(April 16, 2014, Washington, D.C.) — Reed Smith LLP announced today that it has signed a lease renewal to commence in 2016 for 79,692 square feet for its Washington office, located in developer Hines’ One Franklin Square at 1301 K Street NW. JLL acted as Reed Smith’s tenant representative in the deal. The renewal consolidates Reed Smith’s presence onto the top floors of the building. Under the deal, the firm will relinquish the 7th floor and take occupancy of the 10th floor and, along with its existing offices on 11 and 12, occupy the top three floors of the complex’s East Tower through the end of 2027.
“This renewal keeps us in excellent space, yet provides us with improved room for growth over the coming years,” said A. Scott Bolden, Office Managing Partner for Reed Smith’s Washington, D.C. office. “One Franklin Square’s central location has served Reed Smith and our clients well since 1995. Enhancing our presence here lets us both continue to focus on providing excellent service to clients and also to proceed with planned growth, without the disruption of a move to a new building.”
As part of the renewal, Reed Smith will build out all three floors. The build out will include use of floor-to-ceiling glass fronts for offices and conference rooms, allowing natural light to flow through to the core of each floor, and an open floor plan for administrative workspaces. In addition, there will be a centralized space with amenities for hosting clients and other visitors, including conference rooms with video conferencing capabilities; private guest workspaces; secure storage areas, and food service facilities. More efficient use of space—including photocopier/printer “pods”, state-of-the-art IT-infrastructure, collaborative work areas, and a centralized visitor space—will provide the firm with sufficient space for growth anticipated over the duration of the lease.
“The build out achieves several key goals,” said Pat Hiltibidal, Reed Smith’s firm-wide Chief of Office Services. “It not only gives us room for growth, but also provides a more productive environment for us and visitors that takes advantage of the latest in IT infrastructure.”
Centrally located on one of K Street's highest elevations and across from Washington's second largest park, One Franklin Square is a 12-story, 599,217-square-foot structure providing some of the best views in the city. Located only five blocks northeast of the White House, One Franklin Square is adjacent to three of Washington's major thoroughfares (K Street, 13th Street and 14th Streets), allowing easy access to the building from Maryland and Virginia. The building is also one block from the McPherson Square Metrorail Station and four blocks from Metro Center, the hub of the city's mass transit system. Hines acquired the property in 1996.
“Having one of the world’s leading law firms renew its lease at One Franklin Square reaffirms its attractiveness as premier office space in the nation’s capital,” said Chuck Watters, Senior Managing Director at Hines. “Today’s announcement shows that, by virtue of its location, design and amenities, One Franklin Square is an excellent choice for world-class organizations. We are pleased to have Reed Smith remain as a tenant for years to come.”
The renewal also includes commitments by Hines to undertake a range of upgrades to the building. These include refurbishment of the building’s elevators, creation of an internal connection to the restaurant space from the lobby, and installation of automated security turnstiles. In addition, there will be an extensive renovation of the enclosed and outdoor rooftop event space, allowing the firm and other tenants to host events from the top of one of the highest commercial spaces in the city. Greg McCavera and Philip Leibow of JLL acted as Reed Smith’s tenant representative in the deal.
“This was a collaborative effort benefitting both Reed Smith and Hines,” said Greg McCavera, Managing Director of JLL’s Law Firm Group. “The renewal provides Reed Smith with excellent terms and great space for the office’s anticipated growth.”
About Reed Smith
Reed Smith is a global relationship law firm with more than 1,800 lawyers in 25 offices throughout the United States, Europe, Asia and the Middle East. Founded in 1877, the firm represents leading international businesses, from Fortune 100 corporations to mid-market and emerging enterprises. Its lawyers provide litigation and other dispute resolution services in multi-jurisdictional and other high-stakes matters; deliver regulatory counsel; and execute the full range of strategic domestic and cross-border transactions. Reed Smith is a preeminent advisor to industries including financial services, life sciences, health care, advertising, technology and media, shipping, energy and natural resources, real estate, manufacturing, and education. For more information, visit reedsmith.com.
About Hines
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 1,283 properties representing more than 516 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 378 properties totaling 151.9 million square feet, which includes 84.3 million square feet for third parties. With offices in 111 cities in 18 countries, and controlled assets valued at approximately $25.2 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. Visit www.hines.com for more information.
About JLL
JLL (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4 billion, JLL operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit www.jll.com.