WEST, LANE & SCHLAGER REALTY ADVISORS NEGOTIATES 21,696-SQUARE-FOOT LEASE AT 8301 PROFESSIONAL PLACE IN LANDOVER

March 20, 2014 (Washington, D.C.) – West, Lane & Schlager Realty Advisors, LLC (“WLS”) has completed a lease for PSI Services III, Inc. (“PSI”) and its administrative services organization, Administrative Services, Inc. (“ASI”). PSI’s goal was to sublet its existing spaces and relocate all of its Maryland health-care and social services, as well as its staff, to one central location in Prince George’s County.

The Washington, D.C.-based commercial real estate brokerage firm, which exclusively represents tenants, announced today that it has negotiated a 21,696-square-foot lease for ASI/PSI on the second floor of 8301 Professional Place in Landover.

In this 12-year transaction, WLS Principal Richard Lane and Senior Associate Andrew Genova located space that not only accommodates over 75 professionals who will work there, but also provides exceptional meeting and training space for clinical services and training programs for foster parents and families across the state.

Lane and Genova were originally retained to sublease ASI/PSI’s offices in Bethesda and Chevy Chase. Since ASI/PSI had less than three years left on their leases, finding tenants for subleases presented significant challenges. Lane and Genova, therefore, contacted several owners in Prince George’s County and presented the prospect of assuming all, or a portion, of the Bethesda lease in exchange for securing ASI/PSI as a tenant.

They received multiple offers from interested landlords and ultimately negotiated a 12-year lease, which will commence May 1, 2014, with Persimmon Capital Partners at 8301 Professional Place.

WLS was able to negotiate down the assumption to 50 percent of the remaining value of the lease. Persimmon assumed all of the ASI/PSI Bethesda lease liability, while the owner of the building at 7101 Wisconsin Ave., Brandywine Realty Trust, was able to relocate a long-term tenant, Evidera, to the entire ASI/PSI space. This has allowed ASI/PSI to terminate their lease with Brandywine two years early for 50 percent of the remaining value and ensured no out-of-pocket costs for ASI/PSI.

“It was a rare example of how creativity and cooperation by several brokers and owners can result in a true win-win-win negotiation. ASI/PSI was able to relocate and consolidate into one building in Landover, Persimmon was able to get a well-established and solid tenant in ASI/PSI to commit for a long term, and Brandywine was able to accommodate the significant growth of an existing tenant in its building,” Lane says.

“The PSI Board of Directors is very pleased with the new space,” says Dr. Yvonne Ali, PSI’s President. “Many of us are long-term residents of Prince George’s County, and we are committed to serving the county.”

“Our five-year plan was based on consolidating all of our Maryland foster care and mental-health services in Prince George’s County,” she added, “and we are now in a position to realize our goals for the next five years and plan to expand our clinical programs to serve residents of Prince George’s County.”

Dr. Sheila Pandit, a PSI Vice President, says, “The space is excellent.  Richard Lane and Andrew Genova have met every item on our wish list. First, the space is located within walking distance of the New Carrollton Metro station. Second, we can conduct our foster parent training programs within our space, and, finally, there is unlimited parking for staff and visitors.”

“We’re extremely pleased to have assisted ASI/PSI with this transaction,” Lane says. “Our client is thrilled to have accomplished their goal of consolidating their offices into one location, which better fits their business model going forward.”

About West, Lane & Schlager Realty Advisors, LLC:

Washington, D.C.-based West, Lane & Schlager Realty Advisors, LLC (“WLS”) is a leading commercial real estate brokerage firm that exclusively represents tenants in the Washington, D.C. Metropolitan Area. Clients of WLS include professional services companies such as law firms, as well as government contractors, nonprofit organizations and trade associations. Services provided by WLS are tenant representation, investments, construction management, strategic planning, and operating-expense reviews. For more information on WLS, please visit www.wlsrealty.com.