Society for Conservation Biology (SCB) is an international professional organization dedicated to promoting the scientific study of the phenomena that affect the maintenance, loss and restoration of biological diversity. Founded in 1985, SCB, a 501(c)(3), has grown substantially over the years and has more than 5,000 members worldwide. SCB had leased space prior to purchasing and renovating 1017 O Street, NW Washington, D.C., a 3,215 square foot building. At the time, the building suited the organization’s needs from a size and location perspective.
After renovating and occupying the building for several years, SCB’s space needs changed and the building required significant capital improvements in order to continue to make it functional for SCB. The required upgrades and a multi-floor configuration no longer made it the ideal space for the organization to occupy. SCB engaged West, Lane & Schlager to evaluate their existing real estate situation and identify all possible alternatives.
WLS completed a strategic real estate analysis for SCB and determined the best solution was to sell the building ideally to an owner occupant who could pay a premium then relocate SCB to new more efficient proper sized leased space. This entailed finding the right buyer that could pay a premium price without SCB having to complete any capital improvements. Additionally, WLS negotiated and structured the deal to allow SCB time to relocate to more efficient modern space. WLS sourced an owner occupant buyer that paid a premium price of approximately $500 per square foot. This included negotiating a temporary leaseback at SCB’s building post-closing until their new leased space was renovated and ready for occupancy.
WLS was able to meet all of SCB’s goals including but not limited to: achieving a high sale’s price allowing SCB to use the equity to further their organization’s mission, give SCB ample time for relocation to new space through a leaseback and relocation to new efficient space in a more favorable location for SCB.