Bank secures below market rates in existing building while consolidating operations after acquisition
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WashingtonFirst Bank hired Cresa to negotiate an expansion and extension of its office at Two Fountain Square, 11921 Freedom Drive. The transaction was related to its acquisition of Alliance Bank and, subsequently, an initial public offering.
WashingtonFirst Bank needed to expand its space to accommodate Alliance’s former employees and to effectively create synergy. While splitting operations was considered due to cost-savings, WashingtonFirst Bank decided that being together was paramount to its corporate culture.
Because WashingtonFirst Bank was already a tenant on the second floor of Two Fountain Square and the possibility existed to expand on the balance of the floor, Cresa needed to establish leverage with the current landlord, Boston Properties.
Ultimately, Cresa was able to expand WashingtonFirst Bank’s existing space while achieving base rent at $4.00 per square foot under market, as well as aggressive concessions similar to that of new direct deals. Cresa’s Project Management team assisted WashingtonFirst Bank in the build-out requirements.