Columbia Property Trust, Inc. (NYSE: CXP) today announced that it has completed more than 100,000 square feet in leases at 80 M Street in Washington, D.C., this year, highlighted by a 15-year, 68,673-square-foot lease with WeWork, one of the world's largest providers of shared office space. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161118005075/en/
80 M Street in Washington, D.C., will house a new 70,000-square-foot WeWork co-officing location and the building owner, Columbia Property Trust, is launching a $3M renovation to create a new entrance, outdoor terrace and lounge for tenants at the building to enjoy (Photo credit: APG Photography).Columbia also recently secured a renewal of Gryphon Technologies' 24,224-square-foot headquarters lease to keep the military engineering company at 80 M Street and is also bringing defense services provider General Dynamics Information Technology to the building with a new 14,990-square-foot lease. With these leases, the 285,000-square-foot, Class-A office building, which Columbia has owned and managed since 2004, is now 85% leased. To continue this leasing momentum and anticipate evolving tenant demands, Columbia is commencing a $3 million reimagining of 80 M Street that will complement WeWork's distinct design aesthetic and reflect the emerging urban/industrial aesthetic of the Capital Riverfront neighborhood. The renovation will create an open, collaborative environment to encourage socializing with a new entrance and main lobby and an adjacent new outdoor terrace and hospitality-inspired tenant lounge, connected via a large, garage-style sectional glass door. The project also includes updates to the elevator lobbies, fitness facility and restrooms. A dedicated entrance for WeWork within the main lobby will also be constructed. The new WeWork location, which will occupy portions of the first, second and third floors of 80 M Street, is expected to open in the third quarter of 2017.