Redevelopment of former office building offers opportunity for association to realign real estate holdings
Washington, DC (January 16, 2019) – West, Lane & Schlager Realty Advisors, LLC (WLS), a leading Washington, D.C.-based commercial real estate brokerage firm specializing in tenant representation, announced that the National Association of Attorneys General (NAAG) has relocated its Washington, DC headquarters to 1850 M Street. WLS Principals Rich Lane and Matthew Levinrepresented NAAG.
With a condo interest at 2030 M Street which housed its former offices, NAAG had a host of options to consider when plans were made to renovate the building. Market analysis and an evaluation of the group’s real estate priorities by WLS over the past two years drove the decision to pursue a permanent lease on the top floor of 1850 M Street.
“With an inevitable move as a result of the redevelopment of 2030 M, we had a rather unique opportunity to look to the future and really take stock of the most important real estate factors for our organization. NAAG has a presence in this neighborhood—we knew any move should preserve its convenience for our members and staff. Careful consideration of the options determined that a permanent move to 1850 M was more aligned to our strategic objectives than continuing with our condo interest in the new development,” said Chris Toth, NAAG’s Executive Director. “WLS had the strategic acumen and deep market understanding to examine all of the options and what were best suited for our organization. Throughout the process from exploration to negotiation to customization of the new space, WLS has been a true partner in representing our long-term interests.”
Having sold and vacated its former condominium interest at 2030 M Street, NW, NAAG moved to 20,678 square feet at 1850 M Street, just two blocks down the street. The new offices comprise the entire top floor of the Class-A building, owned by John Hancock, and is located in the center of DC’s “Golden Triangle” surrounded by first class amenities, and in close proximity to federal and Congressional offices where NAAG members come to interact with leaders and policy makers. At the corner of 19th and M Streets, 1850 M is situated close to the Farragut North and Farragut West Metro stations and within walking distance of the White House, Lafayette Square and Dupont Circle.
NAAG was founded in 1907 to bring together the attorneys general of all 50 states, the District of Columbia, and the chief legal officers of the Commonwealths of Puerto Rico, the Northern Mariana Islands, and the territories of American Samoa, Guam, and the US Virgin Islands. The organization helps members fulfill the responsibilities of their offices, delivers quality legal assistance, and provides a forum for collaboration on issues shared among jurisdictions. Their programs foster engagement and communication on legal and law enforcement issues and offer training, research, and analysis across a wide range of subjects, including implementation of the tobacco Master Settlement Agreement.
“NAAG uses its expertise and encyclopedic knowledge to support the work of legal officials across the country. West, Lane & Schlager draws on a similar depth of research when it comes to real estate decisions,” said WLS Principal Matt Levin.
“No two clients have the same needs and goals. It is our job to clearly understand those objectives and offer tailored solutions that evolve with changing priorities and opportunities. The long-term relationships we maintain with clients give us the perspective to monitor and adjust our recommendations as the market and individual organizations grow and change,” added Principal Rich Lane.