NED inks 82,000-square-foot deal at 1201 Pennsylvania Avenue
Amid downturn, foundation moves forward with growth requirements at prestigious Penn Quarter address
WASHINGTON, DC, June 18, 2020 - JLL announces today the National Endowment for Democracy (NED) has signed an 82,000-square-foot lease at Sentinel Real Estate Corporation’s 1201 Pennsylvania Avenue. The foundation is set to move into the 450,000-square foot building in April 2021.
“After a competitive search across the city, we couldn’t be more thrilled to welcome NED to 1201 Pennsylvania,” stated Martin Cawley, Managing Director, Sentinel Real Estate Corporation. “We recently completed significant investments in the building and we know as the foundation continues to grow, even amid a downturn, they will be able to do so right here at 1201 Penn.”
NED will occupy the 10th and 11th floors of the 13-story Penn Quarter building. The larger, full-floor plates will offer expansive light, connectivity between the two floors, views of the U.S. Capitol Building and Washington Monument, as well as 10,000 square feet of column-free spacing on each floor, and private access to one of the largest rooftop terraces in Washington. Other features of the building include a newly installed HVAC system, fully transformed lobby and atrium, state-of-the-art fitness center, premier conference facility and new elevator cabs and mechanical systems.
JLL’s Doug Mueller, Evan Behr and Mac Hall represented the ownership in the transaction while Savills’ Ben Plaisted and Greg Scheipers represented NED.
“We’re thrilled that a tenant of NED’s caliber selected 1201 Penn as their long-term home and believe that it reaffirms DC’s standing as a countercyclical winner!” said Doug Mueller, Executive Managing Director, JLL.
For more information about 1201 Pennsylvania, visit http://www.1201-penn.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sentinel Real Estate
Sentinel Real Estate Corporation is an independently owned real estate investment management firm established in 1969. The firm currently has $7 billion of institutional quality real estate assets under management on behalf of 100 domestic and international clients.
Sentinel maintains its global headquarters in New York City and two international corporate offices in Amsterdam, the Netherlands and Melbourne, Australia. Sentinel maintains 12 operational offices throughout the US and an additional operational office in Australia. Client servicing offices are located in Bellevue, WA; Winston-Salem, NC; Munich, Germany; and Singapore.
Since its formation, Sentinel has acquired and managed over $17.8 billion of direct real estate investments, comprising 580 multifamily communities containing nearly 148,000 apartment units and 188 commercial properties containing 33.3 million square feet of space.
The Sentinel portfolio currently contains over 25,000 apartment units and 5.1 million square feet of commercial real estate. Sentinel operates on a vertically-integrated platform with 800 employees performing all phases of the investment process, including on-site property management. Sentinel’s senior management team has an average tenure with the firm of over 20 years.
About National Endowment for Democracy (NED)
The NATIONAL ENDOWMENT FOR DEMOCRACY (NED) is a private, nonprofit foundation dedicated to the growth and strengthening of democratic institutions around the world. Each year, NED makes more than 1,700 grants to support the projects of non-governmental groups abroad who are working for democratic goals in more than 90 countries. Since its founding in 1983, the Endowment has remained on the leading edge of democratic struggles everywhere, while evolving into a multifaceted institution that is a hub of activity, resources and intellectual exchange for activists, practitioners and scholars of democracy the world over.