Avison Young Selected to Lease The RMR Group's Newly Managed 500 1st Street in Washington, DC

WASHINGTON, Jan. 11, 2018 /PRNewswire/ -- Avison Young, the world's fastest-growing commercial real estate services firm, announced today that it has been named the exclusive leasing agent for 500 1^st Street, NW in Washington, DC's Capitol Hill submarket.

The entire 130,000-square-foot (sf) office building will be available for lease when the existing full-building tenant relocates in early 2018, positioning the 500 1^st Street asset well for a future renovation. Official renovation details will be announced in the coming months.

The Avison Young team consisting of Principals Greg Tomasso and Eli Barnes, and Associate Lauryn Harris, was awarded the assignment by the building's new manager, The RMR Group.

"The recent acquisition of 500 1^st Street has provided us with an exciting opportunity to introduce the asset to the market for the first time in more than 20 years," said Chris Bilotto, Vice President of Asset Management at The RMR Group. "We look forward to announcing the scope of the renovation plans at the building in early 2018."

The property is situated in the heart of the Capitol Hill submarket; within walking distance from globally renowned landmarks such as the U.S. Capitol, Senate and Supreme Court buildings; and two blocks from Union Station. Although not yet finalized, the renovation scope is expected to include upgrades to the lobby and the addition of new building amenities including a first-class tenant-only fitness facility, on-site conference facility and a new, secure bicycle storage room.

"The property's prime location caters to public- and private-sector occupiers looking for well-located, quality office space at an attractive value," Tomasso said. "Avison Young is proud to partner with The RMR Group on this important assignment, and we are confident that this unique, full-building opportunity will attract a great deal of attention from prospective tenants searching for a new home in Washington, DC."

About Avison Young
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.

About The RMR Group
The RMR Group Inc. is a holding company and substantially all of its business is conducted by its majority-owned subsidiary, The RMR Group LLC. The RMR Group LLC is an alternative asset management company that was founded in 1986 to invest in real estate and manage real estate related businesses. RMR's business primarily consists of providing management services to five publicly owned real estate investment trusts, or REITs, and three real estate related operating companies.

As of September 30, 2017, The RMR Group LLC had approximately $28.5 billion of total assets under management, including more than 1,400 properties, and employed over 475 real estate professionals in more than 35 offices throughout the United States; the companies managed by The RMR Group LLC collectively had approximately 53,000 employees.

For further information:

• Greg Tomasso, Principal, Avison Young: 202.644.8551
• Eli Barnes, Principal, Avison Young: 202.644.8551
• Lauryn Harris, Associate, Washington, DC, Avison Young: 202.644.8680
• Chris Bilotto, Vice President, Asset Management, The RMR Group: 617-796-8225

www.avisonyoung.com

Avison Young was a winner of Canada's Best Managed Companies program in 2011 and requalified in 2017 to maintain its status as a Best Managed Gold Standard company.

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SOURCE Avison Young