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Avison Young Helps MBA Save $4M in Rent with 13-Year Lease Renewal
Avison Young has arranged a lease renewal for the Mortgage Bankers Association that retains the organization’s headquarters in its downtown Washington, DC location.
MBA, a national trade organization that represents the real estate finance industry, will continue to lease 34,560 square feet of office space at 1919 M Street NW through 2035.
Laura Peterson, Bruce McNair and Will Travis of Avison Young represented MBA in the negotiation with building owner 1919 M Street Association Limited Partnership. Final terms include:
- Reducing MBA’s annual rent costs by more than $4.2 million before its scheduled lease expiration.
- Securing substantial funding for MBA to reimagine its existing space to reflect an evolving hybrid work model, as well as to enhance member programming. MBA will complete this work within its current space.
- Obtaining a commitment by the owner to modernize the building systems and upgrade all of the public areas including the main building lobby.
- Securing an agreement from the building’s owner to fund an expanded tenant-only conference center.
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