Feb-02-2017 || Office building
February 1, 2017 (Washington, D.C.) – West, Lane & Schlager Realty Advisors, LLC (WLS), a leading Washington, D.C.-based commercial real estate brokerage firm specializing in tenant representation, announced today that it has completed a 28,000-square-foot headquarters lease extension for the National Parks Conservation Association (NPCA) at 777 6th St. NW in the District of Columbia.
In this 10-year transaction, WLS Co-founder and Principal Eric West, LEED AP, along with Cresa Washington DC Managing Principal Mindy Saffer, LEED AP, negotiated for NPCA, which has more than 1.2million members and works to protect and preserve America’s national parks for present and future generations.
NPCA presently occupies 33,000 square feet at the Bentall Kennedy-owned 777 6th St. NW, but the association is reconfiguring its space to make it more efficient. Beginning this April, NPCA will reduce its footprint by about 5,000 square feet, yet, through a flexibly designed floorplan, the nonprofit organization with have sufficient room to grow its staff.
“Our client is taking advantage of the opportunity to reduce its real estate expenses by 18 percent annually in exchange for committing to the building for another decade,” West says, adding that NPCA’s 10-year extension – and significant cost savings – begin four years prior to the expiration of its current lease.
West also notes that NPCA’s deal illustrates “the trend of tenants occupying less space per employee by increasing their efficiency. And landlords see the value in tenant retention, because the expenses associated with having to replace tenants is so high.”
“This is a win-win,” he continues. “The landlord retains a high-quality tenant and mitigates the risk of a possible large vacancy in four years. NPCA really likes the property and its location. In addition to the sizable cost savings that start four years early, our client is receiving rent abatement, as well as a tenant-improvement allowance to renovate its offices.”
Saffer and West also represented NPCA when in December of 2010 it relocated to 777 6th St. NW from roughly 25,000 square feet at 1300 19th St. NW.
Neil Adler of D*MNGOOD®