Success Stories

American Coatings Association

Washington, DC
17,498 SF
Cresa Washington DC
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Client Objectives

In 2015, Cresa was retained by American Coatings Association (ACA). ACA owned a 19,500 rentable square foot property in Washington, DC. Cresa was hired to prepare a full Strategic Real Estate Plan to understand the costs associated with upgrading the building to meet today’s technological, operational and design standards. Because the ACA owned the property since 1939, the board and staff were emotionally connected to the building and its history.

Through the development of project goals and space programming, it became apparent ACA had grown out of the property—and the cost associated with retro-fitting was prohibitive. The board ultimately decided that, for a certain price, they would sell and relocate versus renovate.

Results

Cresa evaluated the potential purchasers; and based on the property attributes, it was determined
the embassy community would provide an ideal buyer. Through direct marketing (e.g. mail, calls and
advertisements), Cresa created a bidding war for the property and secured a buyer who purchased the
property at a price of $1.6M more than the required sale price. Cresa created competition within the
community using ACA’s strong financial position and longevity of performance. Using the space program
and project goals as consideration for identifying potential relocation opportunities for ACA, Cresa ultimately negotiated a transaction for ACA at 901 New York Avenue, NW, that offset 100% of the cost of build-out, relocation and purchase of all new equipment and furniture.

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