Skip Ribbon Commands
Skip to main content

News release

WASHINGTON, DC

Reed Smith, Washington Post Leases at Franklin Square Earn WBJ’s “Most Complex Deal” Award

JLL’s Greg McCavera and Phil Leibow represented Reed Smith in award winning deal


WASHINGTON, MAY 12, 2015 – At its annual Best Real Estate Deals event, the Washington Business Journal named the Reed Smith and Washington Post leases at One Franklin Square as the Most Complex Deal of 2014. The award comes after One Franklin Square, facing sudden vacancy in the wake of the departure of two major tenants, was able to retain prominent law firm Reed Smith LLP and secure one of the biggest names in the district and in journalism, The Washington Post, as a new tenant.

JLL’s Philip Leibow and Greg McCavera represented Reed Smith on the transaction, while Trip Howell of JLL’s Agency Leasing practice assisted Franklin Square landlord Hines on the Washington Post lease.

“What is remarkable about this deal is that we had two major tenants who were considering multiple options at a number of buildings, and Hines was able to accommodate both tenants at Franklin Square to their mutual satisfaction,” said Leibow, a Managing Director in JLL’s Law Firm Group.

Franklin Square, or 1301 K Street NW, is a 591,840-square-foot building and one of the tallest in the district. Reed Smith, a longtime tenant of Franklin Square, began working with JLL in 2011 in advance of its 2015 lease expiration to explore a variety of occupancy scenarios.

Reed Smith is redesigning space on the top three floors of One Franklin Square for a total of 79,962 square feet. Hines also agreed to considerable base building upgrades, including a new rooftop terrace, rooftop conference space, enhanced security, and elevator upgrades. The Post is taking 250,000 square feet of the building, with a two-floor open layout and remodeled space featuring a glass-lined newsroom, as well as a two-story auditorium.

“This renewal keeps us in excellent space, yet provides us with improved room for growth over the coming years,” said A. Scott Bolden, Office Managing Partner, Reed Smith.

A full list of the Washington Business Journal’s Best Real Estate Deals of 2014 can be found here.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.