Join CREBA!

Education, networking and recognition.

ATTEND AN EVENT!

Establish credibility in the market and enhance your resume.

SUPPORT CREBA!

Promote the interests of the commercial real estate brokerage community.

Bechtel’s presence in Reston, Virginia was spread among multiple buildings throughout a total of 483,970 rentable square feet. Through their headquarters relocation, the firm wished to consolidate their overall footprint and improve collaboration through co-location, while positively impacting the bottom line.

Bechtel understood being located on the site of a future metro site was meaningful in the long-term, but the ability to retain a robust parking ratio was key for the needs of their employee population. Bechtel also had a strong desire to maintain signage rights at their current location, recognizing the benefit of leveraging the branding opportunity within the Reston/Dulles corridor.

One of the key complexities of the transaction was that Bechtel had an existing lease obligation at Reston Overlook that did not expire until mid-2022. CBRE and Bechtel worked closely with the landlord, Boston Properties to make this space available to a third-party tenant, enabling Bechtel to relinquish this space early and facilitate their consolidation. Simultaneously, Boston Properties was working with the third-party tenant to relinquish space in another building at Reston Town Center. Through excellent communication and teamwork, all three parties arrived at a winning scenario despite the pressure of a compressed timeline. Boston Properties was represented inhouse by Jake Stroman, Erin Cotter and Sam Orr. CBRE’s Cathy Delcoco, Meredith Lapier and Don Lutt represented Bechtel.

CBRE and Bechtel ultimately executed a transaction that allowed Bechtel flexibility to align business needs, the opportunity to contract short-term (up to 18% of the space in 2020), and future contraction and termination options. By reducing their footprint and taking advantage of workplace efficiencies, Bechtel will recognize savings in excess of $5,000,000 annually.

CREBA   |   10125 Colesville Road, #328   |   Silver Spring, MD 20901   |   phone: 301-503-5425
Copyright © 2018 Commercial Real Estate Brokerage Association of Greater Washington, DC (CREBA).
All Rights Reserved.   |   Contact Us