Savills Market Re-Evaluation Brings Growing Energy Company to Rosslyn-Ballston Corridor
GridPoint was located in approximately 19,000 square feet of sublease space in Washington, DC’s central business district (CBD). This sublease was expiring on December 31, 2007, which required Savills to identify and negotiate a transaction within 18 months. Based on growth projections, the clean tech company hired Savills to help address its 40,000-square-foot space requirement.
GridPoint was willing to relocate anywhere in the Washington metropolitan region, as long as the new location was situated within a “sidewalk” community – a working environment desirable for current and prospective employees – and preferably close to one or more Metro subway stations. Savills surveyed the Washington metropolitan region and after touring GridPoint through several different submarkets, GridPoint decided to focus on Arlington County. As a result, Savills was charged with finding opportunities in that area.
Savills found space in Arlington that not only accommodated GridPoint’s space needs, but that was also located in the heart of Arlington’s Clarendon neighborhood (along the trendy Rosslyn-Ballston corridor) – considered the ultimate “sidewalk” community, with its neighboring restaurants, bars and national retailers. Although the space was originally marketed as retail, Savills was able to convince the ownership to re-evaluate the disposition of space from retail to office. After completing the lease transaction, Savills Project Management team facilitated the build-out within four months, which satisfied the requirement for GridPoint to complete its build-out and receive tax and relocation incentives from Arlington County and the Commonwealth of Virginia.