The District, which currently holds an AA+ credit rating, occupies roughly two-thirds of the 1050 First Street NE property. By initiating negotiations years ahead of the current lease maturity, Ocean West successfully locked in the tenant to ensure long-term income consistency. The firm coordinated with the Department of General Services, the building's lender, and various representatives to finalize terms that align with the city's operational needs and the landlord's investment objectives.
In section Releases
Ocean West Secures Eight-Year Lease Extension with D.C. at Sentinel Square
The District of Columbia has committed to an additional eight years at Sentinel Square II, anchoring the NoMa office building well beyond its original 2029 expiration date. The deal bolsters the property’s financial stability while extending the weighted average lease term for owner Ocean West Capital Partners by nearly five years.
Russ Allegrette, CEO and co-founder of Ocean West, noted that the proactive approach required collaboration across all stakeholder groups to balance property economics with the tenant's requirements. This transaction serves as a core example of the firm’s strategy to mitigate vacancy risk through early engagement with high-quality, investment-grade occupants. Since its inception in 2010, Los Angeles-based Ocean West has managed over 17 million square feet of space and completed $7.5 billion in commercial real estate transactions.
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