Sheppard Law Firm Signs 107,224 SF Office Lease in Downtown D.C.
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. Washington office has been a leading conversion market in the cycle, with multiple downtown Class B assets entering office-to-residential programs in the last twelve months. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 64th Washington story tracked on the wire in August 2026. All Washington coverage →
- Disclosed office deal value tracked in August 2026: $17.1B across 72 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
WASHINGTON, D.C. — Sheppard, a law firm that employs more than 1,200 lawyers nationally, has signed a 107,224-square-foot lease at 2033 K Street, a trophy office redevelopment project in downtown Washington, D.C. Dimi…
External link. Real Estate Trail does not republish source content.
Related coverage — Washington · Office
Northern Virginia Office Vacancy Falls Again as AI, Defense Demand Builds
Northern Virginia’s office market continued to tighten in the third quarter as more demand from artificial intelligence, technology and defense tenants bolstered weaker leasing activity. The market posted 672,378 squa…
Jemal Real Estate, DivcoWest Plan Office-to-Residential Conversion in D.C.’s West End
WASHINGTON, D.C. — Jemal Real Estate Strategies and DivcoWest have formed a joint venture to complete an office-to-residential conversion project in Washington, D.C.’s West End district. Madison Realty Capital provide…
Jemal-Led JV Plans 323-Unit Office-to-Resi Conversion in D.C.
Jemal Real Estate , DivcoWest and JLS Capital have formed a joint venture to extend the wave of office-to-residential conversions in Washington, D.C. The JV plans to convert a 342,000-square-foot office building at 12…
Return to Lender: Week of Oct. 8, 2026
An office building near Capitol One Arena in Washington, DC has changed hands in a deed in lieu of foreclosure after a distressed loan on the building sold, the Washington Business Journal reported. An affiliate of a…
Norman Jemal JV Buys West End DC Office for Residential Conversion
Jemal Real Estate Strategies and DivcoWest have announced a joint venture to convert 1255 23rd Street NW, a 342,000-square-foot office building in Washington, D.C.’s West End, into approximately 323 apartments.…
JLL Arranges Sale of 10-Story Office Building in Northern Virginia’s Tysons Region
MCLEAN, VA. — JLL has arranged the sale of a 10-story, Class A office building located at 8270 Greensboro Drive in McLean, part of Northern Virginia’s Tysons submarket. Andrew Weir, Kevin Byrd, Jim Meisel, Dave Baker…