Success Stories

Watkins Meegan LLC

Washington DC
40,910 SF
Cresa Washington DC
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Client Objectives

Since 1975, Watkins Meegan LLC has proven its strength and expertise as a full-service CPA firm, consistently ranking in the top 70 accounting firms in the United States and the top 10 in the Washington, DC area.

Watkins Meegan tasked Cresa with providing quarterly updates on market conditions five years prior to its lease expiration in preparation for navigating through Class A options within the downtown Bethesda, Maryland, market and its traditionally low vacancy rates. When several attractive products became available due to a prolonged downturn in the economy, the Federal Government quickly leased a large portion of relocation options, significantly limiting negotiating leverage for Watkins Meegan.

Results

Cresa, however, recognized this tightening of the downtown Bethesda submarket as an opportunity. Watkins Meegan had been located in downtown Bethesda for over 25 years; and as their clients and contracts matured, it became necessary to open additional offices within the Metro DC region, making continuity of operations between offices a considerable concern. By determining appropriate relocation options that could provide operational cohesiveness in nearby North Bethesda, Cresa successfully assisted Watkins Meegan in acquiring nearly 20% more square footage at a savings of approximately $2.5 Million in base rent alone due to its move.

Because the relocation site at 6720-B Rockledge Drive was still in shell condition, the functionality was specifically tailored to meet Watkins Meegan’s needs, allowing for construction of more collaborative work spaces, a training room to accommodate up to 50 people and a more employee centric work environment.

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