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Case Study

3100 Clarendon Boulevard, 209,000 s.f.

Government Investor Services (GIS) worked on behalf of Piedmont Office Realty Trust to renew this approximately 209,000 s.f. lease for the Department of Defense, Defense Intelligence Agency (DIA) on a sole source basis.

Navigating this lease renewal was complicated by the new requirement that DIA wanted to consolidate long term and that a new prospectus was required.  The lease was months in holdover by the time the Government was able to commence its negotiations.  In the meantime, the building compliance issues and associated costs were thoroughly analyzed and some of the compliance issues were initiated or fully addressed.

Negotiation was focused on building modernization requested by the Government including elevator enhancements, bathroom improvements, security upgrades and structural changes. A detailed and extensive clarification package accompanied the offer to protect the ownership’s exposure to the Government lease.  The final lease documents enhanced the short term value while preparing the building for releasing considerations in the future.

As often occurs, in the course of negotiations, it became necessary to elevate certain issues within the Government decision-making matrix. Our extensive relationships allowed us to do this quickly and effectively.

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