Success Stories

Bonner Kiernan Trebach & Crociata LLP

Washington, DC
24,774 SF SF
Cresa Washington DC
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Client Objectives

Bonner Kiernan Trebach & Crociata LLP (BKTC) represents national, state and local businesses, including many Fortune 100 and Fortune 500 companies in civil litigation. The Firm’s clients engage in a broad cross- section of American business, including the manufacturing, transportation, health, financial and service industries. The Firm also represents many foreign and domestic insurers and reinsurers.

BKTC engaged Cresa Washington DC three years prior to their lease expiration. At that time, BKTC was looking to do a complete assessment of their own space usage as well as evaluate their occupancy expenses relative to the rest of the market. Included in the assessment was their current submarket, the Central Business District (CBD), as well as other downtown Washington submarkets, such as NoMa (north of Massachusetts Avenue) and the Capitol Riverfront. After Cresa Project Management performed their due diligence, BKTC determined they wanted to update their space allocation per attorney, thus creating smaller individual offices and increasing the number of collaborating space for in-house and client meetings. The Strategic Real Estate Plan outlined all possible options, including could BKTC construct their new work environment within its current premises at a low cost or would relocating to another floor in the building or other location be necessary?

Cresa Team Members

Results

BKTC took advantage of Cresa’s Integrated Services, utilizing transaction management, lease forensics, and workplace strategy, as well as project management. Cresa renegotiated BKTC’s current lease 15 months prior to the Lease Expiration Date and rightsized their overall space by 14%. A critical component of renovating at 1233 20th Street, NW, The Lion Building, was the ability to use swing space, free of charge, during the construction. Cresa was able to negotiate numerous flexibility options on BKTC’s behalf, most importantly the ability to vacate with no penalty in the event the building goes through a redevelopment. In addition, BKTC attained building signage and influenced the future development of a tenant-only fitness facility.

Factoring in tenant improvement dollars, reduced rent over 15 months and rental abatement, Cresa was able to negotiate a landlord concession package of nearly $3.5 million.

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