Success Stories

International Foundation for Electoral Systems (IFES)

Washington, DC
36,065 SF
Cresa Washington DC
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Client Objectives

Cresa Washington DC was retained by International Foundation for Electoral Systems (IFES) in May of 2014 to develop and implement a Strategic Real Estate Plan to address inefficiencies within their space, overmarket rental rate and growth needs. Cresa was informed that IFES had to do something within eight to twelve months to fix their issues. With over four years remaining on their lease, IFES had little leverage to use towards achieving their goals

Results

After developing the Strategic Real Estate Plan, Cresa uncovered two viable options for IFES: a restructure with their current landlord; or relocating to Crystal City. Both scenarios commenced with four and a half years left on their lease. The first scenario would allow IFES to reduce occupancy costs by 19.7% over their remaining liability and receiving enough tenant improvement dollars from the landlord to renovate their space to correct space inefficiencies and accommodate growth over the next fifteen years. The second scenario would allow IFES to realize a 31.3% reduction in occupancy costs without having any risk in reference to their existing liability of $11 million.

Cresa executed the second scenario with a lease execution in May of 2014. Cresa Project Management then led the design, construction, and move-in within seven months and delivered the space with an under $100 per square foot budget.

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