Manulife US REIT secures 24-month US Treasury lease renewal for Penn property

The renewal increases the weighted average lease expiry to 2.3 years.

Manulife US Real Estate Investment Trust (MUST) renewed a 24-month lease with its fifth-largest tenant, the US Treasury, at 1750 Pennsylvania Avenue in Washington, D.C.

The extension, effective August 2025, retains the existing rent level, which the REIT said aligns with recent US General Services Administration (GSA) leases in the submarket.

The tenant will maintain about 120,000 square feet of space at the 13-storey property. MUST said the renewal lifts the building’s weighted average lease expiry (WALE) to 2.3 years from 1.4 years, with no tenant improvement allowances granted.

The US Treasury has been a major occupier since 2011 and contributed 5.3% of the REIT’s gross rental income as at 30 September 2025.

MUST stated that the US Treasury had previously signalled plans to relocate but opted for a short-term extension. The manager said federal return-to-office requirements may support office utilisation in Washington, D.C., although broader market conditions remain constrained.

CBRE reported that the submarket’s outlook is supported by a resilient private sector, ongoing conversion and redevelopment activity, and limited lease termination notices from federal agencies. MUST said it is progressing several active leasing discussions and expects to conclude them before end-2025.

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