Overview

Representation of the largest landlord portfolio in downtown Cleveland with over 1.6 million square feet in three Class A and B buildings.

Requirement

Ownership was looking for an outside leasing agent to take over the leasing, showings, negotiations, and all facets of landlord representation.

Challenge

Prior to Newmark acquiring the business, ownership had tried an outside brokerage firm, to only be disappointed with the results due to the large requirement. They then decided to manage the entire portfolio in-house with one person dedicated to the job. It was a daunting task, and Newmark had to get creative to prove why Optima should hire outside representation, yet again.

“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

Solution

Terry Coyne grew the relationship with Optima and compiled a Newmark team consisting of five brokers. Each building would have one broker dedicated to take the lead for showings, proposals, negotiations, and follow through. Two were dedicated to the administrative and back of the house work on the project. Having five on a team ensured complete coverage of the account in all aspects of the assignment. Creative compensation and team structure convinced ownership to hire a large, cooperative team versus the normal one or two person typical structure.

Result

With a unified front to hit the market and brand Newmark as the leasing agents for Optima, Newmark has been successful for 2+ years in leasing up vacant space, retaining tenants, creating value for the ownership, and maintaining relationships with current tenants for the future. Over 300,000 square feet leased since the assignment began in July 2013. Significant leases include AECOM, BakerHostetler, and Law Office of Cleveland.