In Rosslyn, Arlington Virginia’s rapidly-growing submarket, GDL represented the landlord with respect to an assignment and very substantial recasting of an office lease with a major Commonwealth university. The lease for the top two floors of a class A office tower, with preferred views of DC, provided offices, classrooms, and special event spaces. The transaction involved complicated lease assignment issues from a private entity tenant to a Commonwealth of Virginia sovereign organization and corresponding modifications of indemnity, insurance, default remedies and other provisions. The terms of the lease agreement blanketed a multitude of leasing issues for the tenancy:
- The tenant’s surrender of multiple portions of existing space.
- Lease of substantial additional square footage (to be taken down in phases with complicated delivery conditions and work agreement terms) and extension of the existing lease term for portions of exisiing space.
- The inclusion of multiple tenant options for expansion, contraction, termination.
- Exterior building signage and common area interior signage for the tenant.
- The inclusion of intricate exclusive rights with respect to the use of certain of the building’s amenity spaces.
Mr. Holmes worked quickly and effectively with attorneys for the private entity foundation assignee and with the new tenant entity’s Commonwealth of Virginia counsel to expeditiously complete the negotiation on terms favorable to our client that satisfied lender requirements and clearly met all Virginia Code requirements for lease contracts with state government entities.