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Snyder Cohen
Services Fournis
Client Objectives
Since 1990, Snyder Cohn had been a tenant in the same building Bethesda, Maryland, occupying 25,344 rentable square feet at its peak. Snyder Cohn had a one-time option to terminate its lease for a substantial fee nearly five years before its lease expiration. Cresa was engaged by Snyder Cohn to provide strategic advice on how to best leverage its termination option and structure a lease transaction to achieve immediate occupancy cost savings.Results
After an exhaustive search of the market and due diligence on landlords who would make such a deal, Cresa identified an opportunity at 11200 Rockville Pike, whereby the new landlord would (i) pay the termination fee to Snyder Cohn's existing landlord, (ii) provide a substantial tenant improvement allowance and free rent so that there would be no out-of-pocket relocation expenses, and (iii) provide the necessary space at a lower per-square-foot rental rate to accommodate 86 to 100 employees.Cresa structured a new lease transaction that enabled Snyder Cohn to (i) reduce its square footage by 25% without sacrificing any of the comforts it had been accustomed to, (ii) achieve a $200,000 annual reduction in rent over the remaining four years of its lease liability, (iii) obtain flexible expansion and renewal options, and (iv) secure the right to erect an exterior sign on top of the building.
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