Trust Company of the West

Cresa suggested to TCW that there could be value in the termination option even if they never intended to exercise the right. TCW was occupying inefficient space that was originally designed and built in 1991. Even though the private agenda did not include any interest in moving, the Cresa team had modern and efficient space plans prepared at a competitive building and negotiated a potential new transaction.  

 

With all the supporting documentation to rationalize the cost of relocating, Cresa was able to convince the existing Landlord to pay TCW almost $5M to simply give up their right to terminate. TCW did not have to increase their remaining obligation and they were able to maintain their below market rent while receiving the $5M payment.