Paley Rothman engaged Cresa two and one-half years prior to its lease expiration to complete a full analysis of the current cost and benchmark their expenses with other professional service firms in Bethesda. When several attractive products became available due to a prolonged downturn in the economy, Cresa began to leverage the Paley Rothman requirement.
Cresa recognized that due to inefficiencies in both new and existing product, the actual Class A options for the firm were very limited in the downtown Bethesda submarket. Paley Rothman had been in their current location at 4800 Hampden Lane in downtown Bethesda for over 28 years, but they still wanted to be educated regarding outside opportunities. After test-fitting numerous relocation options, Cresa negotiated preliminary economic terms with a variety of landlords who were pursuing the firm. Ultimately Cresa successfully assisted Paley Rothman in lowering their rental rate a year in advance of their lease expiration, achieving a year's worth of rental abatement and close to $2M in tenant improvements to remain at One Bethesda Center.
Since Paley Rothman had been in their current facilities for close to three decades, an in-place renovation was needed. After negotiating the free use of 10,000 square feet of swing space for one year, the law firm was able to upgrade their offices in phases with the assistance of Cresa Project Management.