SRS, Cresa JV to Create New Lease Administration Co.
- Apr 25, 2013
One year after announcing a strategic alliance, SRS Real Estate Partners and Cresa have gone a step further and formed SRS-Cresa Lease Administration, a new company that will offer lease administration services for office, industrial and retail clients.
“We have combined two highly successful and experienced lease administration teams who are well positioned to service clients across the U.S. and abroad,” Steve Dawkins, SRS EVP and head coach, said in a news release.
“We thought it made more sense to make that partnership stronger,” Jim Leslie, Cresa CEO, told Commercial Property Executive.“We are primary office and industrial and they have quite a bit of office and industrial as well. It turned out to have some terrific synergies and doubled the size of our respective lease administration parts.”
The new company, which will operate out of established offices in Chicago and Dallas, will deepen the alliance between the two firms and combine the strengths of both teams to better serve their clients. Both the original alliance and new partnership allows Cresa to provide retail services to its office and industrial clients and provide SRS’s retail clients office and industrial services. The exclusive partnership “creates a seamless process and point of contact when addressing all real estate needs of the client,” according to a news release from the firms.
Cresa is an international corporate real estate advisory firm that deals solely with tenants and SRS is the largest U.S. real estate company dedicated to retail services. Cresa, which is celebrating its 20th anniversary this year, has 58 offices in North America. Through its partnership with Savills, it also covers more than 200 locations in 40 countries. SRS has its headquarters in Dallas and more than 20 offices worldwide. The firm was started in 1986 by Roger Staubach and Chris Maguire, who remains as CEO and chairman of the board. While The Staubach Co. is now part of Jones Lang LaSalle, SRS Real Estate Partners remains independent.
Leslie is very familiar with The Staubach Co. – he was a founding member and shareholder who served in numerous capacities at the firm including president and COO. He told Commercial Property Executive that both Cresa and SRS have employees who were part of “the Staubach heritage.” Leslie said that connection played an important role in deciding to make the strategic alliance a partnership.
“There are similar cultures,” he said. “We know each other. We already trust each other very much.”
Leslie described both firms as having “entrepreneurial cultures” and being client-centered even though they are large organizations.
“That is something that has fueled our growth. It’s not something we want to give up,” he added.
SRS –Cresa Lease Administration will deliver a variety of lease administration services including critical date management, CAM audits, occupancy cost reconcilations and full portfolio lease administration services.
One area where the partnership will be helpful to both firms’ clients is mixed-use properties.
“We’re seeing more and more of that,” Leslie added. “It’s very complicated when it gets to a building that has several different leases. This will be a huge benefit for our clients and the owner-landlords as well.”