National Automatic Merchandising Association
National Automatic Merchandising Association (NAMA) represents the $31 billion convenience services industry in the United States.
NAMA required assistance in determining the viability of relocating its Chicago-based headquarters to the DC Metro area—where the group maintained a small presence—while reducing annual lease costs and stabilizing long-term rental obligations. Our advisors also needed to examine NAMA’s complicated lease liability in downtown Chicago which included multiple subtenants with varying lease expiration dates and outdated infrastructure. There were also crucial staff considerations to balance relocation alternatives and scenarios.
ResultsWith support from Cresa’s in-house Project Management and Market Research teams, transaction managers Thomas McBride and Andrew Renart built a comprehensive, two-phase strategic real estate plan over 12 months, including Discovery & Analysis and Implementation. At the end of the Discovery & Analysis phase, Tom and Andrew produced a summary report identifying the key markets within the DC Metro area that could meet the agreed-upon project goals. Next, they presented the key findings to NAMA’s Board of Directors for final recommendations.
After securing optimal deal terms with 1777 N Kent Street ownership, NAMA opened its new headquarters in Arlington, Virginia, within walking distance of the Rosslyn Metro and quick access to Washington’s Reagan National Airport and Capitol Hill. This new location provides visibility and proximity to the dynamic convenience services industry while reducing operational costs for NAMA by 20% annually.