National Cable & Telecommunications Association renews lease in Washington, D.C.
The National Cable & Telecommunications Association renewed and extended its lease for a 52,944-square-foot space at 25 Massachusetts Ave. NW in Washington, D.C.
The principal trade association for the U.S. cable industry went for an early renewal, with six years left on the lease and renewed for another 10, gaining some upgrades as part of the deal, according to Cresa Washington, D.C., the firm that brokered the deal.
Cresa said in a press release that by committing to an additional decade, beyond the six years that remained, NCTA locked into a lower rental rate to reduce its overall real estate expenses.
Susan Carlin, vice president of administrative and audiovisual services said in a statement, “NCTA seriously considered relocating, as many developers with proposed projects in the District of Columbia sought this organization’s tenancy.”
However, the association decided to stay put after securing a cash concession to cover desired upgrades.
D.C.-based Republic Properties owns 25 Massachusetts Ave. NW, which is known as Republic Square I. The building has about 385,000 square feet of Class-A office space, along with additional retail space and four levels of underground parking.