PROGRAM SUMMARY

October Program: Office Condominiums – An Ownership Alternative to Leasing Office Space in DC

CREW DC's October program presented the benefits and risks of office condominium ownership.

Eugene J. Kenney, Vice President of Akridge, moderated the program. Gene started the program by giving us some background on the office condominium market.

He addressed the following:

WHAT – buildings that are for sale as a whole or floor by floor.

WHERE – Washington, DC

WHEN – buildings are available now. Herald Place, Shakespeare Theatre, Gallery Place are a few examples.

WHY – money. Both non-profits and for profit firms can find ownership financially beneficial.

Glenn Meltzer, President of The Ezra Company, profiled several firms who chose the ownership option. He outlined several factors or questions that influence the process.

• The ideal floor size
• The organizations growth
• Financial options
• Budget allocation
• Selling within 10 years

He also reviewed the pros and cons of ownership. Glenn's full presentation is available for viewing. Click here to view/download the PowerPoint presentation.

Olivia Shay-Byrne, partner at Reed Smith, LLP reviewed the financial benefits of ownership. She compared the lease vs. buy costs over a 10 year lease. Click here to view/download the PowerPoint presentation.

Peter McKenna, partner at Beers and Cutler, discussed the tax benefits of the lease vs. purchase options.

Peter's presentation can also be viewed. Click here to view/download the PowerPoint presentation.

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