Washington, DC – The Municipal Securities Rulemaking Board (MSRB) signed a 15-year office lease in the Franklin Square office building at 1300 I St. NW in Washington, DC. Savills Studley, the leading global commercial real estate firm specializing in tenant representation, advised the MSRB, the organization responsible for regulating the municipal securities market, in the 38,869 square foot negotiation.
"Being in downtown DC in close proximity to other financial market regulators, policymakers and Capitol Hill is a huge win for us," said MSRB Executive Director Lynnette Kelly. "Savills Studley provided excellent service during our extensive search and helped us find a location that would improve our efficiency and increase collaboration with our stakeholders as we focus on promoting a fair and efficient municipal market."
The MSRB will be relocating from its current location at 1900 Duke St. in Alexandria, Virginia. Savills Studley conducted an extensive search of the market, considering options around the region as well as the possibility of dividing space between two locations.
"We spent quite a bit of time analyzing the MSRB's operations and demographics, looking at it from all angles, including how employees work together to how they get to work. In the end, Franklin Square was the most viable option from an economic, accessibility, and workflow perspective. Plus it had the added benefit of building signage," said Gary Stein, Executive Vice President and co-regional manager, who led the transaction on the MSRB's behalf along with Senior Managing Director Ben Plaisted and Managing Director Greg Scheipers.
In addition to negotiating the transaction for the MSRB's space at 1300 I St. NW, Savills Studley assisted in identifying another location for the MSRB's data center. The MSRB operates municipal market transparency systems, including the Electronic Municipal Market Access (EMMA®) website. The Franklin Square office building at 1300 I St. NW is owned by TIAA-CREF and was represented by Cassidy Turley. The MSRB is expected to move in 2016.