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WorldSpace
Services Provided
Cresa Team
Cresa Office
client objectives and results
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Founded in 1990, WorldSpace, Inc., a satellite and XM radio company, relocated its corporate headquarters from Washington, DC, to downtown Silver Spring, Maryland. The company was previously located at 2400 N Street. They moved into 8515 Georgia Avenue, and within 18 months, they expanded for a total of over 75,000 square feet.
When WorldSpace engaged its real advisor, the company was looking to lower its occupancy costs and find a Class A location that provided higher parking ratios and direct access to amenities but at lower costs than what was then provided in the West End submarket in Washington, DC. WorldSpace and its representatives considered more suburban areas of Montgomery County, Maryland, as well as the Reston & Herndon submarkets in Northern Virginia.
Results
8515 Georgia Avenue, 180,000 square-foot building, was ultimately selected by the company due to its efficiency as a newly delivered building, access to public transit, as well as the ability to attain building signage. As a worldwide provider of satellite content, it was imperative to WorldSpace to continuously be “live.” WorldSpace’s representatives were successful in relocating its entire operations from Washington, DC, to Silver Spring, MD, while seamlessly providing programming to its global subscribers.
WorldSpace’s representatives were successful in buying out of its considerable remaining lease liability at 2400 N Street and negotiated the exodus of that building at the same time as it was being sold to a full building buyer/occupant (American College of Cardiology). Simultaneously, they secured below market rents and an above market concession package, including rental abatement and tenant improvement allowance, from its new landlord to accommodate WorldSpace’s state-of-art build-out and broadcast studio operations at 8515 Georgia Avenue.
Savings: 33%
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