The deal is telling of the mindset of DC landlords--despite recentgains the District has made in occupancy and despite the relativestability of the city's market. John Hancock received concessions thattypically only a larger tenant would have gotten, Bert Donohoe,principal of the company, tells GlobeSt.com. For a $385,000 lease,the landlord offered turnkey improvements rather than a TI allowance.
Of course, much of that had to do with the strength of the tenant'sname and its parent's capitalization, Donohoe adds. "But we often seesmall leases receiving the same type of concessions medium sizedtenants might receive such as free rent or turnkey improvements." Now owned by ManuLife, John Hancock is relocating its office becauseit wants to be in an urban location close to metro and otheramenities, Donohoe says.
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