In what is being described as the largest private-sector lease transaction in Washington, D.C., this year, the State Services Organization (SSO) Inc. has signed a 15-year, 237,848-square-foot lease at its current location at 400-444 N. Capitol St. NW.
The decision to stay followed an extensive building search to see if the nonprofit could get a better deal for space prior to the expiration of its current lease in 2014.
The deal was negotiated by West, Lane & Schlager Realty Advisors LLC (WLS), a D.C.-based commercial real estate brokerage firm that exclusively represents tenants. Mindy Saffer, Richard Lane, Eric West, and Richard Siegel — all WLS principals — represented SSO, a nonprofit corporation founded by the Council of State Governments, the National Conference of State Legislatures and the National Governors Association.
SSO manages the office space that comprises what is known as the Hall of the States, offering a range of services to 92 subtenants, which include the Washington offices of U.S. states, U.S. territories and associations of state officials.
“When SSO hired us in the fall of 2009, our direction was clear: ‘Save us money now, not in early 2014 when our lease expires.’ We immediately went to work to analyze SSO’s real estate needs and evaluated all viable alternatives,” Mindy Saffer said in a statement.
Steve Roberts, SSO’s executive director said: “We’re focused on creating synergies for our tenants using economies of scale to provide the best value for them, and I’m quite pleased with the end result of this new lease.”
WLS said it led its client on an extensive building search throughout Capitol Hill as well as several other D.C. neighborhoods, including the Capitol Riverfront and NoMA (North of Massachusetts Avenue).
Mebar Realty Holding Trust owns the 550,000-square-foot property at 400-444 N. Capitol St. NW. It’s within blocks of the U.S. Capitol and Union Station. Besides SSO, other tenants at the two interconnected buildings include C-SPAN, CNBC and Fox News Corp.
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