BEI, an IT support firm based in Reston, retained Veatch Commercial to help navigate the process of negotiating and securing the renewal or relocation of approximately 5,000 square feet of office space. After thoroughly researching market options for relocation and comparing them against the renewal proposal from BEI’s current Landlord, we determined that relocation options were significantly less costly than the renewal proposal. However, BEI’s preference was to remain in their current location rather than relocate, so Veatch approached the Landlord on BEI’s behalf and presented our market research. We requested a reduction on the current property’s rental rate, but the Landlord refused to deviate from their position, citing market comps substantiated their renewal proposal.

At this point in the process, other firms may have presented BEI with two options: either accept the Landlord’s offer or relocate. Veatch, however, had built in ample time to ask additional questions, thoroughly examine and vet all proposals and present BEI with their best options. We solicited and negotiated LOIs, compared rents, construction packages, concessions and other market variables, and returned to BEI’s current Landlord to further advocate on the firm’s behalf. Our extensive market knowledge and the additional research we conducted gave us a great deal of leverage, and ultimately enabled us to negotiate a lease renewal that saved BEI over 20% on their rental rate and increased their concession package by over 40%. BEI walked away from the transaction extremely satisfied, having retained the office space they wanted and knowing that Veatch advocated tenaciously on their behalf to save them a significant amount of money.