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Regional One is a purchaser, lessor, and seller of aircraft, aircraft parts, engines and engine parts, offering worldwide support to regional and commercial aircraft operators. Regional One had been pursuing new office space in the Fort Lauderdale market and was in the midst of negotiating terms with a potential landlord.
At the recommendation of their parent company, Exchange Income Corporation, Regional One’s counsel was referred to and contacted Cresa to evaluate the deal terms for the proposed leased space before continuing the transaction process.
Initial conversations with between Cresa and potential ownership clearly pointed that the current building of interest would not be the best solution for Regional One’s immediate need. With total cost and speed being at the forefront, Cresa quickly identified and leveraged alternative options in the submarket where Regional One was focused.
While performing site selection and a labor study, Cresa uncovered a potential sublease that was sized larger than what was needed, but could accommodate Regional One’s occupancy timing and budget. Cresa worked to prepare financial analyses to determine if the sublease terms was viable.
With a below-market asking rent as well as existing furniture and IT infrastructure in place, Cresa underwent sublease negotiations. The sublease offered Regional One flexibilty in the term and allowed for near move-in ready conditions. Cresa was able to deliver the larger space for the same cost as the initially proposed building and at faster timing.
Alex and his Cresa colleagues worked diligently and quickly on behalf of Regional One - always keeping our best interests in mind. With Cresa's assistance, I was able to weigh the pros and cons of a few realistic options before ultimately deciding on the best location for our business. I look forward to working with Alex and Cresa again in the future.Hank Gibson | President