Washington, DC (PRWEB) October 15, 2015
Richards Kibbe & Orbe LLP (RK&O) announced it has restructured and extended a lease of its space located at 701 8th Street, NW, in DC’s Penn Quarter. Savills Studley, the leading global commercial real estate firm specializing in tenant representation, coordinated the transaction on behalf of RK&O, a long-term client.
RK&O strongly favored its current location due to its proximity to the Penn Quarter and to the newly opened City Center complex. In addition, the firm was able to secure an entire floor, which provides it with the ability to expand and at the same time carries minimal risk, given the structure of the lease and the fact that the expansion space is currently part of an adjacent suite that is sublet.
Wendy Feldman Block, Corporate Managing Director and David Cornbrooks, Assistant Director, both of Savills Studley, structured a transaction that gave the firm the ability to secure the space with minimal risk. The deal ensures that RK&O will retain control of their expansion space at favorable terms and have future flexibility through various lease options. The transaction resulted in reduced liability 20 months in advance of lease expiration and secured favorable economics for the long term.
“This is the third long term lease that Wendy and her team have secured for us. In each case they made all the right calls on when to move and how to negotiate the best terms. They take a proactive approach and are always our best advocate and adviser,” said Michael Mann, Partner, Richards Kibbe & Orbe LLP.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 28 offices in the U.S. and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals in over 60 countries around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
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