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Cresa Office

Client Objectives

Precision Drilling wanted to determine if they should terminate its current lease three years before expiration to potentially relocate to a more economic situation.
Cresa advised that leveraging the surplus of sublease space in the Energy Corridor/Westchase submarkets would produce a more advantageous economic outcome.
Putting a huge focus on employee recruiting and retention, Precision Drilling wanted to modernize its office space and provide easy access to first-class amenities.

Engaging the market during a highly competitive tenants' market, with an abundance of deeply discounted sublease opportunities, provided maximum leverage.
Cresa identified several potential options that that maximized the tenant's position creating a potential threat of loss to the current landlord
The amended lease provided a substantially lower rental rate, generous TI package and free parking for the extended five-year term.
In all, Cresa created more than $2.8 million in real estate savings for the client.