1752 N STREET, NW
WASHINGTON, DC
Tenant Representation – Vera Institute of Justice
Sandy Weiss represented Vera Institute, a DC-based non-profit organization in the lease of a full floor at 1752 N Street, NW. The organization was growing and looking to relocate to a unique building to reflect its organizational culture. Sandy negotiated a transaction with a below-market rental rate fixed over the term, significant rent abatement, and a completely new buildout provided at the landlord’s sole cost and expense. The finished space features a fresh, modern layout; flexibility for hybrid work; expansive conferencing areas; and a more collaborative environment along with the prominent identity of full floor occupancy.
3330 N. WASHINGTON BLVD,
ARLINGTON, VA
Tenant Representation – The MASY Group
Sandy Weiss and Nate Wilson represented this government contractor in the renewal of its lease in Arlington, Virginia. Given reductions in its space utilization in light of the pandemic, this firm wanted to reduce their occupancy costs and introduce flexibility to their lease commitment. Sandy and Nate were able to negotiate a highly aggressive rental rate, reducing their client’s rent by 40% commencing prior to the expiration of the original lease term; procure a generous abatement package and provide a flexible term length and opportunities for expansion at a future time.
11333 Woodglen Dr. North Bethesda, MD
Lab Renovate to Suit Tenant Representation
Paul DeFilippes and John Duffy represented lab requirement of Bill Young Marrow Donors Program (BYMDP) and grant holder GUH in lease of 30,000 sf build/renovate-to-suit in North Bethesda/Rockville, MD. $22.65/sf rent, free parking for 3 years, Landlord constructed all base building improvements to accommodate BYMDP’s specialized lab use including mechanical, electrical plumbing, structure, etc. plus landlord had to provide $1,200,000 tenant improvement allowance above all Landlord required work.
2000 N 15th Street, Arlington, VA
Tenant Representation MedStar Health
Summit Commercial represented MedStar Health in a lease of 67,000 sf which expanded under the same economic terms to 87,000 sf. Rent fixed at $40.12/sf with no escalation throughout the lease, 2 years free rent, $70/sf tenant improvement allowance (also applied to expansion space), building signage rights, controlled long-term risk by 5% limitation on real estate tax and operating expense passthroughs/increases, and flexibility through significant expansion and contraction rights.
Sale of 1025 15th Street, NW
This well located office building at the corner of 15th and L Streets, NW was owner-occupied by a full building office user. Since the property could be delivered vacant, it could demand a premium from an owner-occupant or a prospective purchaser wanting to either upgrade the property or reposition it for a different use.
The Summit team of Guy d’Amecourt, Gordon Nielsen, Paul DeFilippes, and John Duffy was hired to market the property to all potential buyers including investors, developers, hoteliers, non-profits, associations, embassies and other qualified owneroccupants. Summit has a vast experience workers with lenders, bond financing and other government programs which often helps a prospective owner occupant pay a higher price as Summit is able to guide them through the process. This very visible corner property provides a prominent identity to an owner occupant, which is a type of property sale where Summit excels.
Summit generated tremendous interest in the property and ultimately secured a sale price of $9.5 million from a developer with plans to change the use to a 65-key boutique hotel. The transaction was all cash with a quick close and Summit had generated two similar backup offers at the same price.
1396 Piccard Drive, Rockville, Maryland; 43,000 square feet
Georgetown University Medical Center and MedStar Health
John Duffy and Paul DeFilippes assisted Georgetown University Hospital in leasing 1396 Piccard under the following terms:
12 year term; $19.05 per square foot rent with a 2% annual escalation; 215 free parking spaces; 27 Exclusions to Operating Expenses and Real Estate Taxes; $115 per square foot Tenant Improvement Allowance ($4,945,000)
Georgetown University Hospital was purchased by MedStar Health. MedStar decided it wanted to sublease the property. John Duffy and Paul DeFilippes subleased the entire building to Kaiser Permanente at no net loss to MedStar.
2000 North 15th Street – Arlington, VA
MedStar Health (MedStar Georgetown Medical Center)
Transaction Economics Snapshot: Paul DeFilippes and John Duffy represented MedStar in a lease of 67,000 Square Feet which expanded under the same economic terms
to 87,000 Square Feet. Rent was fixed at $40.12 per square foot with no escalation. Rent for the first 24 months was abated.
Summit Commercial negotiated a tenant improvement allowance of
$70 per square foot ($6,090,000) which also applied to the expansion space. MedStar received building signage rights,
limitations of 5% on real estate tax and operating expense passthroughs/increases, and significant expansion rights,
Rent.
Sale of 2021 L Street
Washington, DC
John Duffy and Paul DeFilippes
were hired to sell 2021 L Street,
NW in Washington, DC. This
would be one part of a two part
process of selling an existing
property and acquiring a new
property. The team sold the
property for a record price. The result was successful sale and
acquisition on budget and on
time.
Sale of 2725 39th Street, NW
American University WASHINGTON. dc
American University owned a 63 unit, 5 story 76,240 square foot vacant multi-family building on 41,491 square feet of land located on the corner of 39th and Tunlaw
Streets.
The owner hired John Duffy and Paul DeFilippes to sell
the property, which was no longer core to the University’s mission. The appraisal of the property estimated its value
at approximately $8.2 million. The marketing team
ensured the property was considered by all prospective
buyers in the Washington, DC area and outside the DC
area. 160 parties expressed interest and 24 offers were
received ranging from $6 Million to $14 Million, many
with conditions unacceptable to the Seller
The marketing team, working closely with the owner’s
decision making executives organized a bidding process
with a required contract to decrease the risk of accepting
an offer which could later be reduced. The result of the
competitive bidding was a sales price of $14,500,000 (77% above appraised value), to a buyer who converted the building from apartments to condominiums, and no
price reduction after the contract date.
5550 Friendship Boulevard Chevy Chase, Maryland
TENANT REPRESENTATION - TIG Global
Situation Overview: TIG Global (TIG) had outgrown its 16,000 rsf space at 5335 Wisconsin Avenue, NW, Washington DC and needed to increase its size by 11,000 rsf but needed to lower its psf occupancy costs to offset the expansion. TIG’s existing location was Class A with most tenants paying low to mid $40’s rents.
TIG wanted to find a building for sale that could be easily financed without a significant cash outlay or lease new premises with a considerable psf cost reduction, free rent, top of building signage and a significant renovation allowance.
Solution: Paul DeFilippes researched the entire Virginia and Maryland “inside the beltway” buildings for sale and submitted purchase offers on TIG’s behalf while simultaneously negotiating lease terms at three (3) buildings. Summit provided detailed financial analyses on Lease and Purchase transactions and helped TIG to determine that a lease transaction made the most business sense for TIG.
Results: Summit negotiated a 26,774 rsf lease which included:
- $24 prsf full-service rent with 6 months of free rent
- A $50 prsf / $1,338,700.00 Improvement / Relocation / FF&E Allowance
- A 2,000 rsf state-of-the-art Fitness Facility free of charge
- Top of the Building Prominent signage
- Over $300,000 in Tax Credits from the State of Maryland
- A lease cancellation option
