Early renegotiation and significant savings in Capitol Hill
- 45,776 sq. ft.
- Washington DC
- Tysons Corner
- Transaction Management
- Project Management
- Christie Minch
- Kathryn Thomas
client objectives and resultsSee more success stories
Client ObjectivesFour years prior to its lease expiration, ACDI/VOCA began the process of evaluating the organization's culture and its impact on space design. ACDI/VOCA had occupied its space at 50 F Street, NW, for over 20 years and wanted to remain as close to Union Station and the Capitol building as possible while maintaining a below-market cost structure.
ResultsCresa was selected by ACDI/VOCA, amongst other top national commercial real estate advisors, through a highly competitive process, as our tenant-only platform stood out as a major differentiator. ACDI/VOCA knew it would receive objective recommendations and unique perspective from Cresa when deciding whether to move and lease; move and buy; or stay, renegotiate and renovate.
After thoroughly evaluating and negotiating with other viable building alternatives, ACDI/VOCA ultimately elected to remain at 50 F Street, NW. Cresa assisted with the renegotiation of the current lease which began nearly two years prior to its expiration date. Securing current market terms and conditions in a submarket whose vacancy rates were quickly diminishing was a significant achievement, ensuring ACDI/VOCA obtained the best economic terms. The renegotiation also allowed ACDI/VOCA the use of swing space for two years while massive renovation of its existing space was completed in phases, including updating the layout, furniture systems and common areas.
ACDI/VOCA was able to maintain an edge in the negotiation process by thoroughly evaluating and negotiating viable competitive alternatives and proving out results via financial analyses and comparative matrices that were presented to the executive committee. Project Management was involved in the bidding and selection of the design and construction teams while managing renovations which were delivered by the end of 2014.