While the firm will be a preferred provider in New Jersey, it has landed the exclusive in its primary markets of Manhattan and Long Island, according to FSI principal Leonard M. Eagle. The deal, signed early in November, is also a bit of a departure for Cresa, which signed the firm on in an affiliation rather than its typical partnership. That relationship will be revisited in a year, according to Eagle. "Unless I'm a really bad judge of character, this is a match made in heaven," he tells GlobeSt.com.

Eagle says that the approach Cresa will take is to bring FSI in at the start of every assignment to evaluate space need. Essentially, "we can accomplish two things," he says. "We can help clients develop their budget and find the right space."

According to Cresa president and CEO Michael Dow, the 10% to 15% revenue spike breaks down to roughly $1.50 to $3 per sf. It also allows the operation to cast project management in a slightly different light.

"Too often, project management is considered at the end as opposed to right upfront," he says. "Occupiers should use project managers to compare and contrast current space with new, even if it is just reconfigured space. Also, they can help test-fit a new location and ensure that services are what the tenant needs. They can also help in lease negotiations in terms of determining free rent and building-owner contributions to work."

According to Eagle, the agreement kicks in immediately.

Instant Insights /

GlobeSt.com EXCLUSIVE: Cresa Signs FSI for Tri-State Project Management

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