Crystal & Clark Celebrates Significant Leasing Milestones and the Delivery of $70M Repositioning

ARLINGTON, VA, June 6, 2024— Lincoln Property Company (“Lincoln”), on behalf of owners MRP Realty (“MRP) and LaSalle Investment Management (“LaSalle”), is pleased to announce several significant leasing transactions at Crystal & Clark, 2450 and 2641 Crystal Drive, solidifying its position as a leading destination for top-tier organizations in National Landing. The leases, totaling over 210,000 square feet, mark a pivotal moment in the momentum of office leasing at Crystal & Clark as well the repositioning that delivered earlier this year. Lincoln’s Gary Cook, Senior Vice President, Leasing; Stoddie Nibley, Senior Vice President, Leasing; and Neil Alt, Senior Vice President, Managing Director, represented ownership in the transactions.

Among the notable transactions:

• Aerospace and defense technology company, Shield AI, 42,872 square feet, represented by Transwestern’s Michael Goldman and Claire Poole
• Public health association, The Association for State and Territorial Health Officials, 19,663 square feet, represented by Transwestern’s Michael Goldman and Claire Poole
• A cybersecurity technology company, 11,464 square feet, represented by JLL’s Bob Shue and Steve Burman

In addition, four other leases totaling more than 136,000 square feet were recently signed.

These deals reflect organizations’ desire to be in National Landing, which has been positioned as a hub of innovation and technology with the arrival of Amazon HQ2 and Virginia Tech’s Innovation Campus. Many of the recently signed leases are in the technology, cybersecurity, and defense industries further reinforcing the value of being among companies in similar industries in the growing technology hub, in a connected and convenient area, as well as in proximity to Washington, DC.

The recent $70 million investment by MRP and LaSalle, has transformed Crystal & Clark into a best-in-class workplace destination, offering hospitality-driven amenities, including the largest private conferencing and function space in the market, and an unmatched location. Renovations delivered earlier this year include: new plaza entrance and 2nd-floor outdoor courtyard with open-air conference tables and seating; club-quality fitness center with locker rooms and towel service; meeting rooms plus a new 200+ person conference center.

“The continued success of Crystal & Clark demonstrates this asset’s ability to provide a unique office solution where employees want to work,” said Will Leibner, Development & Investment Manager at MRP Realty. “These leases validate our investment in the neighborhood and our belief that there is a healthy tenant base to absorb high-quality, amenitized product in National Landing.”

“We are proud to have represented MRP and LaSalle in these transactions, and we truly believe in the future of not only Crystal & Clark, but the National Landing neighborhood, and the exciting momentum it is experiencing,” said Lincoln Senior Vice President of Leasing, Gary Cook.

For more information on leasing opportunities at Crystal & Clark, please visit https://crystalandclark.com.

About Lincoln Property Company

Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-used properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 510 million square feet of commercial space. In addition to providing third-party real estate services, Lincoln has completed over 150 million square feet of development since its inception in 1965 and has another $20 billion currently under construction or in the pipeline. For more information, visit: www.lpc.com.

About MRP Realty

Founded in 2005, MRP is a real estate operating company focused on opportunistic and value-add investment headquartered in Washington, DC. Since the firm’s inception, MRP has been among the most active local investors and developers in office, multifamily and land investment, deploying $7.8 billion (total capitalization). MRP provides to its institutional capital partners a full array of real estate services including acquisition/disposition, development/construction management, property management and asset management services, and financial reporting services. MRP focuses on strategic investment opportunities in both high barrier-to-entry submarkets and high growth submarkets.  www.mrprealty.com

About LaSalle Investment Management

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $79 billion of assets in private and public real estate property and debt investments as of Q3 2022. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.

For more information, please visit www.lasalle.com, and LinkedIn.