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Case Study

Franklin Square: Building an elite tenant roster

Franklin Square, 1300 Eye Street, NW, Washington, DC

Client:  TIAA-CREF
Services:  Agency Leasing, Property Management

When Jones Lang LaSalle accepted this assignment, the building had not been on the brokerage radar screen for more than 15 years due to the long-term leases in place, and the building’s operating expenses were well above-market.  Jones Lang LaSalle successfully leased 245,000 s.f. to an elite roster of tenants, raised occupancy from 47% to 90% in nine months’ time and reduced operating expenses by $1.16 psf after one year of management.  For this property, we won the 2004 Grand Prize TOBY Award for all building categories in the metro DC area.

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