Cresa Washington DC recently represented the American Coatings Association (ACA) in a 17,000-square-foot lease and relocation of its headquarters to 901 New York Avenue in downtown Washington, D.C. ACA, a nonprofit trade association serving the paint and coatings industry, will occupy part of the third floor in the 11-story, 560,000 SF, Class A, standalone “trophy” building.
Lucia Wadeson and Mindy Saffer represented ACA in the transaction. Cresa, the world’s largest corporate real estate advisory firm that exclusively represents tenants, is also providing project management services led by Christie Minch. The scope of services includes the management of all vendors associated with the buildout (architect, engineers, permit expeditor, general contractor, furniture, IT, AV, security, signage, and artwork) as well as relocation management. All three Cresa professionals involved in this assignment are LEED-certified.
Michael Katcher and Theo Slagle from Cushman & Wakefield represented the landlord, Boston Properties, Inc.
ACA is now occupying 19,500 SF at 1500 Rhode Island Ave. in DC, where it has owned and operated the historic Brodhead-Bell-Morton Mansion, once the residence of a US vice president, for over 75 years. In February 2016, Wadeson and Saffer Cresa represented ACA in the $16.5 million sale of the property to the State of Hungary. The Hungarian Embassy will move into the mansion in December 2016, when ACA relocates to its new home.
According to Wadeson, ACA was looking for a more modern and efficient space and a more open floor plan. It was attracted to the new site because of its central location in the heart of downtown, strong ownership, and amenities such as a rooftop terrace, underground parking, a fitness center, and concierge service. The lease also contains expansion rights for ACA.
Cresa has area offices in the District of Columbia; Baltimore, MD; Bethesda, MD; and McLean, VA.
Cresa is the world’s largest tenant-only commercial real estate firm. In representing tenants exclusively—no landlords, no developers—Cresa provides unbiased, conflict-free advice. Integrated services cover every aspect of a real estate transaction from site selection and financing to project management and relocation services. Cresa offers clients customized solutions with more than 60 offices in 75 markets worldwide. For more information, visit www.cresa.com.