Apr-20-2017 || Rebuilding Together
April 20, 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 7,288-square-foot national headquarters relocation for Rebuilding Together at 899 N. Capitol St. NE in D.C.’s NoMa (North of Massachusetts Avenue) neighborhood.
WLS Co-founder and Principal Eric West, LEED AP, and Vice President Jonathan Danziger negotiated for Rebuilding Together, a nonprofit organization whose mission is to rebuild communities by supporting homeowners in need and improving the safety and health of their homes.
Rebuilding Together presently leases 9,500 square feet at 1899 L St. NW, and the organization will move to its new NoMa home on July 1, 18 months prior to its existing lease expiration date.
Before executing this transaction, West and Danziger provided consulting services to uncover Rebuilding Together’s current real estate issues, along with its goals moving forward. During that process, WLS found that the organization’s existing office at 1899 L St. NW – both the space itself as well as the building – didn’t align with Rebuilding Together’s mission, but there was concern that not much could get done. Due to the two-plus years remaining on this client’s lease, WLS needed to get creative.
WLS first negotiated with another tenant at 1899 L St. NW to sublet Rebuilding Together’s space immediately. WLS then identified properties that were in line with Rebuilding Together’s image and economic objectives.
899 N. Capitol St. NE worked for Rebuilding Together on a number of fronts. The location was ideal, the rental rate was fair and the landlord, Los Angeles-based CIM Group, is well-funded and able to provide the concessions required to make the deal work, Danziger says.
In addition to the improved efficiency of the new space, Rebuilding Together has designed a much more collaborative office with an open floorplan, giving it the flexibility to grow at 899 N. Capitol St. NE in the coming years.
The organization’s relocation signifies an ongoing trend in the local commercial real estate market, as many tenants are occupying less space per employee by increasing their efficiencies.
“This is a tremendous outcome for our client, putting Rebuilding Together in an exciting community that matches up well with the type of work that this organization performs, as well as its overall image, all while reducing our client’s annual occupancy costs by over 35 percent,” West says. “We’re confident that our client’s new NoMa headquarters will also serve as an attractive recruiting tool.”
“Relocating to a new space will allow us to dedicate additional resources towards our work rebuilding communities and serving our neighbors in need,” says Caroline Blakely, president and CEO of Rebuilding Together. “Through WLS we were able to find a space that fits our needs and reflects the work of our organization.”
Neil Adler of D*MNGOOD®