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Guidehouse
Client
- Guidehouse
Emplacements
- 1676 International Drive, McLean, VA
Services Fournis
Équipe Cresa
Superficie
- 75,000 sq. ft.
Cresa Office
Client Objectives
Formerly known as PWC Public Sector, Guidehouse was acquired by New York City-based Veritas Capital in mid-2018 and was spun off of PWC. In late 2019, Veritas completed its acquisition of Chicago, IL-based Navigant Consulting, Inc. to create, at that time, an 8,000 employee, global company with a combined revenue in excess of $1 billion. Guidehouse provides consulting services to the public and private markets with broad capabilities in management, technology, and risk consulting.
Jon Olmstead was engaged by Guidehouse a year in advance of their planned spin-off, allowing Guidehouse to be proactive rather than reactive. After evaluating the short-term horizon, it was determined that the ideal path was to sublease space back from PWC, at a significant discount, for both its downtown Washington and Tysons offices, to allow Guidehouse to cap its initial occupancy costs, critical for a private equity-backed firm, and to fully evaluate the market from a long-term perspective.
Jon Olmstead was engaged by Guidehouse a year in advance of their planned spin-off, allowing Guidehouse to be proactive rather than reactive. After evaluating the short-term horizon, it was determined that the ideal path was to sublease space back from PWC, at a significant discount, for both its downtown Washington and Tysons offices, to allow Guidehouse to cap its initial occupancy costs, critical for a private equity-backed firm, and to fully evaluate the market from a long-term perspective.
Results
Due diligence was performed on all viable options over a three-plus (3+) year period. Shortly before executing a lease, the coronavirus pandemic halted plans and required Guidehouse to reevaluate when they would return to the office and what their future workplace and vision would look like. After halting negotiations with its ultimate new headquarters on a number of occasions, the business terms in the lease improved significantly. Guidehouse was successful in attaining exclusive top of the building signage, while achieving tax incentives and other contributions from Fairfax County and the Commonwealth of Virginia to further propel their growth over the next several years. As of day one, Guidehouse allocated up to 1,500 employees to their Tysons, VA headquarters.
NOTE: Along with Tysons, Guidehouse’s real estate advisor negotiated new lease commitments throughout the United States, all focused on short-term occupancy options that provided flexibility for growth, contraction or the ability to relocate with minimal notice required.
NOTE: Along with Tysons, Guidehouse’s real estate advisor negotiated new lease commitments throughout the United States, all focused on short-term occupancy options that provided flexibility for growth, contraction or the ability to relocate with minimal notice required.
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