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CASE 1 — OFFICE BUILDING

Services Provided:
Property Management, Construction Management, Leasing and Marketing.

Assignment:
Turnaround a six-story office building in Beverly Hills, CA which had been foreclosed, had a 50% vacancy factor and a poor image within the community.

Results:
Wyant prepared a refurbishing program, took over the leasing, canvassed the marketing area for prospective clients, prepared market flyers, negotiated new leases at top of the market rates, prepared questionnaires and solved existing tenant complaints. Within six months the building was at 100% occupancy and sold shortly thereafter.

 
 

CASE 2 — APARTMENT BUILDING

Services Provided:
Property Management, Turnaround and Escrow Supervision.

Assignment:
Two owners, of a well-known family name, had sold their 500-unit property to a non-profit organization. The escrow was delayed many months and in the interim, units were being vandalized, windows broken, tenants were moving out, neighbors were picketing with the family name on large placards, the county health department was fining the owners for many health violations and litigation had begun by the government agencies.

Results:
Wyant took control of the project, immediately evaluated all conditions, met with the health department, obtained a short time period to correct violations, brought the property into compliance with the government agencies, handled the intense media coverage, appeared in court and at other hearings, met with and kept neighbors informed of the program and progress, then followed through in all areas until the escrow was closed.

 
 

CASE 3 — INDUSTRIAL BUILDING

Services Provided:
Property Management and Construction Management.

Assignment:
The Northridge earthquake caused serious damage to an industrial property close to the collapsed span of the Santa Monica Freeway. Two walls of the large building had separated from the roof section, a long interior wall was bowed, lighting fixtures fell to the floor, electrical wires were snapped and hung from the ceiling with potential for fire damage and injury to employees and other complicated problems were uncovered upon inspection.

Results:
After a quick review of the Wyant managed properties, which were in the earthquake-damaged areas, Wyant immediately went to this property. He inspected the damages, talked with the tenants and the property owner informing them of damages and then secured the premises. Within a short time period of less than 24 hours, Wyant had contracted for all cleanup and repairs and the tenants remained open for business. There was no loss of income for the tenant or the owner.

 
 

CASE 4 — OFFICE BUILDING

Services Provided:
Property Management, Construction Management, Leasing and Marketing.

Assignment:
Remodel, reposition and market a 30-year old, 325,000 sf office building project in Beverly Hills for the lender who had foreclosed. The property had suffered tremendously from a badly tarnished reputation in the marketplace due to deteriorated conditions caused by ownership neglect. The image of the buildings was poor, mechanical equipment was rusting, breaking down and unstable; the elevators were continuously out of service, the delinquencies were high, tenants were moving out in disgust and there were lawsuits pending from major tenants. The real estate brokerage community did not waste prospective tenants’ time by touring the building and there was almost no leasing activity.

Results:
Wyant was given the responsibility to turn around this asset and directed a highly qualified team to reposition this project in the marketplace. A proactive tenant relations/retention program was implemented, new architectural plans for a lobby remodel were completed and work scheduled, a new marketing and leasing plan began in earnest with new approaches, asbestos and sprinklers work was completed, mechanical equipment was analyzed, repaired and replaced where necessary, elevators were repaired and reprogrammed and a new energy management system was installed. The results of this effort:

Over 50,000 sf of space was leased in six months during one of the worst recessions in Southern California; this was 65% of the total Beverly Hills market share.
Existing tenant’s leases were renewed.
The real estate brokerage community enthusiastically showed the project to their clients.
The tenant relations program resulted in many complimentary letters, plus over 600 tenants attended a tenant appreciation breakfast.
The elevators operated properly and as originally designed.
The utility expenses were reduced by over $50,000 in the first six months of renewed operations, a 15% reduction even with increased occupancy.
Delinquencies dropped to below 2%.