walker & dunlop, cbre, carr properties and transwestern
The 2020 Maryland Lease Transaction of the Year is ...
In 2020, Walker & Dunlop, a commercial real estate finance company, pre-leased 59,000 SF of office space at Carr Properties’ newly developed building The Wilson located in downtown Bethesda. Walker & Dunlop plans to relocate its headquarters from 7501 Wisconsin Ave., where it has been since before it went public. The relocation is an expansion for the firm, from a smaller space of about 43,500 square feet, and will help accommodate the company’s future growth.
The transaction had many complexities, including the relocation of an existing tenant to make enough contiguous space, as well as the renegotiation of other leases to accommodate the needs of the tenant.
At a time of great uncertainty in the midst of the Covid-19 pandemic, Walker & Dunlop’s lease brought the pre-leasing at The Wilson to 100%. The Wilson, a 23-story trophy office building slated for completion in 2021, is part of Carr’s larger 940,000-square-foot mixed-use redevelopment which also includes The Elm, a two-tower residential development with 456 apartments.
The office building has been designed with features including floor-to-ceiling glass, private and shared outdoor terraces and a dedicated outside air system circulating 75% outside air throughout the building. The deal was a bright spot for the D.C. metro area’s office market, and the space represents the future of the office with an increased focus on wellbeing elements. CBRE's Brad Wilner, Lou Christopher, and Charlie Carroccio represented Walker & Dunlop. Carr Properties was represented by Kaitlyn Rausse along with Transwestern's Phil McCarthy, Keith Foery, and Erin Kurucza.