Northern Virginia Real Estate
AICPA Stays Put at the Willard
Submitted by Steve on Fri, 2006-02-24 17:12.
AICPA Stays Put at the Willard
Friday, February 24, 2006
By Barbra Murray
WASHINGTON, DC-Having shopped the office market in the District and environs for other options, the American Institutive of Certified Public Accountants has renewed its commitment to the Willard Office Building, its current headquarters at 1455 Pennsylvania Ave. NW. AICPA will relocate to a different floor of the 243,000-sf property, taking on a 17,600-sf space that is of similar size to its current space, but reconfigured to better accommodate the organization's needs.
AICPA relied on the representation of Cresa Partners' Gene Sachs and Aaron Pomerantz in its search for space as well as in negotiations with building owner CarrAmerica, which was represented internally by Amy Kaufman. "After evaluating both downtown DC and suburban Virginia opportunities, it was determined by the AICPA that remaining at the Willard presented the best solution which provided a reduction in their facility costs despite staying in the Willard Office Building," says Sachs.
Financial terms of the deal have not been disclosed. As per Cushman & Wakefield's Year-End 2005 MarketBeat Series report, the average rental rate for class A office space in the city's central business district is $46.71 per sf.
Developed in 1986, the Willard sits just a half-block from the White House in the central business district. The 12-story structure, which adjoins the Willard Intercontinental Hotel, is also home to law firm Davis & Harman LLP, which renewed its lease at the building last year and doubled its occupancy to 32,800 sf on the top two floors.
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