Cresa locates and builds expansion space for a Video Game Development studio

Client
  • Confidential
Space
  • 44,000 sq. ft.
Industry
  • Technology
Locations
  • Albany
Services Provided
  • Project Management
  • Transaction Management
Cresa Team
  • Zac Conley
  • Michael Hamor

Client Objectives

Over the course of twenty-seven years, this video game development studio had grown from a college dorm room start-up, to a technology incubator, to an office with approximately 160 staff, and was now ready to expand and upgrade its office space. The Studio’s Leadership wanted office space that was designed to consider the employees’ needs and the collaborative nature of their work. Leadership knew that in order to compete to recruit the best video game development talent, they would need to offer recruits a great workplace.

Results

  • Cresa initially completed a space programming exercise with the Studio’s Leadership Team to help determine an approximate studio footprint as well as identified adjacencies within the future work environment. It was determined that without increasing its square footage, the Studio could fit approximately 40 additional staff.
  • A market search identified existing properties and to-be-built buildings vying for an anchor tenant. Cresa solicited lease proposals from a short-list of landlords. One lease proposal stood out from the others; it was 40% less expensive than any other proposal. While new construction was appealing to Studio’s Leadership, they couldn’t pass up the less expensive option.
  • Once the site was selected and a lease was negotiated, Cresa provided Project Management services. PM services included the initial creation of a project budget, bid procurement and interview processes with design and construction teams, project oversight, value engineering, FF&E package bids and relocation management. Despite several unforeseen complications throughout the process, Cresa’s management kept the final project costs within 1% of the budgeted expense.

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