Hi All,
My last newsletter emphasized the team and athletic component of office leasing as I discussed a bike ride my teamates and I completed across Long Island. I recently saw the movie “The Social Network” and Mark Zuckerberg has recently been named Time Magazine’s Person of the year in 2010. I admit a preference for athleticism over “geekiness.” However, it is very clear as evidenced by “The Social Network” that “geekiness” has its benefits. And this is the case for corporate real estate advisory services and leasing and as well as in social media and technology.
In the movie the “Social Network”, Mark Zuckerberg’s programming ability allowed him to implement the Facebook concept. Although the rowing athletes (the Winkelvoss twins) appeared to have originated the concept earlier, they lacked the implementation ability that allowed Zuckerberg and his team to succeed.
The corporate real estate advisor position involves some very “geek-like” aspects. For example, a tenant representative must get involved in complex issues such as financial analysis, design and architecture, project management and real estate law to name a few. My team and I recently have been involved in reviewing leases and negotiating clauses as well as in design, construction and real estate finance issues. Having the ability to coordinate various leasing aspects makes a huge difference in the implementation of a successful corporate real estate strategy.
Some of you who saw “The Social Network” may be may be thinking that my team and I are engaged in corporate real estate advisory activities to enhance our dating prospects. However, I emphatically deny that is our motivation. As effective corporate real estate advisor’s we must be engaged in some of the more mundane and “geeky” aspects of real estate to ensure that our customers have an advantage in lease negotiations and in achieving a favorable real estate position. Similar to the creation of Facebook, it is not enough to have a concept. We must not only seek creative ideas to save our customer’s money, we also must also effectively implement solutions. Hence, we must be “geeks” as well as athletes.
Commercial leasing is a full contact activity. Landlord’s are very adept at maximizing real estate profits through hidden costs. Thus, a tenant’s most effective strategy to gain a competitive advantage in lease negotiations is to hire a tenant advisor skilled in corporate real estate advisory and leasing services. A skilled tenant advisor can generate substantial cost savings for a company.
Lease clauses are critical components of a lease. Properly reviewing and negotiating lease clauses can have a significant impact on your business.
Please see the CresaPartners blog post on the importance of reading leases.
http://www.cresapartners.com/blog/2010/11/forewarned-is-forearmed-read-your-lease/
Also please see CresaPartner’s third quarter market report.
http://www.cresapartners.com/tenantsguide.asp
December has been a good month for my team and I. We are working on assignments for one of the nation's largest telecom companies, a top fashion company, a leading technology and media company, a prestigious law firm and a large hospital. We are working with professional services firms and other firms including banking, investment, insurance, law, media, technology, fashion and design and health care.
Buildings in which we represent tenants include: The GM building at 767 Fifth Avenue, The Chelsea Market at 75 Ninth Avenue, 757 Third Avenue, 1370 Avenue of the Americas, 888 Seventh Avenue and 141 West 36th Street.
We have been able to save enormous amounts of money for our clients and we would be delighted to provide you with a “gratis” consultation. Twenty minutes can save you twenty percent on your commercial real estate costs. Please feel free to call us for more details.
Happy Holidays! Wishing you a healthy and prosperous 2011!
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