Shulman, Rogers, Gandal, Pordy & Ecker, P.A. (SRGPE)
Studley (now Savills Studley) was retained in January 2005 to assist law firm Shulman, Rogers, Gandal, Pordy & Ecker, P.A. (SRGPE) with its office space requirement. Although the firm’s existing lease was not scheduled to expire until August 2009, SRGPE’s felt that starting the site selection process early would yield the greatest options. SRGPE’s long-term plan was to secure approximately 65,000 square feet to accommodate its 89 attorneys and staff in a building that could also provide additional contiguous space to meet the firm’s projected growth needs.
Studley identified 61 potential relocation options, encompassing all of the development sites in the Rockville and North Bethesda submarkets and existing buildings that could have the requisite vacancy in 2009. After presentations of the various sites, tours and negotiated proposals, the firm narrowed its choices to new leases at Park Potomac (Foulger – Pratt) and One Preserve Parkway (Boston Properties), and a renewal at 11921 Rockville Pike.
After fully negotiating the three transactions with complete disclosure to each of the competitors, SRGPE selected Park Potomac as the best solution. The three finalists were economically similar; however the deciding factors were the proposed amenities and the town center environment slated for Park Potomac. Since the developer was waiting for an anchor tenant before breaking ground on the office component of the mixed-use project, the SRGPE lease kicked off the construction of 175,000-square-foot LEED qualified office building on Interstate 270. SRGPE’s transaction represented the largest private-sector transaction in Suburban Maryland in 2006 and was awarded the Greater Washington Commercial Association of Realtors’ Transaction of the Year.