Richards Kibbe & Orbe LLP (RK&O) announced it has restructured and extended a lease of its space located at 701 8th Street, NW, in DC’s Penn Quarter. Savills Studley, the leading global commercial real estate firm specializing in tenant representation, coordinated the transaction on behalf of RK&O, a long-term client.
RK&O strongly favored its current location due to its proximity to the Penn Quarter and to the newly opened City Center com"plex. In addition, the "firm was able to secure an entire floor, which provides it the ability to expand and at the same time carries minimal risk, given the structure of the lease and the fact that the expansion space is currently part of an adjacent suite that is sublet.
Wendy Feldman Block, Corporate Managing Director and David Cornbrooks, Assistant Director, both of Savills Studley, structured a transaction that gave the firm the ability to secure the space with minimal risk. The deal ensures that RK&O will retain control of their expansion space at favorable terms and have future flexibility through various lease options. The transaction resulted in reduced liability 20 months in advance of lease expiration and secured favorable economics for the long term.
“This is the third long term lease that Wendy and her team have secured for us. In each case they made all the right calls on when to move and how to negotiate the best terms. They take a proactive approach and are always our best advocate and adviser,” said Michael Mann, Partner, Richards Kibbe & Orbe LLP.