Success Stories

Business Roundtable

Washington DC
26,000 SF
Cresa Washington DC
Download as PDF

Client Objectives

Business Roundtable (BRT) was established in 1972, founded on the belief that in a pluralistic society, businesses should play an active and effective role in the formation of public policy. Business Roundtable is an association of chief executive officers of leading U.S. companies with over $6 trillion in annual revenues and more than 14 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $150 billion annually in research and development – nearly half of all private U.S. R&D spending.

In 2006, BRT leased approximately 14,000 square feet at 1717 Rhode Island Avenue, NW. In 2011, Governor John Engler was hired as the new President of BRT and had a new vision for the association. He wanted to be closer to Capitol Hill and lease space that could accommodate their quarterly member meetings rather than going offsite.

Results

Cresa’s transaction management team identified 20 available options that met BRT’s initial requirement, ten of which were toured. We narrowed it down to three buildings that were selected for further evaluation and negotiation. 300 New Jersey Avenue, NW, a trophy class building with more efficient floor plates, floor-to-ceiling glass and a private roof-top terrace with breathtaking views of the Capitol was selected as the building of choice. BRT competed with another tenant for the eighth floor, which was the last floor available for lease at 300 New Jersey Avenue, NW. Cresa used its market share and experience, along with the credit of the tenant, to convince the landlord to select BRT.

A critical component and requirement of this assignment was developing a strategy for disposing of BRT’s space at 1717 Rhode Island Avenue, NW, which required the trust of the Board and President of BRT in the Cresa team to deliver the results, as represented.

It was our experience that a sublease could not be secured for the 1717 Rhode Island Avenue, NW, space until a new lease to relocate was signed. Three months after executing the lease at 300 New Jersey Avenue, NW, Cresa was able to identify a national law firm headquartered in Chicago who wanted to open up a Washington, DC office. A sublease of the 14,000 square feet for the remaining lease term, which commenced prior to BRT’s expected move date to 300 New Jersey Avenue, NW, was executed. A seamless move ensued because an executive suites operation located at 300 New Jersey Avenue, NW, was identified by Cresa and leased by BRT for five months while their space was being built out. Ultimately, Cresa was able to secure exterior signage, flexible subleasing terms, and renewal options in the new lease.

Cresa Project Management managed the construction of the new office space, including a breathtaking state-of-the-art conference center, ensuring the budget was met and the project was delivered on time.

Search

Top Stories