JLL announced the latest in a series of leases at Market Square, a 707,000-square-foot office property located at 701 and 801 Pennsylvania Ave NW. Acquired by PRP Real Estate Investment Management (PRP) in March 2024, the property ranks among the top five sales in Washington, D.C., over the past three years and stands as one of the top three transactions of 2024. Since the acquisition, 21 lease agreements have been executed, totaling more than 140,000 square feet of activity and increasing occupancy from 85 percent to 95 percent—a testament to PRP’s vision to attract and retain tenants in this highly sought-after building.
Government relations firms are among the organizations that have relocated to Market Square, which houses the largest concentration of government affairs tenants in the District. Firms are drawn to the building due to its prime location, premium amenities, and iconic design, and include Miller Strategies LLC, Checkmate Government Relations, and Bellwether Partners.
Ally Financial and several distinguished Fortune 500 companies leased the remaining 85,000 square feet in 2025, further strengthening the building’s status as home to the highest concentration of Fortune 500 firms in Washington, D.C. In 2024, seven deals totaling more than 55,000 square feet were signed.
“We are extremely proud of the exceptional tenant roster and the impressive momentum at Market Square,” said Paul Dougherty, founder and president of PRP. “Since acquiring the property, we have further elevated this premier asset into a world-class trophy office, attracting distinguished tenants who contribute meaningfully to the fabric of our nation’s capital. We believe we have truly raised the bar for the modern tenant experience. JLL has delivered outstanding results, expertly positioning the asset, executing leases, and helping us realize our vision.”
Since acquiring Market Square, PRP has made strategic investments in the building, enhancing the desirability of this well-located property and raising the bar for the tenant experience. This momentum underscores the flight-to-quality trend, as noted in JLL’s Q1 2025 Market Dynamics report, where trophy buildings—which represent the top ten percent of D.C. office space—captured 17 percent of lease volume.
“The success of Market Square is a direct result of PRP’s clear vision and strategic execution,” said Evan Behr, vice chairman of JLL. “PRP acquired the property during a period of economic uncertainty, but they felt strongly that Market Square’s iconic nature and superior office experience provided the framework for a strong investment. Their visionary leadership and unwavering commitment to excellence has positioned us to deliver strong results. Market Square is home to some of Washington’s most prominent government-adjacent organizations, along with the most globally recognized Fortune 500 companies. It could be argued that this is the strongest office building tenant roster in the world.”
JLL’s Evan Behr, Mac Hall and Jeanette Ko represent Market Square. For more information about Market Square leasing opportunities visit https://marketsquare-dc.com/.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage, and invest in a variety of commercial, industrial, hotel, residential, and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in more than 80 countries, JLL’s more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by its purpose to shape the future of real estate for a better world, JLL helps its clients, people, and communities SEE A BRIGHTER WAY℠. JLL is the brand name and a registered trademark of Jones Lang LaSalle Incorporated. For more information, visit jll.com.
JLL: Market Square Occupancy Hits 95 Percent Leased – Highest in Over a Decade | citybiz