.

CRESA WASHINGTON DC NEGOTIATES 52,944-SQUARE-FOOT EARLY LEASE RESTRUCTURING AND EXTENSION FOR NCTA AT 25 MASSACHUSETTS AVE. NW IN D.C.

January 28, 2014 (Washington, D.C.) – Cresa Washington DC, a corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated services, announces today that it has negotiated on behalf of the National Cable & Telecommunications Association (“NCTA”) in a 52,944-square-foot early lease restructuring and extension at 25 Massachusetts Ave. NW in Washington, D.C.

In this 16-year transaction, Cresa Washington DC Managing Principal Mindy Saffer, LEED AP, Principal Brian Cornrich and Senior Vice President Jonathan Harms represented NCTA, which is the principal trade association for the U.S. cable industry, representing cable operators serving more than 90 percent of the nation’s cable-television households and more than 200 cable-program networks.



NCTA sought to improve its space to meet the expectations of its cutting-edge members, prompting the early restructuring by Saffer, Cornrich and Harms six years prior to their client’s lease expiring.

In committing to an additional decade at 25 Massachusetts Ave. NW, beyond the six years that remained on its lease, NCTA is taking advantage of a favorable real estate market by locking into a lower rental rate now to reduce its overall real estate expenses.

“With six years left on our lease, Cresa was very assertive and got NCTA the deal that other brokers in this town wouldn’t have been able to make happen,” says the organization’s Vice President of Administrative and Audio Visual Services, Susan Carlin.

Saffer says, “NCTA seriously considered relocating, as many developers with proposed projects in the District of Columbia sought this organization’s tenancy.”

“NCTA’s unique space requirement includes a large theater where it features members’ movies,” Harms notes. “Developers understood how this would prove an asset to their properties.”


Ultimately, however, NCTA decided to remain at 25 Massachusetts Ave. NW. “We secured a cash concession to cover our client’s desired upgrades, and we’re extremely pleased to have assisted NCTA in achieving its project goals,” Cornrich adds.

D.C.-based Republic Properties owns 25 Massachusetts Ave. NW, which is known as Republic Square I and totals about 385,000 square feet of Class-A office space, along with additional retail space and four levels of underground parking.

About Cresa:

Cresa is an international corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated real estate services, including: Transaction Management, Project Management, Strategic Planning, Workforce and Location Planning, Subleases and Dispositions, Portfolio/Lease Administration, Capital Markets, Sustainability, Industrial/Supply Chain and Facilities Management. With more than 55 offices, Cresa is North America’s largest tenant representation firm. Through its partnership with Savills, one of the world’s largest commercial real estate services firms, Cresa covers more than 255 locations in 40 countries. Cresa Washington DC exclusively serves tenants through its offices in Bethesda, the District of Columbia and McLean. For more information, visit www.cresa.com.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something