BOSTON-To Richards Barry Joyce & Partners president Robert Richards, the best choice in commercial real estate is multiple choice. Unaligned with any national or global network to service clients bearing cross-border space needs, RBJ has nonetheless created a thriving business outside its core New England focus, as evidenced by the Boston-based firm's announcement of 14 leases orchestrated in a dozen cities throughout the US and Europe.
“We are extremely pleased with the way our National Group is going,” says Richards, who accepts an industry mindset that firms such as his have to capably assist clients on a worldwide scale. The difference, he says, is that RBJ is not beholden to a single network. “We certainly have respect for our competitors–and in fact we often wind up using them if it makes sense–but we want the best people for each assignment, and they are not always going to be in the same office,” says Richards. “Our only goal is pleasing the client, and that means finding the right people to make that happen no matter what.”
The latest series of deals boasts a powerful lineup of four firms operating internationally, including Forrester Research, OneBeacon Insurance Co., Sapient and Yankee Group Research. More than 150,000 sf of space was committed in the 14 leases, the bulk of them brokered on behalf of Canton-based OneBeacon. Those transactions accounted for 84,000 sf in such markets as California, Georgia, Illinois, Maine, Minnesota and New York.
Also taking a substantial amount of space was Sapient. The global services company committed to 35,000 sf in two leases in Arlington, VA, and another in San Francisco. Cambridge-based Forrester leased more than 16,000 sf in two deals, with the research company taking space in Dallas and in a Paris submarket. Another technology research firm, Yankee Group, also established a presence overseas, subleasing an entire floor in London. Besides Richards, RBJ team members negotiating the leases were Kristin Connelly, director of national accounts; and VP Richard Bradbury.
OneBeacon has been utilizing RBJ's guidance “coast-to-coast” during the past four years, relays the insurer's internal VP of real estate, John Ferrari, who estimates the firm has completed 35 transactions on its behalf. “They have an excellent understanding of our business and have aided us in a significant reduction in our occupancy expenses,” says Ferrari. Richards, who is doing work as far a field as India, cites such testimonials as proof that the independent approach can be successful. “There's no doubt in my mind we're 100% right on this,” says Richards. Today, about 30% of RBJ's revenues are generated outside metropolitan Boston, a market in which it has become a leading player after Richards and several colleagues struck out on their own in 2001.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.