PowerGrid Engineering (PGE)
Lake Mary, FL
PowerGrid Engineering (PGE) is one of Central Florida's many success stories. PGE has seen tremendous growth both in revenue and headcount over the last 10 years. They support some of America’s largest utility companies by providing electrical engineering resources to aid in the reconstruction of our country's aging power grid.
Over the last 10 years, PGE has gone from 5 employees to more than 150. As they expanded, they ended up leasing 5,000 SF in Winter Springs, owning 3,400 SF of office space less than a mile away. Their Sales and Marketing Team was in a different third location. PGE wanted to consolidate the three Central Florida offices to create space efficiencies and drive synergy.
Working closely with PGE's executive team, Cresa Orlando investigated all northern suburbs of Orlando. While Winter Springs was a first choice with most of the PGE executive team, there was one problem: Winter Springs did not have any viable office buildings of 15,000 SF or more. A build-to-suit was problematic both from a timing and cost perspective. The search area was then expanded to Lake Mary, Maitland and the UCF area. Cresa provided a heat map of all employees in the area and completed a rush hour drive time analysis. Lake Mary was the least disruptive location and provided very competitive pricing in contemporary construction.
Colonial Center 100 was selected over all other locations. The building ownership, DRA, provided flexible lease terms allowing PGE to lease only 16,000 RSF initially while giving them immediate access to another 5,000 RSF under a guaranteed takedown. The generous TI package allowed PGE to create a high-end work environment fostering synergy and productivity. Much of the TI package would be used to fund PGE technology infrastructure in the office. The end result was a concession package that softened the upfront costs of a move, at rents very close to what PGE was currently paying, located in a class A work environment conducive to employee retention and attracting new hires.
What about the company owned building? It sold in less than 60 days after being put on the market, a very welcome outcome.
Colonial Center is a multi-use real estate development providing a work, live, play environment for their tenants and employees. Both PGE and Cresa are very pleased with the decision to move there.