Union Square

Union Square is a two-building, 625,000-square-foot office complex prominently located four blocks from the United States Capitol in the NoMa submarket of Washington, DC. At acquisition in 2019, the property had a WALT of only 4.1 years, with 50% of the in-place tenancy expected to vacate within two years. During the peak of the COVID-19 pandemic in 2021, Network successfully executed a 200,000-square-foot lease renewal with the District of Columbia Government and a 160,000-square-foot GSA lease with the Department of Justice Office of Justice Programs for a 20-year term. These government leases were recognized as the top executed leases in Washington, DC.

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The total leasing activity since Network’s acquisition is approximately 500,000 square feet or 80% of the total rentable area, which has increased the property's weighted average remaining lease term to over 17 years and converted the value-add profile into a core cash-flow vehicle with long-term, credit tenants. The 899 North Capitol Street building is undergoing a major renovation for the District of Columbia agencies that will take occupancy in late 2024. The renovation includes exterior improvements; a new lobby, common area, fitness center, and bike room; and restroom upgrades.