And so some of that comes in the form of concessions. We can potentially maintain pace rates, but we’re seeing inflated free rent or other types of concessions to kind of support those needs. And I think that’s reflected in some of kind of the impact with our capital spend related to leasing that has trended over the last several quarters. And so I think the shorter answer is more about — less about just true leverage and more about just being creative to make it a win-win situation.
Bryan Maher: Okay. And maybe lastly, when it comes to the D.C. and Seattle redevelopment, I know you have the anchor tenants in each of those two projects. But can you give us a little more color on what the other discussions are for other tenants to fill out those space?
Chris Bilotto: So, as we noted, we have about 170,000 square feet of activity across those two buildings, about 40% of that is for 20 Mass Ave and the balance is for Seattle. I’d say, for 20 Mass Ave, on the positive, there’s been kind of a good influx of tour activity, which is expected given the project is nearing completion. And it’s just — it’s easier to kind of walk through that and see the opportunity from a tenant’s perspective. There’s nothing far enough along to speak to as far as when or if those will transact. But I think in general, that activity is more catered towards tech tenants, law firms, nonprofits and similar type agencies, which is, I think, generally consistent with what we see in D.C. For Seattle, it’s twofold.
I think that with the anchor tenant, there’s potential upside for them to take down additional space in the lab building. The activity that we have today at that project is mostly geared towards the office side of the project. Just as a reminder, two of the three buildings are lab and the third is office. And really, that’s a function of — on the second lab office, these are going to be spec suites, more movement ready for smaller tenants, kind of partial floor, full floor tenants. And those conversations typically come later, closer to delivery, given that the tenants themselves just kind of have a near-term need. And so we did see a flurry of activity. I think it’s somewhat muted on that side given kind of we pushed out our delivery date, but we would expect that there’ll be more to talk about on more — on specific spec suite lab opportunity in the upcoming quarters.
But right now, that activity is catered towards the office building.
Bryan Maher: Great. Thanks Chris.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Chris Bilotto for any closing remarks.
Chris Bilotto: Well, thank you for joining us today and your interest in OPI, and we look forward to speaking with you again soon.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
