With similar missions of advancing interests for America’s farmer-owned enterprises, National Council of Farmers Cooperatives (NCFC) and Farm Credit Council (FCC) have been co-located for over two decades. The groups hired Cresa nearly five years before their lease expiration to evaluate several real estate options, including a lease restructure at 50 F Street, NW, and several relocation options.
Results
Cresa’s strategic real estate planning revealed all available relocation options required full tenant interior construction work. Because of this, NCFC and FCC decided they would prefer to stay in the current building while consolidating from the 6th and 9th floors to solely the entire 9th floor.
Cresa negotiated with the ownership of 50 F Street on behalf of NCFC and FCC to secure:
Reduction in base rental rate by $2.50 per square foot
Lease extension of 10 years
Termination option after the 7th lease year
10 months of free rent
Tenant Improvement Allowance of $70.00 per square foot