Network Realty Partners Signs 20-Year Lease with GSA at 999 North Capitol Street, N.E.

Company signs 420,000 square feet of new leases at the Union Square complex in 2021.

Washington D.C. (December 15, 2021) – Network Realty Partners (Network) and partner, USAA Real Estate, announced today they have executed a 20-year lease with GSA for the Office of Justice Programs (OJP) to occupy 162,000 square feet at 999 North Capitol Street, NE. Occupancy is slated for early 2024.

During 2021, Network executed over 420,000 square feet of new leases at the Union Square complex located at 899 and 999 North Capitol Street, NE in the NoMa neighborhood.

“The leasing activity at Union Square has been tremendous, especially in an office market as challenged as Washington, D.C.,” said Rod Lawrence, managing partner of Network. “When we acquired Union Square in 2019, approximately 400,000 square feet of the total 625,000 square-foot complex was scheduled to expire in the coming four years. We have been successful in backfilling all of this pending vacancy, with an average term of over 18 years.”

Scott Johnston at Cushman & Wakefield represented the ownership. Henry Chapman and Robert Downey at CBRE represented the Government.

Last month, Network announced the details of its repositioning plans for the complex which includes the renovation and modernization of the office buildings and zoning approvals fora new 100,000 square foot hotel. The repositioning of the office buildings will commence in 2022.

About Network Realty Partners (Network)

Headquartered in Arlington, VA, Network Realty Partners is a dynamic real estate investment and development company. The firm is privately held by accomplished commercial real estate executives with more than 100 years of experience leasing, developing and repositioning D.C. Area properties. Network’s strength centers on urban, place based, mixed-use development and all types of private sector and government office leasing.

USAA Real Estate

With more than $29 billion in assets under management and 11 global offices, USAA Real Estate is an industry leader in acquiring, developing, financing and managing the highest quality real estate assets in North America and Europe. The mission of USAA Real Estate is to serve the financial interests of its investor clients by strengthening the profitability and diversity of the USAA investment portfolio, which includes multifamily, industrial, office and hotel properties, as well as e-commerce logistics and distribution centers, media production facilities and data centers. Aligned with a series of strategic partnerships cultivated over decades of co-investment, USAA Real Estate engages with preeminent sector leaders demonstrating proven domain expertise in a shared drive to achieve superior, risk-adjusted returns.

For more information, visit www.usrealco.com.

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