Lavaca Plaza

Client’s Goal

• To secure the best long-term solution working with WP Engine, the largest tenant, and keep them within the property.

Challenge

• This fast-growing technology company continues to hire and grow at a rapid pace, creating challenges for accommodating their real estate requirements at the building, in particular as the building is a total of 130,000 RSF.
• The brokers with ECR communicate regularly with WP Engine and a recent internal study showed that their real estate requirement would likely exceed 100,000 RSF in the years ahead.
• WP Engine passed on expansion opportunities in the past and was reaching a point of needing growth space within a 100% occupied building.

Strategy

• Unico Properties (Unico), the ownership of Lavaca Plaza, and ECR worked tirelessly to communicate regularly and proactively about expansion solutions for WP Engine.
• This included proactive meetings, proposals and test-fits showing potential expansion and remodel solutions. Unico and ECR presented potential expansion solutions well in advance.

Results

• To protect the building, the leases for WP Engine were staggered at different expirations to create leverage as well as to avoid a situation whereby the building would receive back all spaces at once.
• This structure along with Unico and ECR keeping regular communication with WP Engine created an environment for the groups to work together rather than seeking outside solutions.
• Solutions were finalized to enter into long-term lease agreements with WP Engine with manageable expansion opportunities from the ownership’s side.