Due to the recession and certain market changes, BDM (now Northrop Grumman) needed to downsize from their 115,000 sq. ft. (with 4 years left on the lease) to 35,000 total sq. ft.
- BDM retained the Larsen team to market the building for sublease. We successfully sublet 5 small blocks (5,000 - 10,000 sf each) with a termination clause exercisable by BDM in the event they were able to terminate the lease. Following this we ultimately located a very large user (Arbitron) who desired to lease of the entire building. We coordinated a three-way negotiation with BDM, the landlord, and Arbitron over an 11 month period. A termination agreement was struck, the landlord secured a new lender and a new lease was struck with Arbitron. Simultaneously, we negotiated with the 5 new subtenants to have them vacate the building without litigation. Finally, Larsen then relocated BDM to a new 36,000 sf replacement facility, saving the company over $2.5 million dollars.