- CohnReznick LLP
- 40,900 sq. ft.
- Financial Services
- Washington DC
- Tysons Corner
- Transaction Management
- Project Management
- Jon C. Olmstead
client objectives and resultsSee more success stories
Since 1975, CohnReznick LLP (formerly known as WatkinsMeegan LLC) has proven its strength and expertise as a full-service CPA firm, consistently ranking in the top 70 accounting firms in the United States and the top 10 in the Washington, DC area.
CohnReznick tasked its real estate advisor with providing quarterly updates on market conditions five years prior to its lease expiration in preparation for navigating through class A options within the downtown Bethesda, Maryland, market and its traditionally low vacancy rates. When several attractive products become available due to a prolonged downturn in the economy, the Federal government quickly leased a large portion of the relocation options, significantly limiting negotiating leverage for CohnReznick. The firm’s real estate advisor recognized the tightening of the downtown Bethesda submarket as an opportunity. CohnReznick had been located in downtown Bethesda for over 25 years; and as their clients and contracts matured, it became necessary to open additional offices within the Metro DC region, making continuity of operations between offices a considerable concern.
By determining appropriate relocation options that could provide operational cohesiveness in nearby North Bethesda, CohnReznick’s advisor successfully assisted the firm in acquiring nearly 20% more square footage at a savings of approximately $2.5 million in base rent alone due to its move to 6720-B Rockledge Drive.
Because the relocation site was still in shell condition, the functionality was specifically tailored to meet CohnReznick’s needs, allowing for construction of more collaborative work spaces, a training room to accommodate up to 50 people, and a more employee-centric work environment.
Savings: $2.5 million in base rent