Association achieves over 40% savings

Client
  • American Wind Energy Association
Space
  • 15,894 sq. ft.
Industry
Services Provided
Cresa Team Cresa Office

client objectives and results

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Client Objectives

The American Wind Energy Association (AWEA) is the national trade association for the U.S. wind industry. Its mission is to promote wind power growth through advocacy, communication, and education.  
 
AWEA began interviewing real estate firms in early 2015 with just over three years left on its lease after becoming aware of tenant-favorable market conditions in
Washington, DC. The group was paying $6.00 per square foot over market and operating on two separate floors within 1501 M Street, NW, with multiple subtenants in place.
 
AWEA hired Cresa to develop a Strategic Real Estate Plan to evaluate opportunities for cost reduction and increased amenities, including a more modern office environment to enhance staff communication.

Results

Cresa’s Strategic Real Estate Planning process uncovered several opportunities available to the organization to significantly reduce costs ahead of the lease expiration, either within the current building or within newly repositioned office buildings in Washington, DC. With Cresa leading negotiations, AWEA was able to leverage two other opportunities against the current landlord to achieve desired results. The perceived risk of leaving two full floors on the market in the coming years created the necessary pressure on the current landlord.
 
AWEA’s cost within 1501 M Street, NW, was reduced 27 months prior to the lease expiration, and the organization’s overall savings were 40.2% through the remainder of the previous term. Additionally, AWEA was able to secure a termination option and tenant improvement dollars toward the build-out costs to consolidate onto one floor. Finally, the landlord agreed to improve the bike facility within the building garage and add a tenant-only lounge within the lobby of the building.

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