Population Services International (PSI) has occupied space within 1120 19th, NW Street for over 25 years. Throughout that time period, West, Lane & Schlager has negotiated expansions and new long term leases, from their original size of 11,000 square feet to their current space where they now occupy over 50,000 square feet - approximately 45% of the building.
After experiencing significant growth over a 25 year period, and finding it increasingly challenging to control space within the building in order to accommodate this growth, WLS introduced to PSI the idea of purchasing the building. The building was owned by a large pension fund, and when they decided to sell it they opted to open it up to the entire market in order to get multiple competitive offers.
Despite multiple sophisticated and experienced investors bidding on the building, WLS was able to lead the effort and negotiate the purchase of the building on behalf of PSI. PSI had never purchased a building, but was able to win the competition among some of the most sophisticated real estate investment firms in one of the most competitive real estate markets the country.
WLS managed the process in which PSI was able to successfully purchase their 110,000 square foot office building on 19th Street, NW in downtown Washington, DC. As a result, PSI has had full control of their growth within the building, and the investment has been a tremendous financial success as the building has remained over 90% leased to other tenants providing steady cash flow. In addition, the value of the building has appreciated significantly.