Rock Spring Court Bethesda, MD
Services Provided by Donohoe:
- Portfolio Management
The portfolio consists of four (4) 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 early 1980’s and were previously managed by a large firm that had undergone several corporate restructurings, resulting in an inconsistent management strategy.
The portfolio transitioned to DRES in a short timeframe with the goal being to implement a streamlined management process yet minimize the impact to both tenants and landlord. The transition process was complicated due the large number of tenants, more than 100, including many medical practices with frequent visitors, as well as undoing and merging the activities of the two (2) previous leasing firms and a management firm that had incomplete or unavailable records with respect to contracts, licenses, and other building data.
DRES 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 the monthly reports. DRES 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, DRES was able to transition quickly, provide improved tenant services, additional accounting reporting and improved cash flow while reducing property management costs to the owner.