National Council on Aging relocating headquarters to Arlington
The National Council on Aging has signed a 12-year lease to relocate its headquarters from Washington, D.C., to a location in Arlington directly above the Crystal City Metro station. According to West, Lane & Schlager Realty Advisors LLC, the D.C.-based firm that brokered the deal, the council will occupy 14,359 square feet. It’s locating to a new building at 251 18th Street that has an outdoor plaza as well as access to nearby restaurants, retailers and other amenities.
The National Council on Aging is a nonprofit service and advocacy organization.
West, Lane & Schlager Principals Eric West and Matthew Levin led the transaction. The firm said the deal is consistent with a major trend occurring in the Northern Virginia office market: tenants are reducing costs by relocating to new office space two to three years before the expiration of an existing lease. In most cases, landlords are assuming the remaining lease obligation or providing free rent in order to secure a new tenant.
“Vornado/Charles E. Smith gave us the ability to structure a unique transaction,” Levin says. “The National Council on Aging moved out of its old headquarters approximately two years early, with its new landlord inherently assuming this cost. The organization’s Crystal City space is also much more efficient, and includes a lower overall rental rate, resulting in significant savings for our client in the long-term.”