The advantage of an in-house team as opposed to hiring outside brokers is better customer service. "Better customer service as a layer between tenant and landlord is removed, which results in landlord getting to know the tenant better while understanding its business and needs more comprehensively ," says Jeffrey Dritley, managing partner of Kearny Real Estate Co.
Dritley goes on to say that better service is offered to our partner as the additional layer is removed. "By managing direct, it is easier to consolidate vendors and supplies for economies of scale, producing lower operating costs; and keeps Kearny better tuned to market trends when working more closely with tenants," he adds.
The company will be making a management fee on each of the properties that it manages, which will cover the new division. The new division will just be handling management of new product.
Among the projects under management by the new Kearny division include: a 223,000-sf industrial/distribution facility in Temecula; a 257,000-sfClass A suburban office campus in Pasadena; a 117,000-sf office campus in Calabasas; a six-story 118,000-sf office building in El Segundo; and a 60,000-sf Class A office building in Woodland Hills.
These properties are existing buildings previously managed by third-party companies. Renewal leasing will be handled on a case by case basis. All new leasing is handled by outside brokers, according to Dritley. He adds that the team will be managing only Kearny-owned properties.
Simultaneously, the firm announces that Nicole Audette senior property manager; Heather Carter, assistant property manager; and Jennifer Barnett property accountant have joined the company in the firm's new division.Kearny Real Estate Company is a partnership of experience real estate professional active in acquisition, repositioning, development and leasing. It is 50% owned by the Morgan Stanley Real Estate Fund. Dritley says the financial stability of the company is strong.
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