Homer Building Welcomes ITC Holdings, The Nation's Largest Independent Electricity Transmission Company

Momentum Driven by Aggressive New Terms and Trophy Amenities

PR Newswire

WASHINGTON, May 8, 2014 /PRNewswire/ -- Akridge announced today a fully executed lease agreement with ITC Holdings at The Homer Building, majority owned by Mitsui Fudosan America.  ITC Holdings, a firm dedicated to improving power quality for consumers throughout the United States and enhancing power reliability, will lease space on the seventh floor of the building for five years. This lease illustrates how The Homer Building's central location, unparalleled amenities, and preeminent status continue to appeal to industry leading firms looking to grow their presence in Washington, D.C.

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This transaction follows a seven year, 35,000 square foot lease extension executed with Brown Rudnick LLP, an eight year, 6,500 square foot lease renewal with Banana Republic, and a new five year lease executed with a confidential publically traded corporate Client.  All four clients cite The Homer Building's superior location, trophy quality and first class amenities as reasons they decided to commit to the building.  Additionally, The Homer Building's dual core design and flexible floor plates allow it to accommodate a wide range of suite sizes that respond to Clients' changing needs. The property also features efficient space configuration options with a high ratio of window lines. Internal windows offer impressive views of the 12 story full-height atrium with a grand staircase and terrace opposite the entrance.

Keith Purcell, Vice President, Asset Management & Leasing for Mitsui Fudosan America stated, "MFA is delighted that Brown Rudnick has extended their long-term commitment in The Homer Building and we are pleased to continue our relationship with Banana Republic – an esteemed global brand.  We are also pleased to welcome two new Clients to the building – both NYSE listed companies – who help further diversify The Homer Building's strong rent roll."

Brian Connolly, Executive Vice President with Akridge, noted that ITC Holdings and the confidential publically traded corporate Client chose The Homer Building for its many assets stating, "We are very pleased to welcome ITC Holdings as a Client at The Homer Building. It is a wonderful addition to our building roster and is evidence of the aggressive position the landlord has taken in attracting quality organizations to  this trophy asset."

Located just a few blocks from the White House and minutes from the Capitol, The Homer Building offers the perfect location for Washington, D.C.'s leading law firms and government affairs offices.  Clients enjoy superior property management services from Akridge, whose property management team annually outperforms the Kingsley Index in all key performance indicators and has won CEL & Associates Best Customer Service Award 11 times. 

Theo Slagle and Timothy McCarthy of Cushman & Wakefield represented the confidential corporate Client. Brooks Hunt and Nate Krill of Avison Young represented ITC Holdings. Susan Thomas of Cushman & Wakefield and Brittany Kalkstein of Studley represented Brown Rudnick LLP. Jamie Blue represented Banana Republic, in house. Wil Pace and Greg Tomasso of Akridge represented Mitsui Fudosan America in these transactions.

The Homer Building was Akridge's first project to integrate redevelopment and historic preservation, and is one of the most reputable commercial properties in Washington, D.C.  Located atop Metro Center station, its premier amenities include a rooftop terrace with spectacular views of the D.C. skyline, a full-service fitness facility, and a 12-story atrium.  These amenities make The Homer Building the destination for business in downtown Washington.  The property has earned numerous accolades, including BOMA International's Office Building of the Year Award.

Akridge maintains the highest standards in the industry at The Homer Building by continuously upgrading technology, incorporating sustainable features, and further enhancing building amenities.  The Homer Building achieved LEED Gold Certification in 2011, is an EPA ENERGY STAR property, and has earned a BOMA 360 Performance Building designation.

Akridge is a comprehensive real estate services company that provides acquisition, development, asset and property management, leasing, and consulting services.  For seven of the past eight years, Akridge was ranked the number one real estate firm in the country, among firms of similar size, for client satisfaction by CEL & Associates and BOMA.  Since 1974, the company's projects have encompassed more than 12 million square feet of space in the Greater Washington region.  Notable projects include the 1 million square foot Gallery Place, the internationally recognized Homer Building, and the 3 million square foot Burnham Place air rights development project at Union Station.  For more information please visit WWW.AKRIDGE.COM.

Mitsui Fudosan America, Inc. (MFA) is a real estate investment and development company headquartered in New York, NY.  MFA is the U.S. subsidiary of Mitsui Fudosan Co., Ltd., Japan's largest publically quoted real estate company.  MFA's history in the U.S. markets dates back to the early 1970's and includes the acquisition and redevelopment of the renowned Halekulani Hotel in Waikiki, Hawaii, with additional investments in San Francisco, Los Angeles, Washington, D.C., Chicago, and New York. MFA's flagship commercial property is located at 1251 Avenue of the Americas in New York, one of the city's most prestigious business addresses.  In 2012, MFA acquired an 80% interest in The Homer Building and a 95% interest in 1200 Seventeenth Street, both in Washington, D.C.  For more information please visit http://www.mfamerica.com/

ITC Holdings is the nation's largest independent electricity transmission company.  Based in Novi, Michigan, ITC Holdings invests in the electric transmission grid to improve system reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems.  ITC Holding's regulated operating subsidiaries include ITC Transmission, Michigan Electric Transmission Company, ITC Midwest, and ITC Great Plains.  For more information please visit WWW.ITC-HOLDINGS.COM.

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