Virginia Center for Innovative Technologies

Challenge:

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.

Solution:

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.