Managing Consolidation After an Acquisition

Client
  • Just Energy
Space
  • 46,417 sq. ft.
Industry
  • Energy
Locations
  • Houston
Services Provided
  • Transaction Management
Cresa Team
  • Steven Heal
  • Sue Rogers

Client Objectives

  • Just Energy completed the acquisition of another energy firm and was looking to consolidate that entity into their own existing headquarters.
  • To accommodate the additional space needed to house the newly acquired firm, Just Energy wanted to expand and extend the term on its then 27,136 SF office space.
  • The client also sought help on disposing of the acquired company’s previous office space on the sublease market.

Results

  • Cresa negotiated a renewal on Just Energy’s headquarters which expanded the Galleria space by 19,281 SF and extended the term by 10.5 years, capturing a more tenant favorable rental rate.
  • Cresa then secured a tenant on the sublease market to take the acquired company’s space in Greenway Plaza which totaled 34,132 SF.
  • Ultimately, Just Energy was able to consolidate into its current space while maximizing the recovery rate for the then unneeded sublease space.

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