Stream Continues to Grow its Footprint and Market Share in the DC Metro Area
WASHINGTON, DC – January 12, 2020 – Stream Realty Partners (Stream), a national real estate services, development, and investment company, has been selected by MetLife Investment Management/Norges Bank Investment Management to provide leasing services for one of downtown Washington’s largest, privately-owned office properties—District Center, located at 555 12th Street NW. Since opening its office in 2013, Stream DC has increased its leasing and management portfolio by nearly 7M square feet, fast becoming one of the leading leasing service providers in the region. Stream DC Managing Director Matt Pacinelli, Executive Vice President Andy Eichberg, Senior Vice President Josh Kreider and Senior Vice President John Klinke will be responsible for the leasing and marketing efforts of this recently redeveloped, 12-story, 857,000-square-foot iconic office property located in the heart of DC’s East End submarket.
“555 12th is one of the premier office properties in the entire region, and we are honored to partner with MetLife/Norges Bank to stabilize this key investment in their office portfolio,” said Kyle Luby, Managing Partner of Stream’s DC office. “The property offers users unique attributes such as integrated Smart Building technology, timeless architecture and panoramic rooftop views of the city’s major monuments.”
Having recently undergone a comprehensive $30MM renovation, the first-class mixed-use project is one of the finest and most recognizable office buildings in the metro region. The free-standing asset features four sides of windows, rooftop conferencing, expansive outdoor terraces, garden, and spa-quality fitness center, and is one of the smartest office buildings in Washington, DC, boasting a host of building automation technologies such as Automated Temperature Control, Space Occupancy Monitoring, and an Electronic Food & Beverage Ordering System. With its proximity to the White House and Lafayette Square, the building’s rooftop terraces showcase some of the most impressive views of the White House and Washington Monument, and provide space for casual company meetings and gatherings. On-site retailers consist of 100,000 square feet of space on the ground level, and include award-winning Ristorante Tosca, Saks Off Fifth, Nordstrom Rack, Celadon Spa, Potbelly Sandwich Shop, and M&T Bank.
“District Center offers an incomparable combination of presence, on-site amenities, visibility and technology,” said Leslie Smith, Director at MetLife Investment Management. “A truly unique Smart Building, the property is one of the most wired buildings in the region, employing a host of impactful and highly sought-after tech features. We’re extremely proud of where we were able to take this asset and are excited for the newly-appointed Stream team to bring it to market.”
The East End submarket, along with the Central Business District, make up downtown Washington’s “core,” and 555 12th Street NW occupies a full city block in the heart of the East End. This central location provides excellent visibility, as well as immediate proximity to the Metro Center Metrorail station, offering convenient access to nearly every major regional destination. The neighborhood also encompasses numerous retail and dining options, hotels and cultural attractions, including The Shops at National Place, Willard Hotel & Office Complex, JW Marriott, Old Post Office Building, National Portrait Gallery, Ford’s Theater, National Theater, Smithsonian American Art Museum and Capital One Arena.
With the recent award of this prestigious leasing assignment, Stream DC has fast become one of the premier agency teams in the city. Combined with several other new assignments with clients such as Oxford Properties, JP Morgan, Morgan Stanley, MRP Realty, Jair Lynch Real Estate Partners and BlackRock/CalSTRS, Stream has expanded its DC portfolio by more than 25 percent in 2020 alone.