PSP was first an investor in The Wharf back in 2014 when it poured $225 million into the development. Phase one was completed in 2017, with the second and final portion of the site finalized in 2022, costing a total of $3.6 billion. Then, earlier this year, PSP bought the more than 3.5 million square feet property for reportedly $1.8 billion from Madison Marquette and Hoffman & Associates.
According to the CO, the office portion of the site was 93.4 percent leased to 18 tenants in February. The largest renter was Williams & Connolly, a law firm, which locked in 313,000 square feet of space in a deal last year. In total, the office space at the property spans one million square feet.
For a while now, Washington, D.C. has dominated the market in terms of rental interest. In the first quarter, a report from RentCafe found that the metro was the top city for activity, seeing an 18 percent surge in favored listings, with saved searches falling by 13 percent. The area is drawing interest from apartment hunters in the Philadelphia, New York City and Baltimore areas, according to RentCafe.