Decommissioning Unneeded Space

Client
  • Baytex Energy
Space
  • 28,350 sq. ft.
Industry
  • Energy
Locations
  • Houston
Services Provided
  • Transaction Management
Cresa Team
  • André Granello
  • Ray Lopez

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.
Reception Photo
Break Room Photo Baytex

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