Consolidation is in the Numbers

Client
  • CPA Alberta
Space
  • 56,065 sq. ft.
Industry
  • Financial Services
Locations
  • Calgary
  • Edmonton
Services Provided
  • Transaction Management
  • Project Management
Cresa Team
  • Damon Harmon
  • Janet Hewitt

Client Objectives

How do you develop a multi-city relocation strategy for the merger of all the accounting designations in Alberta?

With Alberta's Chartered Accountants, Certified Management Accountants, and Certified General Accountants merging into the Chartered Professional Accountants of Alberta (CPA Alberta), a substantial real estate strategy was needed as new office space was required to accommodate the combined workforce and celebrate the new collective brand.

 

Creating Harmony Across Cities

CPA Alberta’s top priority was ensuring their new offices emphasized the spirit of the new brand in a location with enough space to support the long-term vision of the organization throughout the Province. Between Edmonton and Calgary, the existing offices were combined and relocated to Calgary’s 444 Seventh and Edmonton’s TD Tower. Each office was built out with identical concepts through the support of Cresa’s Project Management team.

Results

Mitigating Cost, Enabling Success

Cresa negotiated with several landlords to find CPA Alberta a space that met their cultural needs and provided the strongest economic value. In both cities, substantial inducements were negotiated to cover all capital costs for the construction and design of the new premises.

A previous location in Edmonton was under a long-term lease and would have hindered a move. Cresa continues to work on subleasing that existing office space, mitigating 89% of the obligation to date.  Additionally, Cresa attained rent subsidies on the front end of the TD Tower lease term in Edmonton to help offset forecasted losses incurred from the trailing obligation.

The build out in both locations has provided CPA Alberta with contemporary, functional work environments in both cities. Leveraging our years of market experience, Cresa secured the best financial deal in CPA Alberta’s top buildings in both cities.

 

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