CHALLENGE/OPPORTUNITY
The Pulmonary Hypertension Association (PHA) reached out to TSC for assistance in evaluating future space requirements. PHA was headquartered in a Class B building, on multiple floors and growing despite the economic downturn. PHA was considering the purchase of a downtown Silver Spring office building or leasing an additional suite to accommodate their immediate growth needs, however this would have left their operations divided amongst three non-adjacent spaces.
SOLUTION
TSC worked with PHA to understand their needs and challenges. PHA described an ideal space that would accommodate their immediate need for additional space while giving them room for continued growth. TSC provided a comprehensive financial model that enabled PHA to assess the costs of ownership vs. leasing, which resulted in a decision to lease more space in their current building.
TSC VALUE-ADD
TSC successfully negotiated a lease restructure on the top floor of PHA’s existing building that provided 42% more space with only a 17.3% increase in the overall rent. Effectively, PHA’s rental rate in 2010 decreased by more than $7.00 per square foot. By securing an economically aggressive deal, PHA was able to meet their growth needs and manage financial risk.. The organization is now enjoying views of downtown Silver Spring in a newly renovated space that has seen an increase in staff productivity and morale.