Rock Spring Court Bethesda, MD

Background:

The portfolio consists of four medical/office buildings with shared surface parking in a long-established and successful office park in N. Bethesda, Maryland. The properties were built in the late 1970’s through the early 1980’s and were previously managed by a large firm that had undergone several corporate restructurings, resulting in an inconsistent management strategy.

Challenge:

The portfolio transitioned to DCRE in a short timeframe with a goal of implementing a streamlined management process while minimizing the impact to both tenants and landlord. The transition process was complicated due to the large number of tenants, including many medical practices with frequent visitors. DCRE was also challenged with undoing and merging the activities of the two previous leasing firms and a management firm that had incomplete or unavailable records with respect to contracts, licenses and other building data.

Result:

DCRE was hired by the owner to oversee the property management of the portfolio. Our in-house lease administration and accounting personnel were able to efficiently upload all the tenant and building information so that there was no lapse in producing monthly reports. DCRE increased the on-site property management staff to allow for more frequent and effective tenant communication, resulting in better response times to tenant requests and increased tenant satisfaction scores. By leveraging our existing vendor relationships, we were able to replace or re-bid most of the major building service contracts, resulting in significant savings to the owner. Ultimately, DCRE was able to transition quickly, provide improved tenant services, additional accounting reporting and improved cash flow while reducing property management costs to the owner.