CMR (Convention Management Resources)
San Francisco, CA
8,601 SF
CresaPartners San Francisco
Client Objectives
Convention Management Resources (CMR) occupied a full floor of inefficient space which had been acquired over several years on multiple expansions. CMR wanted to remain in the same building in new premises at a below market rental rate, with the landlord absorbing all costs for the new premises. The goal was to relocate to a less than full floor, achieve greater efficiency, and have no net costs to relocate, including the costs of above building standard finishes and facility.
Result
CresaPartners informed the landlord of the intent to move and subsequently began to review alternatives in the market. The landlord was not included in the list of acceptable alternatives until several proposals and counter proposals were exchanged and a space program and needs assessment had been finalized. Once the size, scope, and costs of the alternatives were finalized, an offer was made to the landlord for new premises on a build to suit basis. CMR remained in the building with a brand new facility, occupying 20% less space. There were minimal out of pocket costs which were offset by free rent and other concessions throughout the term.