Our approach to our Tenant Representation Services are as follows:
Defining Parameters:
Richard Bowers & Co. is very thorough in assisting clients in identifying all the details of a real estate project. These details include: space programming, determining submarket preferences, economic budgets, lease terms, expansion and renewal requirements, ergonomics, building profile requirements, special facility needs, amenities, and business needs.
Market Survey:
Richard Bowers & Co. utilizes its database, research department, and support staff to compile a comprehensive survey with rental rate approximations, building characteristics, and pictorial imaging for the client's review. Our market surveys are tailored to the client's needs and can include space availability in major developments, subleases, small buildings for sale or lease, pre-leases, and build-to-suit opportunities.
Inspection of Alternatives:
Through our extensive experience in the marketplace, the agents of Richard Bowers & Co. are very efficient at conducting tours of properties under consideration and providing answers for our clients on the properties surveyed as well as on the general market.
Project Scheduling:
Richard Bowers & Company has the experience and internal capabilities to project the probable time requirements on various facility options available including acquisitions ions, build-to-suits, pre-leases, and leases.
Project Benchmarking:
Project Benchmarking is a process in which cost parameters, design parameters, and parameters for any other objectives are defined by the client at the outset of a project, thus insuring that their expectations are met.
Narrowing the Alternatives and Obtaining Proposals:
Our simplified format on Requests for Proposals allows our clients to obtain the required information in an efficient and timely manner so they may further study the most favorable alternatives. All economic factors are addressed, services to be provided by the Landlord are defined, required and beneficial building characteristics and amenities are determined, tenant expansion and renewal requirements are examined, and floor plans and standard lease documents are obtained.
Building Efficiency Evaluations:
Through Facilitec, block diagrams or floor plans on selected locations are developed and evaluated based on space planning allowances available at each location. This insures that improvements can be completed at no additional expense to the Lessee. Facilitec considers such design factors as the window line, view column spacing, bay depths, the profile of the space and location within the building, and double door elevator lobby exposure.
Financial Review:
Proposals received are run through our customized financial software which evaluates such economic components as rental rates, efficiency factors, square footage requirements, improvement allowances, concessions , parking expenses, if any, methods of escalation, and special services required. The calculations are made using present value discount rates on the rental stream so that the Lessee can compare alternatives on an apples to apples basis.
Comparative Analysis:
In addition to our financial analysis, a comparative review on alternative developments is also provided. Characteristics such as building services, security, efficiency of space and design, the HVAC system, life safety systems of the building, proposed building location, parking availability, and amenities are evaluated. Another computerized program uses weighted averages to allow Lessees to compare the building characteristics most important to them. Final Negotiations Through our economic analysis and building comparative analysis.
Final Negotiations:
are conducted on those buildings of greatest interest to the client while we address any other issues, deficiencies, concerns, and objectives of the client. A Letter of Intent subject to legal review is then developed for Tenant approval, signature and presentation to the Landlord of choice. In certain instances, more than one Letter of Interest is presented based upon timing constraints and potential Landlord difficulty in obtaining closure.
Lease Language/Contract Review:
While we have extensive experience in providing lease language review, we are not attorneys. We can recommend experienced legal counselors specializing in real estate and can assist your attorney in providing comments when stalemates occur and compromises become necessary.
Construction
Establish a budget for the tenant improvement requirements which are addressed in the RFP:
- Oversee the construction bid process.
- Negotiate and award the bid for construction improvements.
- Provide construction supervision including assurances that the project is built out in accordance to plans and specifications and the construction process is completed on time.
- Provide a punchlist of deficiencies for tenant's final acceptance of space. |
