HyperV Technologies Corp., which is developing high performance plasma guns for advanced plasma physics and nuclear fusion research, has received a significant reduction in their facility costs and will enjoy better lease protections and flexibility due to a lease renegotiation completed by The Ezra Company.
Mike Norris, LEED AP, a Vice President with the Washington, DC-based Ezra Company, one of the leading commercial real estate firms in the nation that exclusively represents tenants, negotiated on behalf of HyperV in an 8,800-square-foot lease of office, R&D and conditioned warehouse space at 13935 Willard Road, a 46,000-square-foot industrial building owned by Kol-Bio Medical, in Chantilly.
In addition to saving money, HyperV will also enjoy a stronger lease with greater flexibility. Doug Witherspoon, HyperV’s CEO, spoke about the importance of having built-in flexibility negotiated into the lease, especially during these uncertain times:
“Mike negotiated a termination clause that takes effect after the first year of our renewal, so we will know exactly what it will cost, if our needs change.”
Privately-held HyperV, which Witherspoon founded in 2004 in his basement, first established itself at 13935 Willard Road about six years ago, when it leased 4,400 square feet. Then, three years ago, the company expanded to 8,800 square feet. The most recent lease contains expansion and renewal options, among several other key provisions that Norris, who has represented HyperV since its inception, was able to negotiate.
Witherspoon also offered some advice for other companies facing a pending lease decision. “Make sure you have a really good tenant representative. I’m a scientist; the ins and outs of leases, to a large extent, seem Greek to me. I’ve got to rely on Mike to explain what clauses mean to me. Without Mike, we would be lost.”
Currently, HyperV is developing advanced plasma gun technology with applications in industry, fusion energy and plasma physics research. This technology will support research in several approaches to fusion energy development and has a variety of near term industrial applications.
