Priority Management

Results

Actions
After gaining an understanding of Priority Management’s business, financial and real estate requirements, Cresa immediately responded with multiple opportunities - both within the market and the property. Taking into account Priority Management’s desire to remain in the building, initial space searches, tours and market examinations led Cresa to investigate an off-market opportunity with the current landlord. At the time of the market search, the property only had space available on lower floors.

While simultaneously marketing disposition space adjacent to Priority Management, Cresa identified a creative, multi-tenant strategy to approach the landlord and discuss a potential, proactive re-stacking scenario. The solution would allow Priority Management to contiguously expand on its current floor, and minimize disruption to its business operations.

Results
After agreeing to the strategic re-stacking plan, Cresa collaborated with the landlord to downsize and relocate a tenant to a lower floor, and fulfill Priority Management’s expansion as one other tenant’s lease expires. The expansion space and negotiations offer Priority Management greater exposure off the elevator, access to upgraded common corridors and restrooms (provided by the landlord), a significant rent abatement and tenant improved allowance. Cresa also negotiated Priority Management’s expansion space be coterminous with their main HQ lease.