Am Law Top 50 Law Firm Sheppard Anchors In-Rel's Trophy Office Redevelopment in Washington, D.C.

Sheppard, an Am Law 50 firm with more than 1,200 lawyers across 16 offices, has signed a 107,224-sq.-ft. lease at In-Rel Properties’ 2033 K Street NW, becoming the anchor tenant in a transformative redevelopment that will create one of downtown Washington's newest trophy office destinations.

In-Rel acquired 2033 K Street with a conviction that Washington’s broader office challenges were creating an opportunity for well-capitalized owners willing to invest in truly differentiated product. Rather than pursue a conventional renovation, the privately held owner-developer committed to a comprehensive transformation of the property into a next-generation trophy office building. Located along the K Street corridor at the nexus of the District’s Central Business District, West End and Dupont Circle, the redevelopment reflects In-Rel’s strategy of investing ahead of tenant demand in irreplaceable urban locations.

Sheppard’s commitment more than three years before anticipated delivery catalyzed In-Rel’s decision to invest ahead of the market and underscores continued demand among leading law firms for premier office space in the nation’s capital. The transaction reflects Sheppard’s focus on securing a workplace that supports the firm’s long-term growth, evolving workplace strategy and commitment to its people and clients, while also highlighting the limited availability of large-block, trophy-quality opportunities in Washington.

“2033 K Street represents an exciting next chapter for Sheppard as we look ahead to our centennial and the continued growth of our Washington, D.C. office,” said Luca Salvi, Chair of Sheppard. “This new home will give us a modern, efficient workplace designed to support our clients, our people and our evolution as a firm. The new space offers even more opportunities for collaboration and connection, which have long been central to our culture and our success.”

Anchored by Sheppard's lease, 2033 K Street NW will undergo a comprehensive redevelopment and is expected to deliver in July 2029. The project will retain the building's existing concrete structure while significantly expanding the property both vertically and horizontally, including the addition of three new floors and an occupiable penthouse level. Upon completion, the reimagined building will feature a floor-to-ceiling glass curtain wall, state-of-the-art building systems and a fully modernized workplace experience designed to meet the expectations of today's leading occupiers.

“We all know D.C. has plenty of office space, but what it doesn’t have is enough large-block, trophy-quality product that leading law firms like Sheppard demand,” said Jackson Siegal, Principal & CEO of In-Rel Properties. “At 2033 K Street, we were willing to invest ahead of that shift, and we are now reimagining a traditional Class A building at one of the city’s most important corners for the next generation of tenants. As leasing for trophy-quality space across the city accelerates, the distinction is becoming clear: the office market’s challenges are creating an advantage for owners like In-Rel who are positioned to deliver something truly exceptional.”

In-Rel’s approach at 2033 K Street demonstrates the potential to create next-generation trophy office space by combining the advantages of an existing structure and established location with the design, systems and experience expected of new construction. By preserving and transforming the original structure, the project will introduce a new source of top-tier office inventory while giving new life to an aging asset in one of Washington's most established business corridors.

“This transaction showcases how a capitalized developer with strong conviction can take a well-located asset and reimagine it through thoughtful design and market positioning, creating significant value while meeting the evolving needs of today’s occupiers,” said Dimitri Hajimihalis, First Vice President at CBRE. “In-Rel recognized early the shortage in Washington for truly differentiated, large-block trophy space. They had the conviction and capitalization to pursue an ambitious redevelopment well ahead of tenant commitments, and Sheppard’s decision to anchor 2033 K Street is a powerful validation of that strategy. As tenants continue to prioritize best-in-class workplaces, redevelopment projects like this are helping shape the next generation of office space in the District.”

“This is a significant long-term commitment by Sheppard and an opportunity for the firm to build on its established Washington presence in a building that is being fundamentally reimagined for the years ahead,” said Gary Stein, Vice Chairman at Savills. “A lease of this scale, well in advance of the project’s completion, also speaks to the strength of 2033 K Street’s location, vision, and, more broadly, to the confidence major occupiers continue to demonstrate in Washington through consequential, long-term real estate decisions.”

CBRE's Dimitri Hajimihalis, Emily Eppolito and Carroll Cavanagh represented ownership in the transaction. Sheppard was represented by Gary Stein, David Lipson, Jon Glass and Owen Jaccard of Savills.

Hines serves as construction manager for the redevelopment, while Corgan serves as base-building architect. Clear serves as tenant construction manager, and Studio Alliance serves as tenant interiors architect. Legal counsel for ownership included Shulman Rogers and McGuireWoods, while Sheppard represented itself in the transaction.

About In-Rel Properties
In-Rel Properties is a privately held real estate investment and development firm focused on acquiring and transforming well-located commercial properties through active ownership, redevelopment and leasing. Founded in 1984, In-Rel has built a portfolio across multiple U.S. markets and pursues investments where hands-on ownership and strategic capital investment can create long-term value.