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Penzance is slowly building up occupancy at one of Washington’s most iconic complexes: The Watergate.

CVS has signed a long-term lease to expand its presence from its current 8,000 SF space to 13,000 SF at the former Safeway space. The deal will make CVS the largest tenant in the 65,000 SF retail plaza.

Penzance has retained Bill Miller and Alex Walker of Miller Walker Retail Real Estate to market the current 8,000 SF CVS space along with the balance of the retail plaza.

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Suitsupply, an Amsterdam-based company whose suits are known for being well-made if not a bit flashy, has signed a lease for 5,653 square feet adjacent to the Four Seasons hotel in Georgetown.

Alex Walker of Miller Walker Retail Real Estate worked with Suitsupply, while John Asadoorian represented the landlord.

The store, still under construction, is the first in the area. Suitsupply also has a U.S. store in New York, and another under construction in Chicago.

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You’ve heard prime retail space in DC commands rents over $100/SF. But where is growth headed? We polled the experts.

A fast-growing residential base in Mount Vernon Triangle is primed for retail growth, says Miller Walker co-founder Bill Miller.

“The ballpark area is another sleeper,” Bill tells us. “It’s basically Capitol Hill South—just a few blocks to the north, there’s a sea of rowhomes with few retail options.”

“It’s going to take a little bit of time to percolate out, but if you’re not paying attention to this, you’re taking your eye off the ball,” says Bill.

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Alex & Bill

Retail vets Bill Miller and Alex Walker have left Transwestern to create their own brokerage firm, MILLER WALKER.

The two will continue to represent The Peterson Cos and DRI at the 1M SF Rock Spring Centre in Bethesda, in addition to repping restaurants the Silver Diner, PAUL Bakery, and CraftWorks (which manages the Gordon Biersch, Old Chicago, and Chophouse brands.)

 

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Alex_Bill_Photo

Two well-known retail brokers in the District have teamed up to start their own venture.

Transwestern Retail alumni Bill Miller and Alex Walker have joined forces to launch Miller Walker Retail Real Estate. Their new firm will focus on representing both retail landlords and potential tenants in D.C., Virginia and Maryland.

The new venture is headquartered in Georgetown in Suite 300 at 2715 M St. NW, where they have leased about 1,000 square feet of space.

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