Law firm renegotiates lease 15 months early, right-sizes by 14% and secures $3.5 million in concessions

Client
  • Bonner Kiernan Trebach & Crociata LLP
Space
  • 24,774 sq. ft.
Industry
  • Law Firms
Locations
  • Washington DC
  • Bethesda
  • Tysons Corner
Services Provided
  • Transaction Management
  • Project Management
  • Workplace Intelligence
Cresa Team
  • Mindy Saffer
  • Kathryn Thomas

Client Objectives

Bonner Kiernan Trebach & Crociata LLP ("BKTC") needed a complete assessment of space usage as well as an evaluation of occupancy expenses relative to the rest of the market, including their current submarket, the Central Business District (CBD), and other downtown Washington submarkets such as NoMa and the Capitol Riverfront. After performing due diligence, Cresa helped BKTC determine a need to create smaller individual offices while increasing the number of collaborating space for in-house and client meetings, decreasing overall space per attorney. Cresa performed a  Strategic Real Estate Plan to outline all possible options, including: feasibility of construction in the current space at a low cost; relocation to another floor in the building; or relocation to a new building altogether.

Results

Cresa renegotiated the lease 15 months prior to the lease expiration date, rightsizing the overall space by 14%.  A critical component of renovating in the current building, 1233 20th Street, NW, was the ability to use swing space, free of charge, during the construction.  Cresa was also 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.  Additionally, BKTC attained building signage and influenced the future development of at 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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