CASE STUDIES: Sublessor/User Representation

Center For Innovative Tech. (CIT)
(Commonwealth of VA)

Representation of the CIT in a renegotiation and extension of two large tenants in the CIT Tower in Herndon, VA.

 

Challenge:

• The CIT Building in Herndon, Virginia had a few non-state government tenants.  One, The Software Productivity Consortium, had a lease expiring at the end of the 2003 low market cycle.  With 60,000 SF of tenancy, The Software Productivity Consortium engaged a prominent brokerage firm to represent its interests to negotiate against the Commonwealth of Virginia.  A specific desire from The Software Productivity Consortium was to move to a newer property with a more visible location.

Solution:

• Larsen was retained to negotiate with The Software Productivity Consortium and its broker to ensure that the Commonwealth of Virginia was able to retain its tenancy at The Center for Innovative Technology.  Larsen successfully negotiated a new ten year lease term.

60,000 sq. ft.

FGM

Sublease of excess headquarter office space

 

Challenge:

• Reduce underutilized premises

Solution:

• Without being publicly marketed, Larsen joined another tenant client with this space and successfully negotiated a 7 year sublease

14,000 sq. ft.

McDonald Bradley

Locate and negotiate for a new headquarters location.

 

Challenge:

• McDonald Bradley growing rapidly on multiple floors in Tyson’s Corner with aggressive critical path to occupancy

Solution:

• Negotiated sublease and termination of remaining obligations at existing building
• Aggressively competed tenancy with multiple landlords in Tyson’s Corner and along Dulles Toll Road
• Concurrent over-site of A&E and construction management consultants, as well as and preparation of bid packages
• Total Occupancy Cost Comparison (Tenant NPV vs. Landlord income perspective)
• Secured new headquarters facility and negotiated flexible future expansion/sublease provisions

56,000 sq. ft.

Tellabs -
Dulles, VA

Sublease of excess office space

 

Challenge:

• Tellabs purchased a firm and had excess space
• One of the world's largest brokerages had failed to sublease the space for 2 years

Solution:

• Larsen team was engaged to map a strategy
• Larsen Commercial successfully leased the space to two separate tenants
• One floor was leased in 3 months and the remainder within 2 additional month

40,000 sq. ft.