AISI expands and expects to save more than $1 million on new lease
- December 12, 2011
In a tax abatement deal that will save more than $1 million in rent, American Iron and Steel Institute (AISI) has agreed to a new 13,700-square-foot lease expansion, which will relocate the institute to Capitol Hill.
AISI is currently located in 9,500 square feet of space at 1140 Connecticut Ave. in Washington, D.C. It will move to its new space at 25 Massachusetts Ave. NW in February 2012. Washington, D.C.-based West, Lane & Schlager (WLS) represented AISI in the transaction.
To date, AISI is the only organization to participate in the D.C. government’s non-profit, tax-abatement pilot program, which is now closed to new applicants. The program waives up to $8.00 per rentable square foot of real estate taxes to associations and nonprofits that locate to emerging markets in D.C. According to WLS, AISI will save on its rent for the first 10 years of a 15-year lease.
The association’s new space in a 389,252-square foot building constructed in 2006 is about a block from Union Station.