Metropolitan Washington Airports Authority Had to Quickly Relocate Its Headquarters at Reagan National
The Metropolitan Washington Airports Authority (MWAA) housed its headquarters in a large building on the grounds of Ronald Regan Washington National Airport (DCA). MWAA, which oversees the management, operations, and capital development for DCA, needed the land on which its headquarters was located to make way for a new $1 billion passenger concourse that would accommodate the airport’s rapid increase in air passenger traffic. With construction on the expansion project expected to begin soon, MWAA retained Savills to quickly identify and execute a strategic solution to the Authority’s relocation.
Savills performed a swift and thorough analysis of MWAA’s situation, while considering the Authority’s primary business objectives, special accommodations and difficult time constraints. Savills identified, reviewed and analyzed all existing buildings in the Crystal City submarket that could be suitable for MWAA. Within a week of the client kickoff meeting, Savills located 10 building options and coordinated six site tours for MWAA’s consideration. Ultimately, Savills negotiated term sheets for three potential buildings simultaneously in order to maintain a competitive environment for each prospective landlord.
Following a comprehensive analysis, due diligence, competitive process and negotiations by Savills, MWAA selected the former Environmental Protection Agency headquarters located directly across from DCA at 2733 Crystal Drive, a 75,000 SF, LEED Platinum building. Savills was able to favorably secure an 11-year lease at rates below market rent, and an aggressive concession package to include tenant improvements, free rent, and the construction of a tenant-only fitness center. MWAA’s new headquarters has expansive and unobstructed views of the airport, above-average ceiling heights, wide column spacing, ample on-site parking, floor-to-ceiling windows, and accommodating workspaces. Savills was able to complete the entire process—from initial kickoff to lease execution—within five months, enabling MWAA to begin its expansion project on time.