In a season where most of the news about the central office corridor in the District is glum, the Washington Post is sounding a modest note of optimism.
The Post recently inked a lease extension at One Franklin Square, commonly known as the tallest commercial building in the District, to keep the newspaper’s physical headquarters in D.C. for at least another 13 years.
“As the paper of record for Washington, we’re proud to be headquartered in the heart of the city,” Steve Gibson, chief financial officer for the Post, said in a statement. He added: “The Post is committed to the District both in our coverage and in our long-term presence at One Franklin Square.”
The Post moved into the 1301 K St. NW office building back in 2014 and has signed a couple of amendments to its lease in recent years. Under the most recent extension, the paper’s lease for the K Street property expires Dec. 13, 2037, instead of 2031.
Before moving into rented digs, the Post had spent the previous 43 years at 1150 15th St. NW, an iconic building that held not only the entire news operation but all the printing presses and composition equipment as well.
The Graham family sold the building for $159 million, and it was promptly demolished and turned into office space, which currently includes several law firms, the Natural Resources Defense Council, and some high-end restaurants such as Dauphine’s.
Right around the same time, in October 2013, the Graham family sold the paper itself to Jeff Bezos for $250 million. Those were heady times for the Post family: $409 million in sales in just 12 months.
More than a few observers have predicted that the Post would forsake D.C. altogether and relocate to Arlington County, where Bezos built a massive “Washington office” for Amazon. Bezos could consolidate the Post with his other properties and save a few bucks. Doing so would be another insult to the status that the nation’s capital used to enjoy as the hub of power and importance.
The new lease extension through 2037 was filed in paperwork turned in to the District of Columbia Recorder of Deeds with the city’s Office of Tax and Revenue and was first disclosed by Bisnow. According to documents on file with the District government and obtained by City Paper, the Post will continue to lease floors four through nine in the west tower and floors six through nine in the east tower. In addition, the Post pays for a section of the ground floor inside the lobby.
The Post’s landlord at One Franklin Square is Hines, a global real estate firm headquartered down in Houston, which bought the building in 1996. The Post shares the space with Compass Coffee, Soho Cafe & Market, Reed Smith, and Davis Wright Tremaine.
Andrew McGeorge, senior managing director and city head of Washington, D.C., at Hines, speaks highly of his powerful tenant: “We are delighted to be extending the important and long-standing relationship with the washington post at One Franklin Square.”