Encore Management Corporation (Encore) is a government contractor and employment agency originally based in Silver Spring, MD. Founded in 1987, Encore had moved offices on a few different occasions prior to purchasing and renovating 8665 Georgia Avenue, a 16,902 square foot building. The building was in a great location but required major renovations as it had previously been the old court house in Silver Spring.
After renovating and occupying the building for several years with a full staff, Encore’s goal was to become more efficient thus most of the staff were relocated to work remotely. There was no longer a need for Encore to own and occupy the entire building. The timing of this change coincided with an economic downturn when selling or purchasing was challenging in all markets but especially in non-core submarkets. During this challenging economic time Encore retained West, Lane & Schlager in hopes of selling their building and relocating to more efficient space.
WLS used all possible marketing techniques and leveraged relationships within the brokerage, lending, and nonprofit communities’ to find the right buyer at a time when there were very few groups looking to purchase. As a result, WLS secured an owner occupant buyer that, with the help of WLS, was able to achieve favorably financing resulting in a sale price of $4,725,000 or $280 per square foot. This was a high water mark for an office building sale in Silver Spring at that time. After the sale, WLS relocated Encore to the proper size leased space in Rockville, MD.
WLS was able to achieve Encore Management’s primary goals: sell the building and relocate to the correct square footage of leased space during challenging economic times. Additionally, WLS was able to procure the proper buyer attributing to Encore Management achieving the highest sales price per square foot in Silver Spring during a down market. The new leased space reduced Encore’s real estate costs significantly and increased efficiency, setting the organization up to thrive in the future.