BOSTON-CresaPartners and Jorgensen Facilities are partnering upto help supplement each other's services packages. CresaPartnersdoes not have a facilities management company and Jorgensen doesnot have a transaction management division and a limited projectmanagement division. "Both firms have been receiving Requests forProposals calling for the delivery of all major service lines,"notes CresaPartners' CEO Bill Goade, in statement.

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"CresaPartners does everything for corporate real estate exceptfacilities management," explains Cresa's VP of corporate services,Jim Ricker. "It doesn't make sense to start your own facilitiesmanagement business. The margins are lower than the other servicelines, so there aren't a lot of incentives to get into it at thisstage. But there are some fine firms out there that are alreadydoing it."

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The Boston-based firm had been searching for a facilitiesmanager to join them exclusively in their endeavors and landed onIrvine, CA-based Jorgensen through a shared business model."Jorgensen is about the same size as us, it's an employee-ownedcompany like we are, and they have a very similar philosophy of howto conduct business, so it seemed like a pretty good fit," Rickertells GlobeSt.com.

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Ricker notes that the partnership is already showing somedividends, as they are working on a number of projects together,most notably evaluating the potential of non-hospital real estatefor a local medical center and facilities management for aregionally headquartered company with numerous locations abroad, aswell. Also, the partnership is "doing a facility conditionassessment on a prospective site to make sure it will work for theclient, with proper infrastructure, adequate power and airconditioning," he explains.

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And as employment continues to be low, the tenants hold an upperhand in negotiations. Ricker explains that there is a lot ofconsulting need, since companies are figuring how to reuse much oftheir existing space. Regarding shadow space, it remains the greatunknown in the leasing sector. "It's hard to know exactly what thesize of it is, but there's quite a bit of it," Ricker tellsGlobeSt.com. "Some of the larger companies are holding onto surplusspace because they don't want to take the write-offs, for financialreasons, but it's not getting used and it's not on the marketyet."

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