CPS Energy has selected Cassidy Turley to work with the company and a seven-member headquarters community advisory group to develop and implement a long-term plan for its current headquarters facility. CPS Energy has called the two buildings—located at Navarro and Villita Streets and facing the San Antonio River—home since 1954, well before the River Walk was developed into the destination it is today. The two buildings were renovated and expanded in 1986 and 1988.
“There’s no doubt that our headquarters property has increased in value over the last 10 to 15 years,” noted CPS Energy Chief Administrative Officer John Benedict, citing the construction of the neighboring hotels Westin Riverwalk in 1999 and Hotel Contessa in 2005. “We see potential to extract value from our existing property, streamline operations and reduce maintenance expenses by moving to a more cost-efficient facility. There’s also a unique opportunity to provide an economic boost to some part of downtown that could benefit from new activity.”
Cassidy Turley, which specializes in commercial real estate consulting, will help the utility leadership and its advisory group to develop its real estate strategy, craft a request for proposals and vet options for a future headquarters. CPS Energy will consider the purchase or lease of another downtown space as part of a transaction that would make its existing headquarters campus available for redevelopment. This initial stage of the project is expected to take 12 to 18 months.
Approximately 800 of the energy company’s 3,300 employees office at the current downtown headquarters campus, which consists of more than 200,000 square feet of office space, 737 structured parking spaces and an adjacent one-acre surface parking lot at the intersection of Navarro and Nueva Streets.
The headquarters community advisory group includes Janie Barrera of Acción; Ramiro Cavazos of the San Antonio Hispanic Chamber of Commerce; Pat DiGiovanni from Centro San Antonio; CPS Energy Citizens Advisory Committee member Katrina Glavan-Heise; Frances Gonzalez from the Mayor’s Office; Lori Houston from the City’s Center City Development Office; and Lou Miller with State Farm Insurance. The Cassidy Turley team will be led by Doug Rothschild, Steve Ernst, David Harris, Randy Cooper, and Craig Wilson.
ABOUT CASSIDY TURLEY
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.