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Cresa Baltimore
729 East Pratt Street, Suite 850
Baltimore, MD 21202
410.558.6192 tel
877.607.7859 fax
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Contacts

Richard M. Rhodes
Managing Principal
Email
410.558.6192 tel
Scott R. Wingrat
Principal
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410.777.8235 tel

Baltimore

CRESA BALTIMORE

Cresa is an international corporate real estate advisory firm that exclusively represents Tenants, the only firm of its kind located in Baltimore. As professional real estate advisors, we are passionate about understanding the needs of our clients and strive to deliver exceptional service for the long term. We collaborate with clients to provide service-oriented rather than transaction-oriented counsel.

By choosing to represent the interests of Tenants alone, Cresa avoids conflicts of interest.  Led by principals with a combined 60+ years of Tenant representation experience in the real estate industry specific to the region, Cresa Baltimore has a proven track record of providing long-term business planning solutions which meets their clients real estate strategic needs and ultimately saves their clients’ money. 


For more details, click here to see how the Watkins Research Group ranked Cresa #1 in client advocacy.

MISSION

Our mission is to provide customized solutions exclusively for corporate space users by offering fully integrated services that align their real estate needs with their business plans, delivering maximum cost savings and exceeding expectations.

VISION

Our vision is to be the exception in the commercial real estate industry: A company that is service-oriented rather than transaction-oriented, with advisors who are client focused not deal focused.

VALUES

We are guided by the concept, “Do the Right Thing,” both internally and externally. We will always do what is right for the client’s best interest and put that interest before our own. We treat our clients and employees with respect, dignity, and fairness in all matters.

WHY CRESA

No compromises. No hidden agendas. No conflicts of interest. We put our expertise, insights, and experience to work for tenants and only tenants. 

To assess your real estate needs, download:

See below for our latest sublease and sales listings.

  • Baltimore Office Market

    Class A - Q4 2016

    Supply
    42,617,761
    Vacancy
    13.4%
    Absorption
    192,354
    Avg. Lease Rate
    $26.50/SF
  • Baltimore Office Market

    Class B - Q4 2016

    Supply
    36,155,699
    Vacancy
    17.0%
    Absorption
    -150,061
    Avg. Lease Rate
    $21.19/SF

Market Insights

People

Kyle D. Bell Vice President 410.777.8725
Thomas G. Birnbach Managing Principal 301.951.6500
Michael L. Hetchkop Principal, Lease Audit 301.841.6532
Regina X. Jiron Senior Vice President, Operations 301.951.6500
Gabriella Parra Senior Advisor, Project Management 410.558.6192
Drew Peace Advisor 410.777.8119
Richard M. Rhodes Managing Principal 410.558.6192
Gene S. Sachs Managing Principal 410.558.6192
Steven J. Schaumberg Managing Principal 410.558.6192
Evan Solomon Advisor, Lease Audit 410.558.6192
Scott R. Wingrat Principal 410.777.8235

Lease Forensics & Enforcement

Cresa Lease Audit Division

Welcome to Cresa's Lease Audit Division, the Washington, DC region’s leader in operating expense and real estate tax pass-through reviews. We specialize in thoroughly examining our clients' lease documents to assure that their lease and accompanying pass-through expenses are being properly administered by the landlord. In our experience, we find that a majority of landlord pass-through statements require further review, and half the time our closer look results in savings for our clients. Please contact us to learn more on how our success has saved our clients millions of dollars in the past few months alone.

Desktop Audit 101

Why do a "desktop" audit?

  • To determine your actual "all-in" lease costs
  • To determine if your lease and lease pass-through escalations are being properly administered
  • To determine if there have been any mistakes resulting in possible overcharges
  • To determine if your "all-in" costs exceed the building's market rate

Types of errors

  • Inadvertent Errors - Inclusion of expense items that should not be passed-through to the tenant under the terms of the lease
  • Calculation Errors - Mathematical errors and/or the use of factors that are not specified in the lease
  • Intentional Errors - Landlord's conscious effort to pass-through expenses that cannot be passed through under terms of a lease.

Common mistakes made as a result of these errors

  • Improper or no gross-up of variable expenses
  • Operating expense exclusions
  • Incorrect base year or base amount
  • Early commencement of pass-through liability
  • Incorrect proportionate share
  • Incorrect accounting methodology: cash vs. accrual
  • Calendar vs. fiscal year real estate taxes
  • Incorrect sublandlord billings

Cresa will perform your desktop audit

  • We read more than 150 leases each year
  • Cresa's team includes in-house CPAs and MBAs who have commercial property management experience
  • Cresa's lease auditors have formal training in the lease and associated documents
  • Cresa has numerous resources for comparing market ranges for expense items, including BOMA reports
  • Cresa's lease auditors know the acceptable psf ranges for line items such as utilities, cleaning, management fees, insurance, repairs and maintenance, etc

What Do I Need for a Lease Audit?

Contact our Lease Audit Services for more information.

Michael Hetchkop Evan Solomon
Principal Advisor, Lease Audit
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Armed Forces Practice Group (AFPG)

Cresa’s Armed Forces Practice Group (AFPG) is a service dedicated to meeting the needs of companies that work with the Armed Forces. Our team of experts, which includes two veterans, understands the specific needs and requirements of the hundreds of organizations that support the Armed Forces.  Leveraging all of Cresa’s service lines, we are able to provide customized, integrated services to meet a variety of needs.

Founded by Cresa professionals Chris Crooks, Jeremy Melmed, and Winters Heafey, AFPG is currently the only commercial real estate practice group that specifically serves the Armed Forces.  

AFPG is:

Based out of the Cresa Washington DC office, servicing the Greater Capital Area, Baltimore, and Denver, where Heafey is based, with plans to expand nationally.
Sustaining member of the Association of the United States Army (AUSA) which has 500 member companies.
Actively pursuing memberships with the US Navy, Marines, Air Force, and Coast Guard.

Additionally, AFPG is the founder of Real Estate Careers for the Armed Forces (REC4AF), a registered 501c3 nonprofit organization dedicated to mobilizing the commercial real estate community in training and hiring veterans and their families within the industry.  Cresa is pleased to lead this major initiative to bring together multiple disciplines in our industry in support of a great cause.

The Watkins Survey

Research

MARKET OVERVIEW

With a population of approximately 2.7 Million, the Baltimore Metropolitan region is the 20th largest in the country.  Home to the 2nd largest port in the Mid-Atlantic, a wide-range of industries comprise Baltimore’s local economy including manufacturing, logistics, healthcare, technology, and insurance.  Baltimore’s commercial real estate market includes 133 Million square feet of office space and 226 Million square feet of industrial and flex making it the 19th largest commercial market nationwide.

The Inner Harbor area has seen a significant revitalization in the past decade with former industrial areas being converted into mixed-use developments, and large corporations like Under Armor establishing headquarters along the harbor.  Suburban markets north and south of the city have benefited greatly from BRAC, driving space demand from government contractors near Aberdeen Proving Grounds and Fort Meade.

MID YEAR 2016 STATE OF THE MARKET REPORT

Baltimore Office

Q1 2017 MARKET REPORT

2016 Q2 SUBMARKET

Annapolis

Baltimore CBD

BWI/Anne Arundel

BWI North/Linthicum

Columbia

I-83 Corridor

Towson