Precision Drilling Corporation
59,569 sq. ft.
Leveraging the Market to Recast a Lease
Finding a Home Builder a New Home
Client
- Meritage Homes
- 22,032 sq. ft.
- Life Sciences
- Construction
Locations
- Houston
Services Provided
- Transaction Management
- Project Management
Cresa Team
- Neil Elliott
Client Objectives
- Meritage Homes was seeking a full floor of Class A office space along the West Belt.
- The client was eager for a good value play in a market that offered ease of access for their current employees and to an educated labor pool to fuel future growth.
- As a high-density user, Meritage Homes was also wanting to identify an efficient floorplate and secure building signage, which is unusual for a tenant of its size.
Results
- Cresa looked at traffic patterns for current employees and ran a detailed labor analysis to determine which market could best support the client’s future growth.
- Through this analysis, Cresa identified an exceptional value in Westchase that met the client’s key requirements.
- Cresa then delivered 10-year economics on a 7 year deal by leveraging the market, achieving a robust tenant concessions package highlighted by 11 months of abated rent, building signage and a large TI allowance.
