LOS ANGELES— R. Todd Doney, vice chairman of brokerage at CBRE, has earned the prestigious title of top CBRE producer in the Downtown Los Angeles market in 2014. Last year, Doney completed 106 transactions, a total of 3.6 million square feet and $623.5 million. The impressive feat also ranked Doney in the top 250 CBRE professionals in all of the Americas. His most notable transactions of the year include the sale of KPMG, a 590,207-square-foot property. This isn't much of a surprise. Since joining CBRE in 2003, Doney has consistently ranked in the top 3% of US producers. “The remarkable success of Todd is anchored on his shrewd ability to represent a tenant or landlord by applying equal parts of market knowledge, strategic advice and hard work to successfully bring parties together,” says Jeff Worthe of Worthe Real Estate Group. “His relentless attention to detail is a valued commodity that makes Todd a 'must-have' factor in your corner. Working with a true partner such as Todd is crucial to getting transactions completed today.” A clear market expert, Doney sat down with us for an exclusive interview about his success and the booming downtown market. Here is what we found out:
GlobeSt.com: What is the secret to your success? How have you been able to be one of the top producers year after year in this market?
Todd Doney: One of my mentors said to me in my early years of real estate, “The harder you work, the luckier you get”. I've always seen the truth in that saying.
This business is not about possessing a singular focus on transactions, it's about embodying strong values. I believe that doing the right thing will produce more good in your life. For example, giving back to others in the community is the right thing to do and should not be considered a choice but an obligation. I also remember the affect my mentor had on me and for that reason I take time to mentor others and get involved in philanthropy opportunities. It is possible to help others while producing results.
Regarding my success as a top producer, I owe much appreciation to my team as well as my terrific, loyal clients - my support system gives me the advantage I need in this competitive business.
GlobeSt.com: How is Downtown Los Angeles unique compared to other Los Angeles submarkets?
Doney: Downtown has been the historic center of this great city for over a hundred years. The revitalization of areas like South Park, the Historic Core, and the Arts District give downtown Los Angeles a sense of history and urban living that you rarely find in the submarkets.
GlobeSt.com: What are the hotspots in the Downtown market; which markets have plateaued; and which ones are lagging behind?
Doney: Each of the various areas have much going for them, whether it is the Arts District where buildings like the Ford Factory or Coke building will bring exciting new tenant life or the Historic Core where projects like the ACE Hotel, Broadway Trade Center and high-end retail are reinvigorating the streets. Areas like Bunker Hill will see new activity as the Broad Museum opens and office owners like Brookfield and CIM renovate their exciting office projects for the tenants of the future. And, of course, South Park area is a hot spot, where continued residential development will fuel even more restaurants, retail and city life. I don't believe any areas are plateauing.
GlobeSt.com: From traditional to creative users, what are the major amenities that office users are looking for in a space?
Doney: Today's tenants are looking for an environment where their employees are excited to come to work. They not only want a property that provides all of the infrastructure needs they are looking for in terms of power, air conditioning and connectivity, but they also want the adjacency to amenities, mass transit, employee housing.
GlobeSt.com: What are your predictions for the future of Downtown?
Doney: I have been officing in downtown Los Angeles for 30 years and the perception of downtown has never been better. Every day there are new stores opening and people coming downtown for the first time, realizing how much it has to offer. The downtown population has doubled over the last ten years. Hundreds of restaurants and bars have opened up in the last 36 months and so much more development is underway and on the horizon. It is a great time to live, work, and play in downtown LA.
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