Initial inspections quickly identified opportunities to improve in three areas: reduce operating expenses, correct deferred maintenance, and improve leasing performance.
Cushman & Wakefield assembled a team of management professionals to seamlessly transition systems, processes, and personnel. The team participated in an expedited training schedule to learn EOP’s proprietary financial and operational platform, and develop a priority list of capital and deferred maintenance items identified during due diligence.
The management team evaluated cost structures and devised an expense reduction strategy to drive cost efficiencies. This included implementing a sourcing strategy and an organizational model to more efficiently operate the buildings and improve service. A tenant work order portal and preventive maintenance program were implemented within 90-days to actively monitor and improve engineering services.
- Delivered a 46% decrease in annual operating expenses from competitively bid service contracts and more than $820,000 in collective savings over the new contract term
- Completed 46 capital projects in 120-days
- Increased work order response rates to 99% YTD completion; average tenant response time decreased to 1-hour, 14-minutes
- EOP subsequently awarded Cushman & Wakefield nearly 3 million square feet of Class-A office product due to the success of the Cushman & Wakefield team