US: Corporate housing provider Churchill Living has agreed to a ten-year lease with Washington DC developer Perseus TDC.
The group will manage 106 units in a 500-unit mixed-use development in Washington DC’s NoMa neighbourhood.
The building, previously named Storey Park, is found at the intersection First and L street NE. The project was rebranded to NoMa CNTR, short for centre, by the developer after scrapping the public park concept initially attached to the development.
Ground was broken late last year on the project which is currently slated to include a 235-key Marriott hotel and an additional 40,000 square feet of retail space. It is expected to be completed by late 2022.
John Camera, partner at Perseus, told The Washington Business Journal: “When you’re building a 500-unit building, you’re always looking for opportunities to find corporate housing tenants, and it helps on the lease-up by generating cash flow right out of the gate.”
Churchill, the company leasing the space, is a corporate furnished rental provider that operates throughout the United States, including New York, New Jersey, Connecticut, and Washington DC. It currently operates locations in Northwest DC, Arlington and Bethesda, has an existing furniture rental business and is in talks to open a showroom in the state.
Avraham Rosskamm, senior VP of acquisitions and development at Churchill, said: “We’ve been actively working throughout the DC market to expand our portfolio. We have a lot of government contracts and a lot of clients that are interested in the DC area as a whole.
“This product fit the bill very nicely, we very much like to get in early on in the development so things can be built to meet our needs,” added Rosskamm.
Churchill Living joins a variety of short- to mid-term accommodation providers in the area, such as Sonder, WhyHotel, Zeus Living and Blueground. Washington DC enacted restrictions on short-term rental platforms in late 2019, though the listed regulations do not cover corporate housing.