BETHESDA, MD-The law firm of Paley Rothman has restructured its lease terms at 4800 Hampden Lane, a property owned by Spitzer Engineering, LLC. The company, which is occupying 29,500 square feet in the building, was represented by Cresa Washington DC principals Matthew Ward and Jon Olmstead in its long-term lease negotiations.
According to Olmstead, the law firm and Cresa spent 18 months conducting due diligence and evaluating the outside market. "Paley Rothman elected to remain within the Spitzer Engineering property and lower its occupancy costs a year in advance, while attaining monies to upgrade its work environment," Olmstead says in a prepared statement.
Paley Rothman has been long-term tenant in the building and was happy to stay there "due to upcoming improvements to the building," Olmstead said.
Paley Rothman's experience-successfully negotiating with a landlord for significant concessions-is par for the course in most of DC's submarkets, especially Montgomery County, which saw little leasing activity in 2013. Much of the activity in the market has been characterized by short-term renewals.
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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.
