Savills brokers Scott Hoffman and Tyler Bensten simultaneously arranged a lease bifurcation, lease termination, lease assignment and a new lease, providing the education consulting firm nearly $100 million in real estate cost savings.
The Savills team produced a nontraditional ‘once in a lifetime’ real estate solution in D.C. on behalf EAB Global. The multifaceted process resulted in: - the disposition of 137,000 square feet lease via a lease amendment and assignment to WeWork at 655 New York Avenue, NW - the giveback of 65,000 square feet via a termination with Brookfield/Jemal - 150,000 square foot new lease at 2445 M Street, NW - Over $100 million in real estate costs savings for EAB.
The newly formed EAB was established when its predecessor, The Advisory Board Company, was split and sold in a complex arrangement valued at $2.58 billion. Prior to the split, The Advisory Board had signed a 525,000-squarefoot lease to anchor the proposed Brookfield/Jemal site at 655 New York Avenue, NW. Savills was retained to represent the newly formed education unit’s interests in a lease bifurcation. After a yearlong process of bifurcating the lease into two standalone leases, Savills was tasked with disposing of the 202,000 square foot obligation at 655 New York Avenue.