Managed Funds Association (MFA) is a Washington, D.C.-based global trade association, previously residing in the West End area of Washington, D.C. MFA represents the alternative investment industry and its investors. MFA retained West, Lane & Schlager because they were subleasing from a member organization and occupied a non-descript space in the back of a Class B building.
The current space did not provide a formal reception area or conference/board room. The organization was also experiencing tremendous growth beyond what their existing space could support but more importantly, at a time when most organizations and members were downsizing. MFA needed a real estate consultant to explain Washington, D.C.’s unique real estate market, their specific real estate situation, and educate their board members about future space needs and costs in a clean and concise manner.
WLS began the Strategic Real Estate Planning process by having an architect evaluate MFA’s future space needs. By outlining all available options and their projected costs along with detailed background information on the real estate market, MFA and its board could make an educated decision about the future direction of the organization. This transparent process provided the top down approval required by the senior staff and allowed MFA to take advantage of the window of opportunity.
By leveraging multiple options against one another, MFA not only secured the most favorable economics, but was able to choose a building based on non-economic incentives like, expansion, renewal, termination provisions and the least amount of security deposit. Additionally, the new lease in the East End provided a sufficient allowance to build customized space that clearly conveyed an image more suitable to MFA and its staff. The organization also received a substantial amount of free rent that offset the costs associated with refurnishing and equipping the entire suite.