hines, the international real estate firm, announced today that global law firm, Proskauer, has signed a 15-year lease for 48,216 square feet at 1001 Pennsylvania Avenue.
The firm currently occupies part of the fourth floor of the building and will be relocating to the sixth floor.
Hines Senior Managing Director Chuck Watters said, “We could not be more pleased with Proskauer’s long-term commitment to 1001 Pennsylvania Avenue.
They are an outstanding member of our premier tenant roster.”
Paul Hamburger, Partner and head of Proskauer’s Washington office, said, “Our office has grown significantly over the past eight years at 1001 Pennsylvania, both in terms of lawyers and breadth of work. We are very excited to expand into a larger space that will accommodate our growth and tradition of guiding clients through the laws and regulations that affect every aspect of their businesses. We look forward to the next fifteen years and continuing our strong relationship with Hines.”
The 14-story, Class A office building is located between the Capitol and the White House, and contains approximately 712,000 square feet of office space.
The limestone facade steps back on several levels, creating rooftop terraces with different views of the city including the Capitol and the Washington Monument. Historical facades have been preserved and incorporated, creating an attractive blend of old and new.
The property also includes 43,029 square feet of retail space, featuring first-class and casual dining as well as banking services.
Proskauer is among a prestigious tenancy that includes Carlyle Investment Management and Crowell & Moring LLP.
Chau Leung from CBRE’s Washington, D.C. office, along with Andrew Sussman and Stuart Eisenkraft with CBRE’s New York office represented Proskauer, and Hines represented the building owner, Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF).
Hines has served as property manager since 1998.
Proskauer is a global law firm recognized for its excellence both in practicing law and serving clients. We are trusted advisors to many of the world’s top companies, financial institutions, investment funds, not-for-profit institutions, governmental entities and other organizations across industries and borders. With 700+ lawyers in 13 offices and approximately 50 areas of practice, we have the capabilities, experience and creativity to guide our clients through their most important legal and business challenges. Additional information about the firm can be found at www.proskauer.com.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,317 properties representing more than 541 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 391 properties totaling 161 million square feet, which includes 89.1 million square feet for third parties. With offices in 115 cities in 18 countries, and controlled assets valued at approximately $28.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.
1001 Pennsylvania Avenue