CRESCO Real Estate was hired to exclusively represent one of Cleveland’s most prominent Labor Law firms in locating a new and efficient office ranging from 20,000 to 25,000 square feet to accommodate its continued growth in the region.

Approach

• Conducted an extensive survey of the target market for all available properties including outright purchase, lease, lease with an option to purchase and joint venture opportunities.
• Generated Request for Proposals designed individually for each property to meet the Tenant’s specific needs including ownership, timing, building hours, naming rights and parking.
• Ran various financial programs to evaluate the best case scenario to meet the Clients’ long term objectives including NPV, IRR and NOI to the Landlord.
• Coordinated with the Clients’ legal counsel to negotiate the best available lease terms.
• Selected the best suited design team for the project based on timing, cost and experience with similar projects.

Results

• Determined the best course of action was an outright lease of Class “A” space with options to expand during various strike points in the future.
• Designed a lease package below market rates (at the time) for Class “A” buildings by demonstrating to the Landlord the benefit of the long term NOI on the value of the property.
• With the assistance of a professional design team, reimbursed by the Landlord, a space 15% smaller than the tenant’s originally anticipated needs was designed, thus lowering their overall anticipated cost of occupancy.
• Met the Clients time frame for move-in prior to the company’s busy season, allowing for a smooth transition from the old space to the new.