In 2005, several of HDREP’s clients from Ticketmaster and a group of other investors, purchased TBA Global Events LLC (“TBA”) to form one of the largest privately held companies in experiential marketing, business communications, event marketing, destination management and entertainment. With TBA’s acquisition of PGI in July 2005, it was ranked second, based on the annual industry survey by the “Special Events Magazine” of the top 50 companies. TBA maintains offices in all major markets around North America, and retained HDREP to serve as its exclusive real estate advisor to evaluate its newly combined lease portfolio of over 40 international offices. This assignment not only included the relocation and consolidation of duplicate TBA and PGI sales offices, but also included relocation of offices and expansion into numerous new markets.
After extensive evaluation of TBA’s entire combined lease portfolio, HDREP, along with TBA, streamlined their portfolio to 18 offices.
In early 2010, TBA sold the destination management portion of the company to Kuoni Destination Management Inc. (“KDM”). Based in Switzerland, the acquisition of this portion of the TBA business enabled KDM to strengthen its market share in the United States. Several of TBA’s destination management employees were seamlessly transferred to KDM, and HDREP was tasked with the transfer of the various leases from TBA to KDM.
HDREP worked closely with TBA and its outside counsel to determine which branch offices were affected by the acquisition, and facilitated lease assignments where necessary. In several locations, TBA and KDM decided to share office space in an effort to save money and retain the synergies of the two businesses.
HDREP currently serves as TBA’s outsourced real estate department.
HDREP maintains a proprietary lease database of TBA’s leased assets, and analyzes yearly rent invoices and rent escalation statements. In June, 2010 HDREP worked with Live Nation (NY’s landlord) to obtain the appropriate temperature in TBA’s space, and in August, 2010, HDREP identified a $87,000 error in a rent invoice from Live Nation to TBA.