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Case Study

Skadden, Arps, Slate, Meagher & Flom LLP

Situation/Process
  • Skadden occupied 450,000 sf in four Washington, DC buildings —each with different ownership structures, lease
    provisions and property management firms.
  • Jones Lang LaSalle was retained to help devise a long-term occupancy strategy for the firm. For more than two
    years, our team assisted Skadden in evaluating the market and negotiating different relocation and build-to-suit
    opportunities.
  • In addition to engaging the market, Jones Lang LaSalle negotiated with the firm’s current landlords to unify
    building leases, management and operations to create a campus environment.

Results

  • As a result of Jones Lang LaSalle’s due diligence and strategic real estate process, Skadden elected to remain in
    a portion of their existing campus, extending their existing leases for 15 years at three buildings (1440 New York
    Avenue, 1420 New York Avenue and 700 14th Street).
  • We negotiated standard lease form with uniform provisions for all three properties, an extremely complex
    undertaking.
  • Skadden’s space needs were reduced by 50,000 s.f. and negotiated significant base building upgrades, including
    new building HVAC, lobbies, restrooms, elevators (including the addition of a freight car) and an expanded roof
    terrace.

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