Sheppard Law Firm Signs 107K-SF Office Lease in Downtown DC
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. 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
- Disclosed office deal value tracked in September 2026: $14.7B across 78 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Sheppard, a law firm with more than 1,200 lawyers across 16 offices, has signed a 107,224-square-foot lease at In-Rel Properties’ 2033 K Street NW, becoming the anchor tenant. In-Rel acquired 2033 K Street, and the pr…
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