IRVINE, CA—Professional on-site management, experienced engineering and maintenance and flexibility are key to retaining office tenants no matter what the economy is doing, the Koll Co.'s managing principal Gerald Yahr tells GlobeSt.com. The firm's properties at Airport Business Center in Irvine, in particular, have seen success with leasing even throughout the economic downturn, having housed some tenants for 30-plus years, including 24 carrots, Kenny the Printer and Rootan's Luggage. We spoke exclusively with Yahr about how to keep office tenants happy and in place even during a down cycle.
GlobeSt.com: What is your company's secret to keeping tenants happy even during an economic downturn?
Yahr: Our customers are our highest priority, no matter what the economic climate. We pride ourselves with providing exceptional customer service, which includes professional onsite management so that when the inevitable problem or challenge arises, there is someone onsite who can quickly address and solve it. Our experienced engineering and maintenance team is always at their disposal so the tenant can focus on their business and we can address their real estate needs. Finally, as a single owner of nearly 1.2 million square feet in a 68-building campus that includes more than 600 units, we can provide our customers with great flexibility and the opportunity to expand or contract space easily, whatever their needs may be.
GlobeSt.com: What makes your properties at Airport Business Center in Irvine so unique?
Yahr: Airport Business Center is one of the premier business parks in Southern California that offers nearly 1.2 million square feet of leasable space with a mix of office, industrial, flex and service retail space ideal for a wide range of tenants. On our 75-acre campus, businesses can lease space ranging from as little as 600 square feet to a full building of more than 25,000 square feet.
Our location is a huge advantage for our customers, as it offers quick access to the I-405, I-5, and 55 freeways as well as the 73 Toll Road and is just minutes away from John Wayne Airport. Additionally, it is located among some of Orange County's most renowned restaurants, hotels, retail destinations and other amenities that are desirable to today's workforce.
GlobeSt.com: What do you think today's tenants are seeking given the current business environment?
Yahr:With today's competitive market, tenants are looking for a quality product, great customer service and a certainty that is often elusive in today's business environment.
GlobeSt.com: What else should our readers know about your company?
Yahr: The Koll Co. is a well-capitalized full-service real estate operating company that acquires, develops and manages investments in industrial and office properties, serving institutional investors and high-net-worth individuals. Our most recent transaction, closed in late 2015, was the $30.5-million acquisition of Cerritos Corporate Tower, and we partnered with Rialto Capital Management in purchasing this property.
We are currently focusing on core-plus and value-add multi-tenant industrial and office acquisitions, as well as speculative ground-up development throughout the western states. Our plan is to acquire approximately 1 million square feet of office and industrial properties totaling approximately $250 million over the next year and a half. We create value for our clients and partners through the development and management of quality environments, whether improving and repositioning underutilized properties, providing ground-up development services or by using operational expertise and vision to maximize returns from performing assets.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
