Location

4445 Willard Avenue
Chevy Chase, MD 20015

Project Type

Tenant Advisory

Project Details

The JBG Companies
80,000 sf Office Lease Restructure

Project Team

Avison Young
The JBG Companies
Wealth Capital

Architect

RTKL Architects

Completed

2010

While at Avison Young, NRP Principals were retained by The JBG Companies to advise the company with respect to its own office lease at Chase Tower. The company was interested to reorganize personnel within their space, improve key adjacencies and reduced its leased area, but the building landlord was unwilling to engage because the lease wasn’t set to expire for several years. NRP Principals identified outside options that coincided with the company’s lease expiration date, solicited proposals and developed test fits and construction budgets for each viable option. This information showed that JBG could substantially reduce its leased footprint by relocating to new space in a new building. The project team’s insistence on creating a competitive environment for the transaction encouraged the landlord to engage in restructuring discussions, which enabled JBG to negotiate an early lease extension and “right-size” its space, reorganize their offices and substantially reduce their office rent, immediately. The building owner provided meaningful abatement and allowance concessions that JBG could use to re-organize their office space 3.5 years before the scheduled lease expiration date.

NRP Role: Tenant Advisor