Owner, TH Real Estate, Secures the Carlyle Group with 200,000-SF Commitment
WASHINGTON, DC, June 27, 2018 – Cushman & Wakefield announced today that it has secured the Carlyle Group for 200,000 square feet (SF) at 1001 Pennsylvania Avenue NW, a 14-story property totaling 800,000 SF in the East End submarket of Washington, DC.
Ownership, TH Real Estate, has recently begun renovations to reposition the property. The Carlyle Group signed a four-year extension along with taking on 70,000 SF of new space. Cushman & Wakefield’s Bobby Schwartz, James Collins, Richard Tonner and Phil Dickinson represent TH Real Estate in leasing 1001 Pennsylvania Avenue.
“TH Real Estate is excited about the Carlyle Group expanding and deepening its commitment to the property,” said Vadim Goland, Senior Director at TH Real Estate. “This transaction underscores the uniqueness of this monumental property, its location and the value of the renovations we have planned for 1001 Pennsylvania Avenue.”
1001 Pennsylvania Avenue NW is a Class-A office project near the White House and the Capitol. The property boasts a central location with easy access to various locations throughout Downtown, the Metro and a variety of new retail and dining options.
TH Real Estate is upgrading 1001 Pennsylvania Avenue to reposition the building, with changes including a modernized tenant-focused atrium, impressive renovations to the fitness center and a transformed high-end lobby. Cushman & Wakefield and Hines, who handles the project development and property management, will work in tandem with TH Real Estate to execute the extensive plans to maintain 1001 Pennsylvania Avenue’s status as a premier property in the Washington, DC market.
“The Carlyle Group’s expansion and extension validates the repositioning and renovation plan that TH Real Estate, Hines and Cushman & Wakefield have for the building,” said Bobby Schwartz, Executive Managing Director at Cushman & Wakefield. “We looking forward to providing the property with a much stronger presence on Pennsylvania Avenue than what is currently there.”
TH Real Estate
TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), is one of the largest real estate investment managers in the world with $114bn in AUM as at 31 March 2018. Managing a suite of funds and mandates spanning both debt and equity across diverse geographies, sectors, investment styles and vehicle types, we provide access to every aspect of real estate investing.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.