IT and Business Services Company Recovers 70% of Initial Lease Obligation
Washington, D.C. – June 2, 2016 -- CBRE announced the recent sublease of more than 22,000 sq. ft. on behalf of India-based Tech Mahindra, and its subsidiary company LCC International, to two companies at the Silverline Center in Tysons Corner, VA. Tech Mahindra, a multinational provider of information technology solutions and business to the telecommunications industry, acquired LCC in early 2015 and inherited a 22,441 sq. ft. lease with 11 years remaining on the lease term. Accordingly, CBRE was engaged to market the office space for sublease and successfully subleased 14,896 sq. ft. to TMP Government and 7,545 sq. ft. for ForeScout Government Solutions.
TMP Government, a subsidiary of New York City-based TMP Worldwide, a digital outreach and marketing communications company, will take on over half of the space through June of 2027. ForeScout Government, the federal division of the network security company ForeScout Technologies out of Silicon Valley, will sublease the remainder of the floor through 2019.
The Silverline Center, a 550,000 sq. ft. building, located at 7900 West Park Drive, is conveniently positioned between two major shopping destinations in the renowned Tysons Corner. Newly renovated and LEED certified, the building offers several amenities available to its tenants including daycare facilities, an on-site restaurant, a fitness center and coffee shop.
“We were able to successfully leverage CBRE’s extensive platform and internal relationships to benefit all parties in these transactions, which is a true testament to CBRE’s market dominance and our ability to translate that dominance into client advantage,” said Ryan Miller, First Vice President. “These two sublease transactions allowed our client to mitigate a very sizable lease liability in an efficient and creative fashion.”
“This was impactful for Tech Mahindra as we were able to recover 70% of our remaining lease liability, thereby reducing our exposure considerably and allowing us to invest those savings back into our business,” said Prashant Diggikar, Group Manager – Corporate Services for Tech Mahindra Americas, Inc.
CBRE’s Ryan Miller represented Tech Mahindra. CBRE’s Joe O’Brien represented TMP Government and CBRE’s Dave Ritchey represented ForeScout Technologies.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.