Sutherland Asbill & Brennan Signs Major Lease: 156,000 SF @ 700 Sixth Street

Akridge inks deal at DC's newest LEED(R) Platinum building before close of 2009

Jan 08, 2010, 12:44 ET from Akridge

WASHINGTON, Jan. 8 /PRNewswire/ -- Akridge, a comprehensive real estate services firm, announces a long-term lease with prestigious law firm Sutherland Asbill & Brennan, LLP for approximately 156,000 square feet at 700 Sixth Street, making them the largest Client in the newly certificated LEED® Platinum building. Sutherland will be joining global law firm Cadwalader, Wickersham & Taft LLP, which currently leases approximately 85,000 square feet, and Becton, Dickinson and Company which recently announced its lease for 5,210 square feet.

"We are absolutely thrilled that we were able to come to mutually agreeable terms with a law firm of the size and stature of Sutherland in a fairly short period of time. There are few trophy assets in the District that can boast the quality of its law firm Clients," said P. Brian Connolly, Senior Vice President of Akridge. "The commitment of Sutherland and Cadwalader to 700 Sixth and the Penn Quarter demonstrate the desirability and vitality of the area for business, entertainment and housing."

Sutherland's Washington office is currently split among three buildings at 1275 Pennsylvania Avenue, 1299 Pennsylvania Avenue, and 1201 Pennsylvania Avenue, and is expected to relocate to 700 Sixth Street upon expiration of its current leases and completion of the design and construction process. At the closing of 2009, the transaction with Sutherland helps fill in the largest block of vacant space in Akridge's leasing portfolio and brings 700 Sixth Street to 81% leased, leaving approximately 50,000 square feet available for lease and occupancy in 2010. Akridge maintains an above average occupancy record of over 99% across the portfolio, a number that is particularly impressive given the recent economic downturn.

Developed and managed by Akridge, 700 Sixth Street is a 300,000 square foot trophy class office and retail building that is a venture of the Akridge Office Fund and Mitsui Fudosan America. The building sits midway between the White House and the U.S. Capitol in downtown Washington's East End submarket. Sutherland's clients and personnel will enjoy Metro access on the same block, the neighboring Verizon Center arena, Shakespeare Theatre Company and Harman Center for the Arts, and some of the city's most popular restaurants of the Penn Quarter neighborhood.

A modern yet traditional building designed by renowned architecture firm HOK, 700 Sixth Street features dramatic limestone towers with three sides of glass featuring city views. In addition, there are a number of sustainable design features that aided in achieving LEED® certification including: the city's largest green roof on a private-sector building, recycled 75% of building construction debris, installed water conserving bathroom fixtures, incorporated innovative systems that clean the building's air supply on an hourly basis, dedicated premium parking for fuel-efficient vehicles, and locker rooms and showers for those who walk or bike to work.

Eric Berson, Esq. of Washington Realty Group teamed up with Rick Rome, Nicole Miller, Lois Zambo and Steve London of Studley's Washington office to represent Sutherland. The ownership of 700 Sixth Street was represented by Ben Meisel, Director of Leasing, and Greg Tomasso, Vice President of Akridge.

About Akridge

Akridge is a comprehensive real estate services company that provides acquisition, development, construction management, asset management, property management, leasing and consulting services. For nine of the last ten years, Akridge has been ranked the number one real estate firm in the country, among firms of similar size, for Client satisfaction by the industry's foremost benchmarking firm, CEL & Associates. The Akridge organization is honored with the National Capital Business Ethics Award, awarded by the Society of Financial Service Professionals and is currently recognized as the 'Best Place to Work' in Greater Washington according to the Washington Business Journal. For more information, please visit www.akridge.com.

About Mitsui Fudosan America

Mitsui Fudosan America, Inc. (MFA) is a real estate investment and development company headquartered in New York, NY. MFA is the U.S. subsidiary of Mitsui Fudosan Co., Ltd. Mitsui Fudosan America, Inc., Japan's largest publicly quoted real estate company. MFA's history in the U.S. markets dates back to the early 1970's and includes its acquisition and redevelopment of the renowned Halekulani Hotel in Waikiki, Hawaii, with additional investments in San Francisco, Los Angeles, San Diego, Washington, D.C., Chicago and New York. MFA's flagship commercial property is located in Rockefeller Center at 1251 Avenue of the Americas in New York, one of the city's most prestigious business addresses.

About Sutherland Asbill & Brennan, LLP

Sutherland Asbill & Brennan, LLP is a law firm with global reach known for solving challenging business problems and resolving sophisticated legal issues for many of the world's largest companies. Founded in 1924, the firm handles matters throughout the United States and worldwide. Seven major practice areas - corporate, energy and environmental, financial services, intellectual property, litigation, real estate, and tax - provide the framework for an extensive range of focus areas, allowing Sutherland attorneys to serve a diverse client base that ranges from small and medium-sized start-up businesses to a significant number of Fortune 100 companies.

SOURCE Akridge



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