Premier organization signs lease for 34,560 SF of office space at 1919 M Street NW, reducing its rent by more than $4 million
Avison Young’s Washington office announced today that it has arranged a lease renewal for the Mortgage Bankers Association to maintain its headquarters in downtown DC.
The Mortgage Bankers Association (MBA), the national association representing the real estate finance industry, will lease 34,560 square feet (SF) of office space at 1919 M Street NW through 2035.
Representing MBA was an Avison Young team of Laura Peterson, a Senior Vice President; and Bruce McNair and Will Travis, Principals.
“We are proud to have helped MBA remain in downtown Washington, DC,” said Bruce McNair, Principal of Avison Young. “MBA has made a long-term commitment not just to Washington, but also to the Central Business District, its home for decades. We could not be happier for MBA, its employees and its members.”
The building is located at the corner of 20th and M Streets and offers easy access to Georgetown and Capitol Hill. It also is near some of DC’s best restaurants, shops and hotels as well as the Dupont Circle Metro station.
Working with MBA, Avison Young was able to negotiate a number of favorable terms with the building’s owner, 1919 M Street Association Limited Partnership. These included:
- Reducing MBA’s annual rent costs by more than $4.2 million before its scheduled lease expiration.
- Securing substantial funding for MBA to reimagine its existing space to reflect an evolving hybrid work model, as well as to enhance member programming. MBA will complete this work within its current space.
- Obtaining a commitment by the owner to modernize the building systems and upgrade all of the public areas including the main building lobby.
- Securing an agreement from the building’s owner to fund an expanded tenant-only conference center —another key benefit for MBA’s members.
“This lease renewal means MBA is perfectly positioned for the future in an ideal setting adapted to the changing workplace,” Peterson said. “It will be a premier headquarters befitting a premier organization.”
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