Case Studies

 

Transaction Details

Client
Metropolitan Washington Airports Authority (MWAA)

Property
2733 Crystal Drive
Arlington, VA

Transaction Size
75,000 square feet

Transaction Type
HQ Lease Relocation

Industry

The Metropolitan Washington Airports Authority had to quickly and seamlessly relocate its headquarters at Reagan National

 

Client Situation

The Metropolitan Washington Airports Authority (MWAA) housed its headquarters in a large building on the grounds of Ronald Regan Washington National Airport (DCA). MWAA, which oversees the management, operations, and capital development for DCA, needed the land on which its headquarters was located to make way for a new $1 billion passenger concourse that would accommodate the airport’s rapid increase in air passenger traffic. With construction on the expansion project expected to begin soon, MWAA retained Savills Studley to quickly identify and execute a strategic solution to the Authority’s relocation.

Consideration Analysis

Savills Studley performed a swift and thorough analysis of MWAA’s situation, while considering the Authority’s primary business objectives, special accommodations and difficult time constraints. Savills Studley identified, reviewed and analyzed all existing buildings in the Crystal City submarket that could be suitable for MWAA. Within a week of the client kickoff meeting, Savills Studley located 10 building options and coordinated six site tours for MWAA’s consideration. Ultimately, Savills Studley negotiated term sheets for three potential buildings simultaneously in order to maintain a competitive environment for each prospective landlord.

Result

Following a comprehensive analysis, due diligence, competitive process and negotiations by Savills Studley, MWAA selected the former Environmental Protection Agency headquarters located directly across from DCA at 2733 Crystal Drive, a 75,000 SF, LEED Platinum building. Savills Studley was able to favorably secure an 11-year lease at rates below market rent, and an aggressive concession package to include tenant improvements, free rent, and the construction of a tenant-only fitness center. MWAA’s new headquarters has expansive and unobstructed views of the airport, above-average ceiling heights, wide column spacing, ample on-site parking, floor-to-ceiling windows, and accommodating workspaces. Savills Studley was able to complete the entire process—from initial kickoff to lease execution—within five months, enabling MWAA to begin its expansion project on time.

 

Meet the Team

Wendy Feldman Block
Senior Managing Director

Since joining Savills Studley in 1987, Wendy has focused on providing real estate services on behalf of major tenants in Washington, DC and around the country with a focus on law firms, associations, and corporations. Her expertise lies in market intelligence and structuring transactions that best suit her clients’ objectives. Wendy provides a broad range of services including build-to-suit transactions, lease deals, due diligence and acquisitions and dispositions.

+1 703 827 6287

 

William P. Quinby
Vice Chairman, Co-Regional Manager

Since joining the firm in 1987, Bill has completed commercial real estate projects totaling in excess of 25 million square feet. As an executive vice president and branch manager of the Suburban Washington office, he brings more than 32 years of experience in the commercial real estate industry, representing clients throughout the DC metropolitan region and nationwide. Bill's background in architecture, development and project financing for tax exempt and taxable developments has led to his success advising public and private sector clients on over 20 build-to-suits to date.

+1 202 624 8551

 

David Cornbrooks
Managing Director

David focuses on serving the real estate needs of not-for-profit organizations, educational institutions, corporations and law firms throughout the DC metropolitan area and United States. David specializes in strategic consulting, financial structuring and transaction management services for clients. David is also a member of the Education Practice Group, which serves the real estate requirements of educational institutions across the country.

+1 202 624 8549

 

David B. Simmons
Director

As the director of project management services for Savills Studley’s Washington, D.C. and Suburban Washington offices, Dave’s responsibilities include coordination of all phases of project management services from strategic planning to on-site execution.

+1 202 624 8541

 

Find a Professional