The end result for the client: the combination of a reduced rental rate and reduced space resulted in a "meaningful" reduction in the firm's annual rent. It was a win-win for both parties, he adds, as the landlord, CREA-DC Properties, will be able to keep a long standing tenant and keep its building largely at a full occupancy. The law firm has looked at other buildings during its due diligence process, he says.
Morris repped the tenant with Bruce McNair. CBRE's James Cahill represented the building owner. Boies Schiller Flexner signed a 10-year renewal for 43,381 square feet.
"Boies Schiller is the largest tenant in the building, according to CBRE. It is 100% leased.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
