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Client

Baytex Energy

Space

28,350 sq. ft.

Industry

Services Provided

Transaction Management

Cresa Office

Houston

client objectives and results

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Client Objectives

Baytex Energy acquired another energy firm and needed to dispose of that company’s downtown space.
The client decided to market the full floor as multi-tenant space to help unload it as the Houston office market had stalled thanks to falling oil prices.
To make things more difficult, the market was already over saturated with more than 11 MSF of available sublease space.

Results

Cresa began a rigorous marketing campaign highlighting the space’s finishes to help differentiate it from the already overcrowded sublease market.
After compiling a list of potential full floor prospects, Cresa identified and secured a tenant to take down the entire floor in just 5 months.
Baytex Energy was able to lock ina sublease recovery rate well above the client’s expectations due to Cresa’s expediency in locating a credible subtenant.