D.C. Lease Relocation for American Continental Group
The Ezra Company Represents American Continental Group in Two D.C. Transactions, Including 13,000-Square-Foot Headquarters Lease Relocation
March 8, 2016 (Washington, D.C.) – The Washington, D.C.-based Ezra Company, a leading commercial real estate firm that exclusively represents tenants, announces today that it has completed a 13,000-square-foot headquarters lease relocation for American Continental Group (“ACG”) at 1800 M St. NW.
In this long-term transaction, Ezra’s Senior Vice President, Kenneth King, Vice President, Erica King and Associate, Colin Lennon negotiated on behalf of ACG, an advocacy and strategic counseling firm.
ACG recently moved from 900 19th St. NW to its new location at 1800 M St. NW, which is owned by Madison, N.J.-based Prudential Insurance Company of America.
What was interesting about this transaction, notes Kenneth King, is that the relocation to 1800 M St. NW was the result of two transactions negotiated by The Ezra Company brokers on behalf of ACG.
“ACG was happy in its existing office space at 900 19th St. NW and therefore, we negotiated an early lease renewal for ACG resulting in immediate savings; however, their landlord, Tishman Speyer, had the right to terminate the lease if they decided to proceed with their contemplated redevelopment of the building by a certain date. Subsequently, Tishman Speyer exercised its right to terminate our client’s lease, with plans to redevelop the entire building beginning in 2016, so we started the process of showing ACG alternative sites in the city, with a primary focus on the Central Business District,” he says.
King adds that the transaction at 1800 M St. NW includes extremely favorable terms and considerable concessions. “ACG’s new headquarters is in a high-caliber property at a terrific location with a host of on-site and off-site amenities. The early renewal savings at 900 19th St. NW coupled with the savings ACG realized from relocating to 1800 M St. NW created the optimal value for our client; we couldn’t have asked for a better outcome.”
About The Ezra Company:
Founded more than 35 years ago, The Ezra Company is the oldest and largest Washington, D.C.-based commercial real estate advisory services firm dedicated solely to representing tenants. Consistently ranked amongst the mid-Atlantic’s top firms, the passionate team of dedicated, experienced Ezra professionals provide clients with conflict-free representation and an unmatched scope of services. With three offices in the Washington, D.C. area and affiliated companies around the country and the world, The Ezra Company offers local and nationwide expertise and an international reach. For more information, please call 202-789-1300 or visit www.ezracompany.com.
Neil Adler of D*MNGOOD®