CASE STUDY: LANDLORD REPRESENTATION
1,600,000 SF
3 CLASS A/B BUILDINGS
Optima Ventures
Major LeasesSigned
“Utilizingateamfortherepresentationofourlarge,diversedowntownofficeportfoliowassignificantinleasingupourvacancies.Weknewwithfivesets
ofeyesonthemarket,wewereconfidentwewerenotmissingany
opportunitiesfornewtenantsinoneofourbuildings.”- DeniseD’Ettorre,
GeneralManager,OptimaManagementGroup
OUR JOBRepresentthelargestlandlordportfolioindowntownClevelandwithover1.6millionsquarefeetinthreeClassAandBbuildings.Ownerwantedanoutsideagencytotakeovertheleasings,showings,negotiations,andallfacetsoflandlordrepresentation.
CHALLENGE Onceburned,twiceshy.Inrealestate,sometimesyoudon’tpayforyourownmistakes,butforthemistakesoftheformeragent.Optimawasdissatisfied withthepreviousresultsofabrokeragecompanymanagingtheportfolio.Asaresult,theyshiftedresponsibilitiesbacktooneemployee, in-house.WehadtoworktoprovetothemthatwewouldempowerOptimatobetterresults,eveninthefaceoftheirunderstandableskepticism.
SOLUTIONSmartAnalysis.CreativeCompensationpackage.EffectiveDelegation. Teamwork.Afterasearchinganalysisofwhatwentwrongwiththeirpreviousbrokeragefirm,TerryassignedeachofthefivebuildingsinOptima’sportfoliotoadifferentLFKagent.Thisnotonlyinsuredcompletecoveragefortheportfolio,butalsoestablishedeachindividualagentasanexpertonthebuildinghe/sherepresented.TerryconvincedOptimatogreenlightacreativecompensationprogramtoaccommodatehisvisionforalarge,cooperativeteamthatextendedbeyondthetraditionaltwo-personteamstructure.Hefeltthekeytosuccesswasentrustingeachindividualbuildingtoamotivatedrealestateprofessional,evenifaninnovativerewardspackagewasrequiredtoinstallthisstructure.
RESULTSuccess.We’veleasedasignificantamountofvacantspaceintheportfolio,morethan300,000SFinjustovertwoyears,withmajorleasesincludingAECOM,BakerHostetler andtheLawOfficeofCleveland.
“Notonlydoyouhavetolearnfromyourownmistakes,butfromthosewhoprecedeyou.IanalyzedtheneedsofOptimaVenturesandrealizedthetraditionaltwo-personteamdidn’tservethemwellinthepastandwouldn’taccommodatethemnow,either.SoIcameupwithauniquestructureoffiveagentsandaninnovativeprogramofcompensationtogiveOptimatheattentiveanddetailedcoveragetheirportfoliorequired.”- TerryCoyne
TerryCoyne(SIOR,CCIM)isafull-servicecommercialrealestatebrokerinCleveland.AspartofNewmarkKnightFrank,TerryhasprovidedrealestatesolutionsforNortheastOhiosince1995.He’sconsistentlyatopbrokernationwide.ContactTerryat:[email protected]
Recommended
