Beacon Capital Partners

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The Challenge

Cushman & Wakefield’s transition team was deployed to ensure a seamless transition of the portfolio with little disruption to the client and tenants. Our engineering team unearthed significant deferred maintenance needing immediate attention. Our technology specialists discovered that EOP’s centralized database could not easily separate out pertinent building information, asset inventory, or human resources information for this portfolio. Analysis from our accounting team revealed substantial collections issues. Site visits and lease reviews by our property management team found a myriad of pending tenant disputes.

The Solution

Our property management team developed operational budgets and five-year capital improvements plans, implemented energy efficiency programs, addressed building deterioration, and rebid over $10 million in service contracts. An extensive communication plan was implemented to understand tenants’ concerns and to reassure them of the new owner’s plan. Our IT specialists collaborated with EOP staff to determine the most efficient method of identifying and transferring pertinent data, while our accounting staff analyzed the historical tenant data to determine actual payments due to the new landlord.

The Result

  • Developed a comprehensive emergency response and crisis communication plan
  • Increased rental rates throughout the portfolio (by as much as 30% in one building)
  • Stabilized accounts receivables to a 95% collection rate
  • Improved baseline energy performance at every asset
  • Earned ENERGY STAR® designations at four assets and LEED® designations at four projects
  • Completed over $15 million in upgrades within two years