Washington, DC, law firm Powers Pyles Sutter & Verville PC has recommitted to 1501 M Street in DC’s East End submarket for another 10 years. Savills Studley, the leading global commercial real estate firm specializing in tenant representation, in partnership with Blake Real Estate, advised the law firm in the 31,874 square foot lease restructure.
According to Savills Studley’s Executive Vice President Tom Fulcher, who led the transaction on Powers Pyles’ behalf with Steve Solomon, Managing Director of Leasing for Blake Real Estate, restructures such as this one are becoming more prevalent in DC as landlords look to retain existing tenants. “We’re seeing landlords more willing to entertain longer-term extensions earlier as tenants continue to look for opportunities to reduce real estate costs,” he says. “These market conditions opened up an opportunity for us to restructure Powers Pyles’ current lease to save them money today and over the course of the lease and affords them efficiency and flexibility over the next 10 years.”
Solomon and Fulcher, assisted by the Savills Studley team of Associate Director Bie Chu Lee and Project Management Director Dave Simmons, have represented Powers Pyles in all of their real estate matters since 1986 and began negotiating this most recent transaction in 2013, four years prior to the expiration of the firm’s lease in 2017.
“We are pleased and excited to renew our commitment to the building and our ever-improving neighborhood, and look forward to another decade of success at 1501 M Street,” said Stan Freeman, managing partner of Powers Pyles Sutter & Verville, P.C.