Edgeworth Economics (EE) is a growing company specializing in economic, financial and data analysis. EE engaged West, Lane & Schlager (WLS) to assist the company in finding a solution to accommodate their growing staff.
EE occupied 9,341 square feet, comprised of the full 8th floor at 1225 19th Street, NW. EE had outgrown their current space, which housed 40 employees and required space for up to 90, but almost three years remained on the existing lease term.
WLS identified several well-funded landlords and negotiated with each to provide enough free rent to offset the existing lease liability. After creating leverage with several potential relocation options, EE signed a long-term lease for more than 18,000 square feet at 1111 19th Street, NW, owned by Clarion, who recently fully renovated the building to Class “A” standards.
EE was able to move to a high quality building in its desired location and accommodate the growing staff. In addition, the per-square foot rental rate did not increase over the old space and WLS negotiated for enough rental abatement to offset the existing lease liability. WLS also obtained future expansion rights in the event EE continues to grow. Lastly, WLS found a subtenant for EE’s previous space where EE earned seven figures in sublet income.