ARLINGTON, VA—The GW Medical Faculty Associates, which is currently occupying 33,000 square feet at 2021 K St., NW, has signed a lease to occupy 50,000 square feet at 3811 North Fairfax Dr. in Arlington, VA.
In most ways it was a routine transaction. This particular group provides back office support for the GW Medical Faculty so it doesn't necessarily have to be located in Foggy Bottom. When it came time to consider new offices, the group turned to a tenant rep it has used for eight years, Adam Schindler, senior vice president of Serten Advisors. He represented The GW Medical Faculty Associates along with Paul Schweitzer.
The reps secured an aggressive package for their clients, including some free rent.
Then Schindler turned to Arlington County's economic development staff to see if it could sweeten the pot a bit. And it did.
Schindler hesitates to describe the local EDA's assistance as routine. Then again, while it is expected to see them involved in huge deals such as a headquarters move or a, say, 750,000 square foot government agency lease, one doesn't always see them on the front lines duking it out for a 50,000 square foot lease.
Maybe not in public, Schindler agreed -- and maybe they don't get involved in every single lease deal. But EDAs do often enough that Schindler makes them a routine part of the negotiations.
Even for something as small as 5,000 square feet? Yes, he says. Why not, it's just a phone call. And it is surprising what some jurisdictions can offer.
"In Montgomery County for example there are all kinds of incentives for companies especially start ups. Yes, I would contact them for a 5,000 square foot lease."
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