As a result of the new world of work and the successful implementation of work-from-anywhere strategies across the organization, Papa Murphy’s was evaluating opportunities to optimize its corporate headquarters for the future. Cresa was engaged as the strategic real estate partner for Papa Murphy’s to help shape the appropriate real estate planning scenarios to meet the objectives of the business to optimize the footprint and save on real estate costs.
Through the strategic real estate and transaction management partnership, we were successful in achieving a better-than expected return on the optimization scenario, securing a high quality Vancouver-based company to sublease the top floor of the corporate HQ, resulting in a 90% recovery (>$1 M recovery) on the remaining obligation. Additionally, Cresa’s project management team was instrumental in successfully guiding the relocation of critical infrastructure to a separate floor, coordinating all aspects of the delivery team (e.g. IT, general contractor, LV/Data, security, etc.).