JLL announces Market Square is 95% leased, the highest in over a decade, driven by PRP’s vision, investment and significant leasing momentum.
News release
27 June 2025
Market Square Sees 95% Occupancy Under JLL, PRP
WASHINGTON, DC – June 27, 2025 - 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, DC 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 over 140,000 square feet of activity, increasing the 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 multiple distinguished Fortune 500 companies took the remaining 85,000 square feet in 2025, further strengthening the building's existing status as home to the highest concentration of Fortune 500 firms in DC. In 2024, seven deals totaling over 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, PRP. “Since acquiring the property, we have further elevated this premier property into a world-class trophy office, drawing distinguished tenants who contribute meaningfully to the fabric of our nation’s capital. We believe we have truly raised the bar for what is the modern tenant experience. And, JLL has delivered outstanding results, expertly positioning the asset, executing leases and realizing our vision.”
Since acquiring Market Square, PRP has made strategic investments in the building, furthering the desirability of the 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, where Trophy buildings represent the top ten percent of DC office space, but 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, 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 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 $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About PRP Real Estate Investment Management (PRP)
PRP is a real estate investment management company with a focus on mission-critical corporate headquarters facilities leased to investment-grade companies, logistic facilities, high-street retail properties, multifamily apartment communities, data centers and office properties. PRP’s portfolio of corporate headquarters facilities includes the headquarters for Honeywell, Broadcom, Cencora/AmerisourceBergen, Exxon/Pioneer Natural Resources and FedEx Office, and logistic facilities for Amazon, Lowe’s, Techtronics and VW. PRP is also an active multifamily investor, and active in date centers and Special Situation investing. Founded in 2005, PRP executes value-add strategies across all sectors and asset manages a national portfolio of assets on behalf of its institutional investor, family office and financial institution investor partners. PRP manages its apartment investments through PRP REM, its property management subsidiary, which is solely focused on PRP’s portfolio of apartment properties. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has developed or invested in over 60 assets with a value in excess of $6 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit PRPREI.COM.