Case Studies

PROJECT OVERVIEW Next Century Corporation is a dynamic, growth oriented government contractor, IT company within the intelligence community. Due to the nature of federal contracting, negotiating expansion and retraction options in leases are critical. Further, overhead costs can negatively impact the reimbursement charges to the end client and “technical acceptable, low cost” bids. CHALLENGE The timing of a three office consolidation, coupled with the costs to terminate and build new, efficient headquarters was unique for this middle market, private equity backed government contractor. Costs and timing were critical aspects and Cushman & Wakefield needed to run a detailed analysis for the Next Century Corporation executive team. In 2016–2017, Cushman & Wakefield assisted Next Century Corporation in a relocation and expansion in the Ft Meade area. In doing so, Next Century Corporation (with Cushman & Wakefield’s assistance) exercised a termination option, a Columbia lease and an expansion option in a Northern Virginia location. Next Century Corporation relocated their Columbia HQ to Annapolis Junction in a mission critical building in the National Business Park. Cushman & Wakefield advised on all aspects of the various leases and terminations, including but not limited to tracking the adjacent tenant’s renewal option, negotiating business points in the new lease, structure a specialized design and project management team for SCIF space and manage the construction budget during the proposal negotiations (before lease signature). The new HQ and mission critical facility totaled 60,000 square feet and value in excess of $10,000,000. SOLUTION

CLIENT Next Century Corporation

SQUARE FOOTAGE

60,000 SF

LOCATION

Annapolis, MD

SERVICES

Tenant Representation Financial Analysis Workplace Strategy Lease Administration

CLIENT RESPONSE

Positive feedback reinforced a long term relationship with Next Century. Cushman & Wakefield continues to act as their representative with ongoing assignments due to contract growth.