FOR IMMEDIATE RELEASE
Brynn Bagot Public Relations
CITADEL PARTNERS SUBLEASES 45,000 SQUARE FEET ON BEHALF OF INVENSYS IN GRANITE PARK III IN PLANO, TEXAS
DALLAS – April 14, 2014 – Dallas-based real estate advisory firm Citadel Partners, recently assisted Invensys – a global technology company that works in partnership with a broad range of industrial and commercial customers to design and supply advanced technologies that optimize operational performance and profitability – in subleasing 45,000 square feet of office space on two floors in Granite Park III in Plano, Texas.
Citadel Partners’ began with a search for a subtenant to take over Invensys corporate offices on the 10th floor. With an aggressive marketing effort, Citadel Partners identified a fast growing entity, NTT Data, represented by John Amend of The Amend Group, as a possible subtenant. However, NTT Data only needed half of the 25,000-square-foot space. Citadel Partners was able to offer a creative structure to NTT Data for a staged take down of the space, while working through a complicated termination agreement with the landlord to eliminate the contingent liability of the lease for Invensys.
Within several months, Invensys decided that the operations team located on the ninth floor of Granite Park III should be relocated. Citadel Partners was asked to assist with this relocation and sublease the remaining Granite Park III space. The relocation was challenging due to the very tight geographic area and significant time and budget constraints.
“We located an alternative property, and, with John Amend and his team’s help, we were able to appeal to NTT Data’s continuing expansion need. Although we were working within a tight window of time and divergent client needs, we were able to accomplish our goal and benefit all parties. Our client wanted to remove the contingent liability of the Granite Park III lease while relocating into a new facility that better matched their future needs. Once this assignment was completed, it resulted in an overall savings of 62 percent for Invensys,” said Scott Morse, co-founder of Citadel Partners, LLC. “We are thrilled to have had this opportunity to represent Invensys and pleased we could assemble the various puzzle pieces to meet everyone’s business and financial objectives.”
Brent Brown, Invensys global real estate director, said: “Citadel Partners succeeded on its mission of subleasing both spaces for us and was a great partner. This rightsizing and relocation to a more efficient space lowered our costs dramatically, which was our primary objective.”
About Citadel Partners
Founded in 2012 by Scott Jessen, SIOR, CCIM, and Scott Morse, SIOR, CCIM, Citadel Partners is an innovative, strategy-based real estate advisory firm based in Dallas, specializing in corporate tenant and investment advisory services. Its precise expertise allows the company to drive business value for clients within the technology, financial, oil and gas and public sector services industries. Citadel Partners offers a strategic and collaborative platform based upon a foundation of unrelenting commitment to its clients.
Citadel Partners, formally known as The Morse Company, has been recognized through the years by the Texas Association of Realtors with the William C. Jennings Award as the Best Real Estate Assignment in the state of Texas and the Dallas Business Journal with the Best Office Development Award and perennial Heavy Hitter distinctions, as well as the Best Office Retention Award by the City of Plano for work on behalf of The North Texas Tollway Association. Most recently, in 2014, Scott Morse and Scott Jessen were named Power Brokers by D CEO Magazine.
Citadel Partners, LLC, is located at 15660 North Dallas Parkway, Suite 905, Dallas, Texas 75248. For additional information, please visit http://citadelpartnersus.com or call 972.980.2800.