The client - a multispecialty medical group with 200 providers and 37 practices - retained Cresa to evaluate a consolidation of multiple practices in a new medical arts building relative to options and prices in the current market.
With a large business to run and a significant new project joining an already large real estate portfolio, Cresa instantly brought the client the capacity of a full-service commercial real estate team.
Cresa Albany informs and assists the executive team and practice managers in developing real estate strategies in line with their long term business and financial objectives. The Cresa team then implements the client's selected strategy, allowing their management team to focus on and build their core business.
Cresa Albany conducted a thorough needs and programming analysis and verified that the proposed consolidation layout was larger than the client really needed. A review of the proposed lease terms also revealed significant potential savings over the life of the lease.
Cresa Albany was able to negotiate a lower base rent and a right-sized footprint for the client while preserving their relationship with the site developer. As the project moved to implementation, Cresa coordinated the interior and exterior finishes and tenant improvement upgrades on behalf of the client to ensure quality control and a smooth transition to the new site.
Cresa Albany provided project analysis, transaction management, lease auditing, and project management services at the initial location, and now manages the client's entire portfolio of practice locations.