BETHESDA, MD-Reznick Group has signed a lease with B.F. Saul Co. for 105,000-square feet at 7501 Wisconsin Ave. The CPA firm is relocating its headquarters to the building, consolidating space and, according to its broker, inking far more favorable terms.
Glenn Meltzer of the Ezra Co. declined to discuss specifics, but tells GlobeSt.com that the new lease represents " a significant reduction" in occupancy costs for Reznick, a year in advance of its lease expiration. Reznick’s previous corporate office was also in Bethesda, at 7700 Old Georgetown Rd., also owned by B.F. Saul. Its lease there was set to expire on April 30, 2012.
It could have renewed, Meltzer says, but that would have required major renovations as it was subleasing about 50,000 square feet. B.F. Saul was anticipating a large vacancy at 7501 Wisconsin, due to the acquisition of Chevy Chase Bank by Capital One. The result? An early negotiation for Reznick to relocate to 7501 Wisconsin under very favorable terms and no costs related to its termination of its existing lease and subleases. The new lease also gives Reznick expansion rights.
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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.
