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VIENNA, VA-Law firm Rees Broome PC has opted to move its Tysons Corner-based office to a new location in Vienna, in part to realize lower rents. In a new lease negotiated by The Ezra Co., the firm is taking 31,173 square feet at 1900 Gallows Rd. Ezra’s Gene Martin, David Kinney and Damon Rothman represented Rees Broome.
Currently, the law firm occupies a similar amount of space at 8133 Leesburg Pike. The company didn’t want to move very far from the submarket, but did want to secure a better deal. Its new landlord provided a compelling concessions package, according to Ezra, along with a lower rental rate and sizeable build-out allowance.
Score one for those betting it is still a tenant’s market. The debate over whether—or when—the DC area is starting to shift back to a landlord’s market has been picking up, with anecdotal evidence suggesting some kind of equilibrium is in offing.
Granted such signs are small. To give one example, United Healthcare Services recently renewed its 43,727-square-foot lease in a suburban Maryland office building owned by Multi-Employer Property Trust. The REIT agreed to an aggressive rental rate for the tenant to stay -- but there were no concessions beyond that.
Tenants, though, can still count on considerable negotiating power, depending on the building and submarket. Even in busier markers such as Vienna, as Ezra showed, tenant deals can still be generous.
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