Precision Drilling

Houston, TX
30,848 SF

Cresa Houston

 

Client Objectives

The recent acquisition of Houston-based Grey Wolf by Precision Drilling (Precision) created an urgent need for a distribution/office facility where the combined operation could be up and operating within three months. Location was critical, and the building needed to be able to accommodate high-pile storage and a cross-dock configuration. Most importantly, construction would need to be fast tracked to facilitate Precision’s accelerated time schedule.

Result

The facility would be the first of its type for Precision in the United States, and there was little time to formulate a concept from ground zero. Fortunately, there was a prototype in Canada. That information, coupled with Cresa’ knowledge from a previous U.S. assignment, provided adequate data to develop facility specifications, site criteria, and conceptual budgets in a very compressed time frame. While a number of sites met Precision Drilling's criteria, it was critical to short-list the options immediately and limit the alternatives to only those properties where the ownership would be receptive to making a deal quickly.

Two projects with aggressive landlords were identified. Because Cresa had already developed a detailed facility requirement for pricing purposes, two competing lease proposals were received in less than a week. Using competitive leveraging, Cresa was able to negotiate a seven year lease with options that provided flexibility for the long term, including exit strategies and expansion capability. To expedite the quick construction schedule, Cresa referred a permit expeditor and crafted an agreement that allowed for construction during the negotiation of a lease document. The client moved into its new facility within 120 days of the initial tour.