LANDOVER, MD—PSI Services III and its administrative services organization, Administrative Services, has sublet its existing space in Bethesda and Chevy Chase, MD, and now plans to consolidate its health-care and social service operations to one central location here. The company has inked a 21,696-square foot lease at 8301 Professional Pl.
West, Lane & Schlager Realty Advisors' Richard Lane and Andrew Genova negotiated the 12-year term lease. The space will accommodate the organization's entire staff of 75 people as well as provide meeting and training space for clinical services and training programs.
The organization had difficulty, at first, finding tenants to sublease its space in Montgomery County as there was only three years left on the lease. WLS structured a deal in which the landlord, Persimmon Capital Partners, would assume the lease in exchange for securing the organization as a tenant.
Lane and Genova pitched this concept to several landlords and received multiple offers of interest, they say. Ultimately WLS negotiated down the assumption to 50% of the remaining value of the lease with Persimmon assuming all of the Bethesda lease liability. Meanwhile Brandywine Realty Trust, the owner of the Chevy Chase building, located at 7101 Wisconsin Ave., was able to relocate a long-term tenant, Evidera, to the space. This final piece allowed the organization to terminate their lease with Brandywine two years early for 50% of the remaining value and no out-of-pocket costs.
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