Kutak Rock partners Seth Kirshenberg and Hans Ipson served as lead outside counsel for the District of Columbia, working with the Deputy Mayor for Planning and Economic Development team, in negotiating and closing the acquisition and leasing of the Capital One Arena, home of the NBA’s Washington Wizards and NHL’s Washington Capitals. Kirshenberg and Ipson were assisted by Kutak Rock partner Sisera Daniel and of counsel Walt Griffiths.

The total direct public and private investment in construction will be $800 million, with the District of Columbia contributing an approved $515 million and Monumental Sports & Entertainment (MSE) covering the remainder. As part of the agreement, the District purchased the arena, which they will then lease back to MSE in a sale/leaseback agreement. This investment will generate an estimated 4,900 construction jobs and offer new career pathways and training for D.C. residents.

The approved renovation committed four of MSE’s franchises—the Washington Wizards (NBA), The Washington Capitals (NHL), The Washington Mystics (WNBA) and the Capital City Go-Go (NBA G-League)—to playing in the District of Columbia through 2050.

The approved renovation will represent an investment of nearly $1 billion into the District of Columbia’s entertainment district and local businesses, while rewarding its fans by enriching their experience and keeping their sports franchises in Washington D.C. Kutak Rock congratulates the District of Columbia and Monumental Sports & Entertainment for coming to this historic agreement.