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Case Study

Neighborworks America

 
Situation/Process
Since 2002, NeighborWorks America (NWA) has relied on Jones Lang LaSalle to provide strategic real estate advisory services for its headquarters office in Washington, DC, as well as for its 8 field offices nationally.
 
NWA is a congressionally chartered 501-C3 organization.
In 2002, NeighborWorks’ goal was to lease more space to accommodate its long-term growth and improve the quality of its space that had not been renovated in over 12 years. Between 2002 and 2010, Jones Lang LaSalle negotiated four expansion transactions at 1325 G Street on behalf of NWA.
Our team was hired again in 2011-2012 to complete a similar strategic planning process with the goal of improving efficiency and reducing costs.In both instances we conducted a rview of current and projected staff needs and existing leasehold obligations while fully considering alternative buildings and driving market leverage.
 
Results
In 2002, the process resulted in NWA renewing in place and expanding by approximately 8,000 s.f. to approximately 48,000 s.f. followed by a four-phase, full scale renovation.
 
In 2002, Jones Lang LaSalle negotiated a rental rate 16% below the
then-current asking rate. We also negotiated an improvement allowance and free rent package capable of covering 100% of the project costs.
 
Currently, Jones Lang LaSalle is in the process of negotiating a new lease for NWA for new space at 999 North Capitol Street, NE for approximately 64,000 s.f. of space resulting in $3.2 million in savings compared to the stay-put, or status quo model.​

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