CHALLENGE/OPPORTUNITY
WeatherBug, headquartered in Germantown, Maryland, was occupying 45,000 square feet of Class A office space with an excess of 1.5 years remaining on the lease. TSC represented the tenant interests to determine the best strategy to reduce total expenses over the upcoming five years with a detailed analysis of moving expenditures versus the cost of lease renewal.
SOLUTION
TSC worked with WeatherBug to understand their long-term needs and the economic challenges posed by either renewing their current lease or relocating to an alternative location. WeatherBug was provided with a comprehensive market tour of comparable office spaces, alongside several lease restructuring scenario’s potentially available through their current landlord.
TSC VALUE-ADD
Ultimately, through successful negotiations with WeatherBug’s current landlord, TSC initiated a lease restructuring strategy that reprogrammed their current space plan with additional tenant improvement dollars, provided rental abatement incentives and reduced base rent and overall expenses by $8.00 per square-foot. Further, TSC as representative for WeatherBug successfully negotiated with Montgomery County the right to display a sign on the building facing I-270 that had been previously rejected two times.