Cresa guides the client through a long real estate process to obtain headquarters

Client
  • Panera
Space
  • 116,227 sq. ft.
Industry
  • Retail
Locations
  • St. Louis
Services Provided
  • Transaction Management
  • Consulting
Cresa Team
  • Steve Schmid

Client Objectives

  • Panera needed assistance in identifying and securing space in secondary locations to accommodate its continual growth
  • Cresa was able to negotiate multiple expansions, however Panera realized the need to merge all of its corporate functions in one building
  • Panera gave Cresa the task of identifying a building that offered greater efficiency and future flexibility
  • Panera needed help defining its needs, including space and location parameters, image and cultural issues and parking density and stay within a targeted occupancy budget

Results

  • After an extensive search, competitive RFP process and in depth financial analysis, Cresa was able to identify a building to meet all of Panera’s criteria
  • To further challenge the project, the entire building was under sublease – Cresa approached the Prime Landlord about an early lease termination with the existing lease in order to meet Panera’s targeted occupancy
  • After intensive tri-party negotiations with the Landlord and Sublandlord, Panera was able to enter into a 132-month lease

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