Davis Polk Signs 82,000-SF Lease at Hines’ 1050 17th Street Building

Global law firm Davis Polk & Wardwell LLP signed an 82,000-square-foot lease at Hines' recently-purchased trophy building, 1050 17th Street, N.W., relocating the firm's Washington, D.C. office from 901 15th Street, N.W.

The firm will occupy the top five floors plus the penthouse of the building, allowing Davis Polk to continue their growth and excellence in Washington, DC. Davis Polk will have preeminent office space, amenitized with a unique conference facility in the penthouse and exclusive use of the rooftop facility. This lease brings the building’s occupancy to over 60 percent.

“We are seeing new, top-quality buildings in Washington’s Central Business District experience positive absorption, making 1050 17th Street an attractive investment in a limited trophy supply environment,” said Andrew McGeorge, senior managing director and city head of the Washington D.C. office of Hines. “We are confident in best-in-class office assets that are well-located and in the strength of the Washington, D.C. economy.”

Davis Polk is an elite global law firm with world-class practices across the board. It has offices in the world's key financial centers and political capitals, with approximately 1,000 lawyers collaborating seamlessly to deliver exceptional service, sophisticated advice and creative, practical solutions.

"This transaction reinforces Davis Polk's commitment to the D.C. market. Their expanded space in a newly built asset with excellent branding and amenities will further complement their status as a world-class firm," said Mike Shuler, executive managing director of Newmark. "Our deep understanding of Davis Polk's objectives coupled with our multidisciplinary team approach and market expertise allowed Newmark to capitalize on this unique opportunity for our client.”

Delivered in 2020 and designed by Gensler, 1050 17th Street boasts an elegant design, light-filled spaces and adaptive 15,000 square-foot floorplates, built for productive collaboration and professional performance. With touchless Bluetooth-enabled destination dispatch and garage shuttle elevators, gender-neutral restrooms on every floor and triple-scrubbed air throughout, each detail is appointed with a diverse, productive workforce in mind. The building is also LEED Gold and Fitwel certified.

CBRE advised the trophy building’s developer The Lenkin Company throughout the design and market positioning of 1050 17th Street. CBRE’s Executive Vice President Tommy Cleaver, Senior Vice President Dan Grimes, Vice President Stuart Kenny and Vice Chairman Randy Harrell represented The Lenkin Company in the sale of the building. CBRE will continue to represent the property’s new owner, Hines, and will market the property to lease the remaining approximate 57,000 square feet of available office space and 2,000 square feet of retail. CBRE leasing team members include Vice Chairman Randy Harrell, Senior Vice President Joe Coleman, First Vice President Lara Nealon, and Senior Associate Brittany Gosnell.

“This complex transaction illustrates the state of our city’s bifurcated office market,” said Randy Harrell, CBRE Vice Chairman. “Companies seeking top-tier space are doing so to provide the best experience for their employees, and environments like 1050 17th Street are at the front end of a supply-constrained environment for the foreseeable future due to the near-cessation of office construction pipeline. We partnered with The Lenkin Company to attract a gold-standard law firm and will continue to deliver for Hines for the remainder of the space.”

Davis Polk was represented by Newmark's Executive Managing Director Mike Shuler, Vice Chairman Brian Goldman, and Chairman of Law Firm Advisory Services Aaron Katz.

The property is located squarely in the Central Business District. In total, the property includes 154,000 square feet of office space with garage parking and is situated less than two blocks from the Orange and Blue Metro Lines (Farragut West) and one block from the Red Line (Farragut North). It’s within walking distance of the White House and the Treasury, providing easy access to many desirable amenities of the city.

From the lobby’s living green wall to the 11-foot floor-to-floor low-e insulated glazing curtain wall and solar shades; 1050 17th Street is designed with access to natural light for all in mind. Additional amenities include a conference center, air-conditioned, and secured bike room, as well as a 4,200-square-foot modern fitness center.

Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage nearly $96B1 in high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 457 properties totaling nearly 213 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.

¹Includes both the global Hines organization and RIA AUM as of December 31, 2022.