CB&I Czech Republic - C&W is exclusive advisor to CB&I for acquisition/consolidation of new building and sale of former HQ (6.000 sq m)
Cushman & Wakefield was selected as real estate advisor in the consolidation of CB&I’s office operations in Brno. It was planned for CB&I’s combined 7,000 sq m office space (in three locations including a 4,500 sq m office building owned by CB&I) to be consolidated into a single 6,000 sq m office.
C&W together with CB&I determined that the proper goal was to include the sale of the CB&I owned building as part of the lease transaction to the selected landlord. The goal was to achieve low rental terms and minimize CAPEX associated with acquisition of new premises as well as structure maximum lease flexibility to allow for expansion and contraction options. C&W (namely Radek Prochazka) was the only person responsible for the project coordination in the Czech Republic and directed the process together with EMEA RE director.
Detailed analysis of shortlisted buildings resulting from tender including the sale of existing building. Negotiation of a detailed set of Heads of Terms to secure best rental terms and lease flexibility with few shortlisted projects. Acquisition/ Consolidation (6.000 sq.m.) Assessment of CAPEX associated with fitting of the premises. Close co-operation with global team to align and incorporate global lease standards on local market
Beginning of September 2011 CB&I signed balanced lease and sale agreements:
Successfully achieved market valuated sale price for disposal of existing B Class building as part of the sale and lease deal based on our desktop valuation (individually the asset unsellable)
- Achieved over 20% savings on rental costs
- Achieved significant allowances from landlord for fitting of the premises
- Achieved lease flexibility allowing expansion/contraction even at 3rd year of the lease