Greater Washington Partnership
1330 Connecticut Avenue NW, Washington, DC · Dupont Circle / Golden Triangle
A heavily competed assignment, won without a single pre-existing relationship, and closed at a rate well below what the building's anchor tenant was paying.
Where they started.
The Greater Washington Partnership sought space in a Class A building where the Steptoe law firm was paying $76 per square foot.
It was a heavily competed assignment: GWP's board includes JBG Smith's CEO, Ted Leonsis (owner of Monumental Sports), and the Vice Chairman of JPMorgan. Clarity had no pre-existing relationships on the deal and still prevailed on the strength of our approach.
How we got there.
We knew Steptoe had encumbered a block of space in the building. Encumbered space is typically discounted because it is hard for landlords to lease, and landlords don't advertise it as discounted.
Landlords also typically won't offer a full concession package on encumbered blocks. Clarity secured one anyway.
What we achieved.
- 01Discounted rentA $52/SF rate in a Class A building where the Steptoe law firm was paying $76/SF.
- 02Ten-year concessions on a seven-year term15 months of free rent and $140/SF in tenant improvements, concessions landlords typically reserve for tenants signing closer to a 10-year term.
- 03Protected tenureIf Steptoe doesn't exercise its expansion option, GWP retains the right to stay in the space an additional 3 years at the same discounted rate.
Inside the result.
American Farmland Trust
After a national tenant rep firm left them without the attention they needed, AFT moved into a brand-new, fully furnished Class A space and saved $150,000 a year.
Where does your current lease stand?
Whether you are eighteen months from expiration, holding a renewal letter, or simply carrying more space than you need, a conversation with a principal costs you nothing.