Cemex
82,500 sq. ft.
Establishing a World-Class Headquarters
Decommissioning Unneeded Space
Client
- Baytex Energy
- 28,350 sq. ft.
- Energy
- Oil and Gas
Locations
- Houston
Services Provided
- Transaction Management
Client Objectives
- Baytex Energy acquired another energy firm and needed to dispose of that company’s downtown space.
- The client decided to market the full floor as multi-tenant space to help unload it as the Houston office market had stalled thanks to falling oil prices.
- To make things more difficult, the market was already over saturated with more than 11 MSF of available sublease space.
Results
- Cresa began a rigorous marketing campaign highlighting the space’s finishes to help differentiate it from the already overcrowded sublease market.
- After compiling a list of potential full floor prospects, Cresa identified and secured a tenant to take down the entire floor in just 5 months.
- Baytex Energy was able to lock ina sublease recovery rate well above the client’s expectations due to Cresa’s expediency in locating a credible subtenant.
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