Photo By Natasha Waldron Anthony | Interior of new lease space at Maritime Plaza, Washington D.C.... read more read more
In a remarkable display of efficiency and innovation, the Naval Facilities Engineering Systems Command (NAVFAC) Washington's Real Estate Business Line (REBL) has leased 30,000 square feet for Naval Sea Systems Command (NAVSEA) at the Maritime Plaza, Washington D.C. Maritime Plaza will be used by NAVSEA as swing space while one of its buildings at the Washington Navy Yard undergoes renovation and construction by NAVFAC Washington.
In just 10 months the REBL team was able to lease the crucial swing space that typically takes 24 months. The achievement showcases the team's exceptional ability to navigate complex bureaucratic channels and negotiate favorable terms under pressure.
The lease, valued at $13.6 million for a duration of five years, includes significant tenant security renovations. In a strategic negotiation move, the REBL team convinced the lessor to amortize renovation costs over 10 years, despite the lease's five-year term. NAVFAC Washington's REBL saved the Department of the Navy approximately $12 million in consolidated rental payments and an additional $150,000 in administrative fees by managing the process.
Real Estate Director Eric Crafton led a project delivery team that included Senior Realty Specialists Paul Schindler, Brittany Marshall and Holland Hargrove. The team collaborated with Naval Support Activity Washington and NAVSEA representatives to fast-track the lease execution and compressed a typically lengthy process that involves multiple endorsements, Congressional notifications and high-level approvals into less than half the usual timeframe.
NAVFAC Washington's REBL team has set a new standard for secure space leasing in the National Capital Region. While similar secure spaces renovations can cost up to $1,000 per square foot according to U.S. Army Corps of Engineers estimates, this lease’s renovations were secured for less than $250 per square foot. This pricing could reset the Department of Defense's paradigm for secured space leases in the area.
As an additional achievement, the team created the first-ever Intelligence Community Directive/Intelligence Community Standard 705 Lease template for broader use across the NAVFAC enterprise, further streamlining future secure leasing processes.
This project exemplifies NAVFAC Washington REBL's commitment to efficiency, innovation and fiscal responsibility in addressing urgent national security needs.
| Date Taken: | 10.01.2024 |
| Date Posted: | 10.01.2024 21:25 |
| Story ID: | 482286 |
| Location: | WASHINGTON, DISTRICT OF COLUMBIA, US |
| Web Views: | 122 |
| Downloads: | 0 |
This work, NAVFAC Washington Executes Emergency Lease for NAVSEA in Record Time, by Natasha Waldron Anthony, identified by DVIDS, must comply with the restrictions shown on https://www.dvidshub.net/about/copyright.
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