Case Study: Baytex Energy achieves a 5-month full-floor sublease and above-expectation recovery with Cresa

Baytex Energy - Customer Case Study

Baytex Energy acquired another energy firm and needed to dispose of the acquired company’s downtown Houston office — a 28,350 sq. ft. full floor — amid a stalled market oversupplied with more than 11 MSF of sublease space. Baytex engaged Cresa for Transaction Management to market the floor as multi-tenant space and accelerate sublease recovery.

Cresa ran a targeted marketing campaign highlighting the space’s finishes, compiled a prioritized prospect list, and secured a single tenant to take the entire floor in five months. As a result, Baytex Energy achieved a sublease recovery rate well above expectations and quickly decommissioned the unneeded space due to Cresa’s expediency in locating a credible subtenant.

Baytex Energy