The renegotiation and extension of two large tenants in the CIT Tower in Herndon, VA.
Virginia's CIT Building in Herndon had a few non-government tenants. The Software Productivity Consortium (SPC) had a lease expiring at the end of the 2003 low market cycle. With 60,000 sf of tenancy, Software Productivity Consortium engaged a prominent brokerage firm to represent their interests in negotiating against the CIT. Specifically, they wanted to move to a newer property with a more visible location. The CIT wanted SPC to remain in the building to preserve the multimillion dollar income stream.
Larsen Commercial was retained to negotiate with SPC and their broker to ensure they remained in tenancy at the Center for Innovative Technology. We successfully negotiated a new ten year lease term with SPC.