In recent weeks, Washington, DC announced that three businesses – Acumen, Kellen, and Ryan, LLC – will expand their footprints in the district through the Vitality Fund, together creating 232 new jobs and leasing nearly 90,000 square feet of office space in Downtown DC. Mayor Muriel Bowser and the Office of the Deputy Mayor for Planning and Economic Development (DMPED) hosted the 10th annual March Madness — the District’s yearly business showcase of new real estate, housing, and workforce support initiatives.
Ryan LLC, a firm with offices in DC and Virginia, consolidated its operations into a single location in Downtown DC. The Washington DC Economic Partnership (WDCEP) engaged with the company’s broker, Creighton Armstrong from JLL, and presented the Vitality Fund, after which Ryan LLC opted to expand its footprint in the District.
Similarly, Acumen, a company with a existing presence in DC, was exploring the possibility of relocating a division to one of its corporate offices outside the city. WDCEP’s Vitality Fund presentation to the brokers Mindy Saffer and Jake Ruben of Cresa, proved instrumental in Acumen’s decision to expand its DC office space.
Among the leading business incentives from WDCEP, the Vitality Fund is a discretionary “closing fund” administered by the DC government to assist businesses in target sectors to relocate, expand, or stay in Washington, DC.
Kellen, a management consulting and think tank firm, was also considering an office relocation in early 2023. WDCEP’s presentation of the Vitality Fund, facilitated by broker Aaron Pomerantz of Cushman & Wakefield, persuaded the company to extend its lease and expand its footprint in DC’s central business district.
“We know there are many reasons companies are choosing DC — from our talented workforce, to our world-class amenities, to our position as the nation’s capital,” said Mayor Bowser. “There’s only one DC, and incentives like the Vitality Fund make our case to businesses even stronger.”
The Vitality Fund has proven to be a powerful tool in retaining and attracting businesses to the nation’s capital. This economic development incentive has played a pivotal role in several companies’ decisions to expand or maintain their presence in the District.
The success of the Vitality Fund underscores the importance of strategic economic development initiatives in retaining and attracting businesses to the District. By offering compelling incentives, the city can remain competitive in the ever-changing business landscape, fostering economic growth, and job creation for its residents.
