Pressley Ridge
Challenge
Pressley Ridge is a nonprofit organization established in 1832 in Pennsylvania. Today, they provide services in Education, Treatment Foster Care, Residential, and Community-based programs to over 6,000 children, adults and families annually in six states and have a budget in excess of $80 million. Some two and half years prior to its lease expiration, Pressley Ridge turned to Carrie to determine if renewing or relocating the headquarters would prove the best, long term corporate real estate decision.
Action
Carrie worked with the chief financial officer and director of facilities to identify Pressley Ridge's needs and tenant improvement requirements. Then she surveyed the north hills and north shore to identify all viable leasing options, both existing and proposed. After tours and leveraging the market, several rounds of negotiations were conducted at multiple buildings until the most attractive, multi-million dollar financial arrangement was negotiated and a lease was secured that will protect Pressley Ridge for the long term. Its current location, in which Carrie had negotiated the original lease ten years earlier, proved to be the most attractive leasing alternative.
Results
- Early HQ renewal reduced escalated rent $2/SF
- T.I. allowance of $600,000
- Updated base year for operating & tax expenses
- Flexibility to expand
- Renewal & other options
- Engaged Carrie to provide strategic corporate real estate solutions totaling some 100,000 SF
