Key Takeaways
- • Cambridge Associates LLC, a Boston-based investment firm, plans to cut its Arlington office footprint by almost half, moving from 91,000 square feet to 48,000 square feet.
- • The firm is expected to relocate in early 2025 from its N. Fairfax Drive location in Ballston to The Regent building on N. Glebe Road, about six blocks west.
- • The move reflects hybrid work patterns after COVID-19, according to a person familiar with the decision cited by the Washington Business Journal.
- • Arlington County's commercial office vacancy rate stood at 23.9 percent in Q4 2023, above the 20 percent rate for Northern Virginia as a whole.
Summary
A Boston-based investment firm, Cambridge Associates LLC, is planning to reduce its office space in Arlington, Virginia by almost half, according to a report from the Washington Business Journal as relayed by Patch. The firm is expected to move in early 2025 from its 91,000-square-foot office on N. Fairfax Drive in the Ballston area to a 48,000-square-foot space in The Regent building on N. Glebe Road, near the corner with N. Fairfax Drive. The new site is roughly six blocks west of the current location.
A person familiar with the move told the Washington Business Journal that the smaller footprint accommodates "the evolving needs of staff in the more hybrid post-COVID environment." Cambridge Associates has occupied the N. Fairfax Drive address since 2018.
The move comes as Arlington County works to address its commercial office vacancy problem. According to the Washington Business Journal, the county's commercial office vacancy rate was 23.9 percent in the fourth quarter of 2023, higher than the 20 percent rate across Northern Virginia. County officials have been focused on the issue because of its effect on the county budget and on the tax burden placed on the residential sector.
A person familiar with the move told the Washington Business Journal that the smaller footprint accommodates "the evolving needs of staff in the more hybrid post-COVID environment." Cambridge Associates has occupied the N. Fairfax Drive address since 2018.
The move comes as Arlington County works to address its commercial office vacancy problem. According to the Washington Business Journal, the county's commercial office vacancy rate was 23.9 percent in the fourth quarter of 2023, higher than the 20 percent rate across Northern Virginia. County officials have been focused on the issue because of its effect on the county budget and on the tax burden placed on the residential sector.
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