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A culture of service and 15-years in their Denver-based headquarters left Mercy Housing in a space that was outdated, too small and no longer fit their needs.
They needed a fresh modern workspace to help attract and retain talent and to provide room for future growth. They also wanted to stay near their current location for easy access to public transportation and walkable amenities. But, the single most important requirement was cost. As a non-profit, every expense needed to be carefully weighed so that the maximum amount of money could go straight back to their important mission of providing affordable housing.
ResultsAs one of the oldest, most creditable organizations in Colorado (with a credit score to match) Mercy Housing was an occupier that landlords were willing to fight for. Cresa was able to use that to their advantage during the negotiation. They signed an 11-year lease, receiving 13 months of free rent, and an upgraded tenant improvement allowance. In the end they saved $2.5 million over the term of their lease.
Cresa’s services did not end with transaction management. Lynda Schroer was able to oversee the entire project from a project management standpoint. Gillian Baikie managed the relocation efforts, making sure everything was set up for the first day at a new office. Gillian effectively helped Mercy Housing through the change management required to relocate nearly 200 employees to a new building. This included allowing employees to test out furniture options and customize their workstations. She also determined seating assignments and managed the culture shift from private offices to an open workspace.
The new space was designed by OZ Architecture. It honors the organization’s long-standing history, while providing employees with a fresh, collaborative and functional workplace that will help their business thrive for years to come. Click on the video link below, for a 360 tour.
After 15 years you can imagine how shabby-chic our space was. We started negotiating with our building and played the field with 15 other buildings in the central business district. They led us to believe they really wanted to work with us. Rick did such a great job at negotiating, that we ended up getting a deal where we saved $2.5 million over the term of the lease.Melissa Clayton | Senior Vice President of Portfolio Management