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Meany & Oliver Companies
Lease Between Chemonics International And Brookfield Properties at The Yards

Lease Between Chemonics International And Brookfield Properties at The Yards
Award of Merit
Best Real Estate Transaction Tenant Lease Over 25,001SF

Executive Summary

In January 2019, Chemonics International and Brookfield Properties completed a 288,641 square foot lease for a flagship headquarters building at The Yards. Located at 1275 New Jersey Avenue SE, this build-to-suit will deliver in December 2022 and will kick off the waterfront development’s second phase, which includes a collection of up to five new office buildings that total over 1.8 million square feet.

The Yards is one of Washington, DC’s premier mixed-use urban walkable neighborhoods. Located on the Southeast waterfront, The Yards is comprised of vibrant retail, adaptive reuse buildings reflecting the history of the Navy Yard, and new buildings designed to complement the adaptive reuse buildings. The award-winning Yards Park stretches along the waterfront joining the Navy Yard to Nats Park and beyond and provides recreational and green space to the entire Yards community. Since the opening of Yards Park in 2010, development at The Yards has consisted primarily of both market rate and affordable residential, and a broad range of specialty retail uses and restaurants. Chemonics International’s lease is a landmark transaction for both The Yards and the Capital Riverfront submarket. The transaction has energized Capitol Riverfront and signals to office users throughout the Washington DC region that both The Yards and the Capitol Riverfront are exceptional business locations.

Chemonics began its search in early 2018 with the desire to consolidate four offices located in Washington DC and Crystal City. The organization, whose core focus is to work internationally, implementing projects that tackle complex global challenges to achieve a better and more sustainable world for all, considered locations in both DC and Northern Virginia with special consideration given to how the synergy of its new location would align with its core business, and the impact upon its local and returning/visiting, employees. The Yards provided an extraordinary opportunity for Chemonics to accomplish its goals in a vibrant, evolving waterfront neighborhood within close proximity of a Metro station.

Chemonics is already a major DC employer with 637 employees working in the District today, and in a move rarely seen in the region, Chemonics will be moving 500 current jobs from Virginia into DC. With additional planned growth, Chemonics expects that by early 2022, when it is fully ensconced at The Yards, the company will support more than 1,200 District-based employees, the majority of whom will be DC residents, with an average salary exceeding $100,000 per year. Additionally, Chemonics intends to create more than 400 internship opportunities for District residents, and to participate in community activities that will assist local, non-profit organizations.

Designed by Gensler’s Washington D.C. office, Chemonics’ new headquarters building has been designed to reflect its warm, diverse and inclusive corporate culture. 1275 New Jersey Avenue will be a trophy quality, LEED Gold office building, featuring ground-level retail, 9’ finished heights and several above grade levels of outdoor patios. The building is situated in the heart of The Yards, fronting on Tingey Square across from the new Thompson Hotel. The upper levels of the building will offer expansive views of the Anacostia Riverfront over the historic DC Water pump house. The site is less than a block from the DC Metro Green Line Navy Yard-Ballpark station, enabling direct transit access to many of the District’s more upcoming yet still-affordable residential districts, with easy connections to the entire region. The site also enables convenient access to the green space, amenities and recreational and entertainment opportunities offered at the award-winning Yards Park. Within The Yards, and in the nearby Capitol Riverfront district, there are myriad options for different types of housing and a wealth of ever expanding dining, shopping and entertainment amenities.

In summary, Brookfield and Chemonics are delivering a signature corporate headquarters building in one of the most exciting and upcoming locations in the DC metropolitan area. Given its impact on the DC employment base and the potential for accelerating the evolution of the Southeast quadrant of the District, this transaction is likely the most significant and impactful lease completed this year in Washington, DC. Chemonics International was represented by CBRE and Brookfield Properties was represented by Meany & Oliver Companies, Inc.

THANK YOU TO OUR AWARDS SPONSORS
CLARK COAKLEY WILLIAMS CONSTRUCTION COSTAR GROUP FORRESTER JBG SMITH TRAMMELL CROW


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