11 TECHNOLOGY DRIVE

ENVIRONMENTAL PROTECTION AGENCY (EPA)
CHELMSFORD

Jae Lee and William Ruppe led and represented ownership in the procurement, resulting in EPA renewing their 69,000 RSF lease at 11 Technology Drive for 12 Years Firm. Jae and Will partnered with Lincoln Property Company’s Boston Office, utilizing their lab experience in the Market to best represent ownership.

Through discussions with the Contracting Officer in Region 1, Jae and Will were able to convince GSA that it would be in all parties’ best interest to consider a 12-year renewal, despite their initial request for a 10-year term. The longer term allowed ownership to reduce its overall rate, while increasing the property’s value from an underwriting perspective due to the longer term. Throughout the procurement the LPC team was able to build a strong rapport with the Contracting Officer, who ultimately listened to our counsel with respect to the Government’s cost benefit analysis and justification to sole-source the procurement.

Jae and Will were able to achieve a rental rate of $46.38/RSF, an increase of 22.5% from the existing rate of $37.89/RSF. The value to ownership is even more impressive when considering the deal was signed directly with GSA without tenant representation, did not include a Tenant Improvement Allowance or Free Rent, and stripped certain specialized items from EPA’s Operating Expense scope that outpaced the CPI increases over the past 20 years. We anticipate that the lease will be awarded Spring 2021, commencing September 1, 2021.