The American Iron & Steel Institute will relocate its Washington DC office to Capitol Hill in February 2012 after signing a 13,700 square foot, 15 year lease at 25 Massachusetts Ave NW, a 389,252 square foot building constructed in 2006.

West Lane & Schlager Principal Eric West, LEED AP, and company VP Mr Ganon Rich represented the non profit institute, which has 33 employees currently housed in approximately 9,500 square feet at 1140 Connecticut Ave NW. The lease begins on February 1st 2012.

As part of its new lease, AISI was the sole organization to date to secure abatement through the DC Nonprofit Tax Abatement Act of 2010, which city government leaders approved late last year.

The tax abatement pilot program, which DC officials closed to new applicants this fall, waived up to USD 8.00 per rentable square foot of real estate taxes to associations and non profits that relocate to the emerging markets of Anacostia, Capitol Riverfront, Minnesota Benning, Mount Vernon Triangle or NoMa.

Under its lease terms, AISI will receive a rent reduction of about USD 8 per square foot for 10 years of its 15 year lease, resulting in savings that exceed USD 1 million over a decade.

Mr Tom Gibson president & CEO of AISI said that "Relocating to Capitol Hill will facilitate our mission as a trade association. There is an adequate conference facility in house so we can host our member companies, as well as members of Congress and their staff."

(Sourced from www.citybizlist.com)