case study: landlord representation · case study: landlord representation 1,600,000 sf 3 class a/b...

CASE STUDY: LANDLORD REPRESENTATION 1,600,000 SF 3 CLASS A/B BUILDINGS Optima Ventures Major Leases Signed “Utilizing a team for the representation of our large, diverse downtown office portfolio was significant in leasing up our vacancies. We knew with five sets of eyes on the market, we were confident we were not missing any opportunities for new tenants in one of our buildings.” - Denise D’Ettorre, General Manager, Optima Management Group OUR JOB Represent the largest landlord portfolio in downtown Cleveland with over 1.6 million square feet in three Class A and B buildings. Owner wanted an outside agency to take over the leasings, showings, negotiations, and all facets of landlord representation. CHALLENGE Once burned, twice shy. In real estate, sometimes you don’t pay for your own mistakes, but for the mistakes of the former agent. Optima was dissatisfied with the previous results of a brokerage company managing the portfolio. As a result, they shifted responsibilities back to one employee, in-house. We had to work to prove to them that we would empower Optima to better results, even in the face of their understandable skepticism. SOLUTION Smart Analysis. Creative Compensation package. Effective Delegation. Teamwork. After a searching analysis of what went wrong with their previous brokerage firm, Terry assigned each of the five buildings in Optima’s portfolio to a different LFK agent. This not only insured complete coverage for the portfolio, but also established each individual agent as an expert on the building he/she represented. Terry convinced Optima to green light a creative compensation program to accommodate his vision for a large, cooperative team that extended beyond the traditional two-person team structure. He felt the key to success was entrusting each individual building to a motivated real estate professional, even if an innovative rewards package was required to install this structure. RESULT Success. We’ve leased a significant amount of vacant space in the portfolio, more than 300,000 SF in just over two years, with major leases including AECOM, BakerHostetler and the Law Office of Cleveland. “Not only do you have to learn from your own mistakes, but from those who precede you. I analyzed the needs of Optima Ventures and realized the traditional two- person team didn’t serve them well in the past and wouldn’t accommodate them now, either. So I came up with a unique structure of five agents and an innovative program of compensation to give Optima the attentive and detailed coverage their portfolio required.” - Terry Coyne Terry Coyne (SIOR, CCIM) is a full-service commercial real estate broker in Cleveland. As part of Newmark Knight Frank, Terry has provided real estate solutions for Northeast Ohio since 1995. He’s consistently a top broker nationwide. Contact Terry at: [email protected]

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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]

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