2012 Issue 1
Technology Cloud Computing 101 Streamlining the Leasing Process Architecture Designing for Millennials Real Estate IQ The Over-Leveraged Landlord Outside the Office The Warm-Up
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ALBANY | AMSTERDAM | ATLANTA | AUSTIN | BOSTON | CHICAGO | DALLAS | DELAWARE | DENVER | FORT LAUDERDALE | HOUSTON | LAS VEGAS LONDON* | LOS ANGELES | MEXICO CITY+ | MIAMI | NEW JERSEY | NEW YORK | ORANGE COUNTY | ORLANDO | PALM BEACH COUNTY | PHILADELPHIA PHOENIX | SACRAMENTO | SAN FRANCISCO | SHANGHAI | SILICON VALLEY | TALLAHASSEE | TAMPA | TYSONS CORNER | WASHINGTON, D.C. | WHITE PLAINS
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KBS is very excited to launch our first issue of Premier Office Magazine, a publication geared toward commercial real estate brokers and commercial property tenants across the nation. I want to warmly thank all of our advertisers who helped make this first issue a reality.
It does not seem like that many years ago when I got my start in the commercial property business as a licensed real estate broker. I am intimately familiar with the ups and downs that brokers face and how critical it is to earn and keep the respect of potential clients.
Commercial brokers today are keenly aware of how important it is to not only recommend the right building for their client, but also to recommend the right landlord. Delinquent loans on commercial real estate are the highest they have been in years. These statistics do not bode well for tenants who leased space five years ago anticipating their landlord would be there to meet their needs and maintain their properties. Presently, many of those landlords are simply out of money, and as a result, the properties (and the tenants) suffer.
The market is changing, as it always does. Two years ago, I would have called it a tenants’ market, and it certainly still is in some areas. In our nation’s premier markets, however, there has been a flight to quality during the last few years. What was an abundance of opportunities has now dimin- ished, as tenants clamor for the best properties. Further fueling this dynamic is a realization that new supply production is challenging on many fronts.
How are we as a buyer participating in this market? We are very careful to buy only top properties in top-tier markets. When a strategy warrants it, we also will take a well-located, but under-performing asset and elevate that property so that it does not compete on a commodity basis. A great case study is our enhancement of the iconic Providence Towers property in Dallas, Texas. (See story on page 20.)
There are many exciting topics explored in this issue of Premier Office Magazine. Be sure to also see our “Outside the Office” column written by our friend and PGA star, Bobby Lasken. Bobby has coached some of the nation’s top pros and has been a tremendous help to my game — as you will see from his story, it’s all about preparation.
God Bless America!
Charles J. Schreiber, Jr. Chief Executive Officer KBS Realty Advisors / KBS Capital Advisors
PREMIER OFFICE MAGAZINE 1 ADVERTISERS INDEX
GreenbergTraurig ...... Inside Front Cover DLA Piper ...... 9 Mayer Brown ...... 13 Idea Hall ...... 15 The Values Institute at DGWB...... 29 Burnham Benefits...... 31 Little Diversified Architectural Consulting...... 31 Slater Builders ...... 32 Environ...... Inside Back Cover RR Donnelley Financial Services ...... Back Cover
PREMIER OFFICE MAGAZINE™ 2012, Issue 1 © 2012, KBS Realty Advisors
Charles J. Schreiber Jr., Chief Executive Officer
Phillip Diment, Editor Ryan Butala, Senior Graphic Designer / Art Direction Jessica Slater, Communications Assistant / Copy Editor Miguel Barrios, Graphic Designer
EDITORIAL ADVISORY BOARD Ken Robertson, KBS Realty Advisors Jim Chiboucas, KBS Realty Advisors Rodney Richerson, KBS Realty Advisors Charles Lindwall, KBS Realty Advisors Rebecca Hall, Idea Hall Ryan Compton, DLA Piper Robert Ochsner, DGWB Advertising & Communications Steve Van Amburgh, KDC Real Estate Development Aran Jackson, Innovative Publishing Dennis Towle, RR Donnelley Financial Loriann Duffy, Hines Ken McKay, KBS Realty Advisors Brent Carroll, KBS Realty Advisors Robin Burke, KBS Realty Advisors
Premier Office Magazine is published by KBS Realty Advisors 620 Newport Center Drive, Suite 1300, Newport Beach, CA 92660
www.kbsrealty.com
2 TABLE of CONTENTS
4 Newswire 6 Recent KBS Acquisitions Technology 8 Cloud Computing 101 10 Streamlining the Leasing Process Real Estate IQ 14 The Relationship Business
Tenant Profile 16 The Regus Group
KBS Feature Property Map 18 World Class Service ... Wherever You Are
Case Study 20 Re-imaging a Signature Dallas Office Property
Tenant Profile 22 Kirkland & Ellis LLP
Designing for Millennials 24 Generational Distinctions Important in Space Planning
Modern Office 26 New Conference Room Tools and Trends
Real Estate IQ Cover Image: 300 North LaSalle, Chicago 28 The Over-Leveraged Landlord Premier Office Magazine is printed with soy-based inks. 10 Tips from a World Class 29 Lobby Ambassador
Real Estate IQ 30 The Perfect Suite
Outside the Office 33 The Warm-Up
PREMIER OFFICE MAGAZINE 3 NEWSWIRE
KBS SIGNS 32,000 SF AT WOODFIELD IN CHICAGO KBS has finalized two lease agreements with Hitachi High Technologies and Nippon Life Insurance for 32,207 square feet at its Woodfield Preserve Office Center complex in Schaumburg, Ill., 30 miles northwest of downtown Chicago. The Class A property provides an excellent location with a variety of desirable amenities on site and in the immediate area.
KBS’ office property, Park Avenue at Morris County, hosted an exciting cooking event to benefit Community FoodBank of New Jersey. Guests included star chefs James Laird and Park Avenue’s own, Kate Orlando.
WHIPPING UP SUPPORT FOR FOODBANK OF NEW JERSEY KBS Realty Advisors’ Park Avenue at Morris County raised $2,000 for the Community FoodBank of New Jersey TEXAS HOLD ‘EM! through a “Star Chef Cook Off.” The KBS’ Senior Vice President, Ken contest pitted Park Avenue’s own chef Robertson, hosted a dozen of Dallas’ top Kate Orlando (of corporate food service commercial real estate professionals at provider, Dartcor) against award-winning Ocean Prime restaurant for a five-star chef James Laird, who owns Restaurant dinner and a night of poker. KBS’ Dallas Serenade in Chatham. More than 50 office portfolio was on display as tenants attended the competition, and brokers from CBRE, CRESA, Jones enjoyed delicious lunch entrées. Park Lang LaSalle, Newmark Knight Frank, Avenue encompasses six trophy office Cushman & Wakefield, Robert Lynn, buildings totaling over 1.1 million square Lincoln Property Company and Colliers feet and is located in Florham Park, N.J. were in attendance.
300 NORTH LASALLE WINS ULI 2011 AWARD FOR EXCELLENCE One of the nation’s premier office properties, 300 North LaSalle in Chicago, has earned the Urban Land RENOVATIONS UNDERWAY KBS RENEWS CAREMARK Institute (ULI) 2011 Aw ard for Excel- AT TYSONS DULLES ON 149,856 SF LEASE lence in the Commercial category, Renovations at Tysons Dulles Plaza in KBS has renewed a 149,856 square-foot joining an elite roster of only four other McLean, Va., commenced in February lease with Caremark, Inc. at its 166,137 category winners worldwide. The 60- 2012. The renovation project includes a square foot Cumberland Business Center, story tower is situated on the north shore new electronic directory board, new five miles north of downtown Nashville, of the Chicago River and includes 1.3 finishes in the elevators, and an expansion Tenn. Caremark Inc., an affiliate of CVS million square feet of office space. KBS of the main building lobby (which will Caremark, has been a Cumberland acquired the LEED CS Gold certified undergo a complete facelift). Stay tuned Business Center tenant since 2005. property from Hines in 2010. for before and after pictures.
4 PREMIER OFFICE MAGAZINE leases signed included Asurion Insurance and Meeting Expectations.
“We attribute our strong lease-up to the capital investments we made to the property throughout the year, including upgrades to multiple common corridors and restrooms and the completion of move-in ready suites,” said KBS Senior Vice President and Asset Manager, Allen BROKERS IN DALLAS Aldridge. ENJOY SPA DAY KBS hosted a relaxing spa day at the Rosewood Crescent Hotel in Dallas to get the word out on the newly improved Providence Towers and McKinney Place office properties. Thirteen top brokers KBS ACQUIRES MET CENTER enjoyed a day of facials, massages and KBS recently acquired Met Center in East relaxation. All of the brokers were Rutherford, N.J., immediately opposite women in robes, so no pictures! Each MetLife Stadium, home of the NFL’s broker had a lot of fun and went home Giants and Jets. The 421,317 square foot with a Tory Burch makeup bag. 15-story trophy property is LEED Gold certified and offers shuttle service to Secaucus Junction, a major transfer station for trains to and from Manhattan. CONOCOPHILLIPS RENEWS 189,390 SF AT TWO WESTLAKE PARK Energy company, ConocoPhillips, recently renewed its lease of 189,390 square feet at Two Westlake Park, a 387,509 square foot, Class A office property in Houston’s dynamic Katy KBS RENEWS 321,627 SF Freeway/Energy Corridor submarket. BRIGHTPOINT AT PLAINFIELD The property offers tenants superior KBS recently renewed device lifecycle amenities and has been maintained to FLOWERS FOR YOU services company, Brightpoint North the highest standards. MY DEAR... America, for the entire building at the KBS sponsored a Valentine’s Day event 321,627 square foot Plainfield Business DULLES STATION HOSTS at Parkway Office Center (formerly Center in Indianapolis. The property is RONALD MCDONALD RUN Pacific Center) in Dallas. More than 60 located in the heart of Plainfield, the KBS co-hosted a Ronald McDonald brokers attended to see the recently premier and fastest growing submarket Charity 5K Walk/Run in March 2012. remodeled building signage, exterior for bulk industrial space in Indianapolis. Participants included tenants and the landscaping, building lobbies and spec brokerage community at Dulles Station, suites. The event featured a jazz trio ATLANTA’S PIEDMONT a high quality mixed-use park in the band, hors d’oeuvres, wine and beer. CENTER 5-8 REACHES 90 Washington, D.C. metro area. KBS Each broker received a complimentary PERCENT OCCUPANCY owns Dulles Station East I, a 186,734 dozen red roses, a box of chocolates and After signing more than 84,000 square square foot Class A office building cards for their significant others. The feet in leases in 2011, KBS has reached within the park. The six-story property feedback was extremely positive. “Gee, the 90-percent occupancy level at its features 33,000 square feet of highly sweetie, where did you get those lovely 505,113 square foot Piedmont Center 5- leasable space with a center-core design flowers?” 8 complex in North Atlanta. Recent on each floor.
PREMIER OFFICE MAGAZINE 5 RECENT KBS ACQUISITIONS
IRON POINT BUSINESS PARK LAS CIMAS IV Folsom, California Austin, Texas
Iron Point Business Park is a 211,056 square foot, Class A office Las Cimas IV is a Class A office building with views campus located in Folsom, Calif., in the greater Sacramento overlooking Lake Austin and the Central Business District. The office market. The campus includes two 1-story and two 2-story property is located in prestigious Southwest Austin, within the buildings built in 1999, and a 3-story building built in 2001. Las Cimas Office Park, at the high-profile intersection of Capital Iron Point Business Park is located directly across from Intel of Texas Highway and Bee Caves Road. This location provides Corporation’s Folsom campus, a seven-building complex excellent accessibility to the metro’s most heavily traveled totaling over 1.5 million square feet. The campus serves as one thoroughfares, and is fifteen miles from the Austin Bergstrom of Intel’s four major U.S. sites for more than 5,000 of Intel’s IT International Airport and eight miles from downtown Austin. employees. In addition, the property is located one mile west The property includes an attached parking garage, which is of a Kaiser Permanente medical building that includes an outpa- connected to the building via a covered walkway to the west tient surgery center. entrance.
Size...... 211,056 SF Size ...... 138,008 SF Class...... A Class ...... A Parking ...... 4.3/1,000 SF Parking...... 3.5/1,000 SF Market ...... Folsom Market ...... Southwest Austin
6 PREMIER OFFICE MAGAZINE WHAT DOES KBS LOOK FOR IN A PROPERTY?*
Institutional Ownership Institutionally-owned properties are often well capitalized and operated to higher standards. Location Location is critical in selecting a property. KBS looks at a property’s proximity to major thoroughfares, airports, desired housing and labor pools. Amenities Part of selecting a property at the right location is making sure there are amenities afforded by the property as well as the property’s immediate neighborhood. Modern Upgrades Whether it be conference rooms with the latest video confer- encing or lobby finishes that are up to date, KBS is always on the cutting edge with upgrades that will appeal to our tenants and their customers. Visibility and Access Not every tenant needs to be visible, but many of them do. Generally, KBS seeks out properties that are clearly visible and easy to drive to. Ample Parking CITYPLACE TOWER Oftentimes the availability of parking can be the one thing West Palm Beach, Florida that can make or break a lease agreement. That’s why KBS specifically targets properties that are peer set leaders in CityPlace Tower is a recently developed, Class A office tower terms of overall parking ratios. located in the West Palm Beach Central Business District. The property is part of CityPlace, an established mixed-use project Energy-Efficient Systems that offers a 474,000 square foot lifestyle center and 149,000 KBS has been a leader when it comes to rehabilitating square feet of restaurants. CityPlace Tower is also the only West existing properties with modern HVAC systems that can help Palm Beach office building built to hurricane code standards and to lower a tenant’s energy costs. has full back-up power for 14 days of continuous operation. The property is 18 stories tall, contains 295,933 square feet, and leads Safety and Security the market with a parking ratio of 2.94 spaces per 1,000 square KBS frequently works with tenants to install state-of-the-art feet. The property is approximately 2.5 miles from Palm Beach fire safety and security systems. KBS wants tenants to know Airport. that their assets are protected.
Size ...... 295,933 SF Attractive Surroundings Class ...... A Tenants typically want an environment that is comfortable Parking...... 2.94/1,000 SF and enjoyable in which to work. KBS specifically looks for Market...... West Palm Beach properties with attractive landscaping and areas where tenants can relax.
*While KBS is often known primarily for its core office acquisitions, KBS also carries a great deal of experience buying well-located properties that may require some value- enhancement to attract the best tenants in the market. A good example is KBS’ recent improvement of the iconic Providence Towers in Dallas. (See story on page 20)
PREMIER OFFICE MAGAZINE 7 TECHNOLOGY Cloud Computing 101
he use of the term “cloud computing” has grown tremen- dously in popularity during the past couple of years, Tattaching itself to all types of products and services that may not actually represent the true concept of the cloud. As a result, it is oftentimes difficult for consumers to distinguish between true cloud and not.
So what is the cloud?
My working definition of “cloud” is “applications delivered via the browser from a shared multi-tenant infrastructure.” These two elements are what drive the utility value of cloud Cloud computing means that information is stored on the cloud, technologies. This utility concept isn’t new. For example, before another word for the Internet, so that users may access their data the invention of modern power plants and electrical grids, every from virtually anywhere with an Internet connection. Cloud factory had its own source of energy. Many factories were built computing does not require on-premises hardware, and near natural sources of power, like rivers. Energy and electricity upgrades are completed by the provider. This means less work created competitive advantages that other companies faced as for the IT department and fewer restrictions for the user. barriers to entry. One myth of cloud computing is that information is not secure. Many organizations find that data is actually safer in the cloud Cloud computing means that than it is in on-premises systems that are subject to fires, floods, theft and other natural disasters. Cloud services like Google information is stored on the Apps ensure that your data is safe and compliant with measure- ments such as the Sarbanes-Oxley Act and SAS70 Type II and cloud, another word for the FISMA certifications. Internet. Cloud computing is infinitely scalable, reliable, and affordable As technology evolved, people started to realize that when done because information is not hosted in any one place, but in a properly on a large scale, electricity was more reliable and number of different places throughout the world and in the cheaper to produce in large power plants. It evolved into a utility “cloud.” service that everyone, large and small, had ready access to. We are seeing cloud computing have a similar impact on companies DAVID HOFF in the information technology space. Business of all sizes now is a co-founder and senior vice president of have access to world-class enterprise applications with little to technology at Cloud Sherpas, a tenant at no cost or skill barrier to entry. KBS-owned Piedmont Center in Atlanta. David is responsible for emerging When something is designed, built, and managed on a massive technologies, overseeing customer support, scale, dramatic economic advantages are realized. This is one and internal operations. If your organization of the most fundamental details that gets overlooked with cloud- would like to learn more about cloud based solutions. Often, people try to scale up previous-gener- computing, please contact Cloud Sherpas at ation technology, deliver it via the browser, and call it cloud. 888.260.7660 or visit its website at The result doesn’t provide the economies of scale in terms of www.cloudsherpas.com. increased usability, reliability and reduced administration costs that are expected.
8 PREMIER OFFICE MAGAZINE ACING OUR GAME
(0%4MTIVLEWLERHPIHQER]SJXLIQSWXGSQTPI\LMKLTVS½PIVIEPIWXEXI XVERWEGXMSRWMRXLIREXMSRChambers USA recognized us as the top US Real Estate TVEGXMGI[MXLMXW%[EVHJSV)\GIPPIRGI;I´ZIFYMPXSYVVITYXEXMSRF]JSGYWMRK SRUYEPMX]IJ½GMIRG]I\GIPPIRGIERHI\GIIHMRKGPMIRXI\TIGXEXMSRW ;LIRMXQEXXIVWXSSYVGPMIRXWMXQEXXIVWXSYW
[[[HPETMTIVGSQ | DLA Piper LLP (US)
Robert Bergdolt, 4141 Parklake Avenue, Suite 300, Raleigh, NC 27612 | Jay Epstien, 500 8th Street, NW, Washington, DC 20004 DLA Piper is an international legal practice including DLA Piper LLP (US)ERHMXWEJ½PMEXIHIRXMXMIW`%XXSVRI]%HZIVXMWMRK Streamlining the Leasing Process
uilding and managing a business informative, solution-oriented manner, Start to finish, simple in today’s busy world is a full- sets the stage for sound decision to complex, tenant Btime job, though changing office making. Honing in on the right choice space should not be. Tenants want to for a tenant is both art and science. needs must be met make well-informed leasing decisions quickly, go through as seamless of a Selecting the right space is only one every step of the way. process as possible and get straight back challenge of overseeing a growing to running their business. business. Tenants benefit from a landlord who can simplify the process As one of the nation’s largest property and has the financial backing to stand owners, KBS Realty Advisors under- behind their commitments, ultimately stands the critical importance of making their space decisions easier and meeting tenant needs and making them less risky. feel comfortable through every stage of the leasing process. When we think about a potential tenant, we are always looking at ways to make KBS the path of least resistance. Every- 1 SELECTING THE SPACE thing from showing the space, space Finding the right office space in the planning or documenting the lease. The right location with the right amenities talented team of experts we have in our begins with having good options, and an organization, expedites this process. As owner who listens. an example, instead of a week or more to prepare a lease for a new tenant, we When meeting with a new tenant can turn a lease within 24 hours. prospect, KBS begins with an Generally speaking, that’s unheard of. assessment of the tenant’s current needs and their long-term growth goals. SPACE PLANNING Options are presented that meet the 2 tenant’s needs and budget, followed by KBS initiates the space planning process a personal tour of each space. The during the same time and along a ability for tenants to see the features of parallel path as the contract negotiation. various office space options in an Getting started on space planning early
10 PREMIER OFFICE MAGAZINE LEASING stages EXPANSION needs TENANT construction MOVING in SELECTING SELECTING space the SPACE planning CONTRACT negotiation CONTINUING relationship TECHNOLOGY PROPERTY management CONTINUING relationship 1234 56789
can greatly assist the tenant in making the CONTRACT NEGOTIATION right decision — even if it means 3 KBS takes pride in deciding not to lease the space at all. These two words can make tenants shudder. Often the most dreaded part of the quality of its KBS offers space planning to all of its the leasing process, KBS makes negoti- tenant prospects, with the goal to “right ating a contract as painless and stress-free buildings and works size” their space. KBS typically hires an as possible. KBS believes the lease to make sure that architect and incurs the cost of a “test fit” negotiation lays the groundwork for the space plan that the tenant can use or give relationship the tenant and owner will each space is to their own architect for further modifi- share for the term of the lease, and cations. KBS strives to be flexible, and hopefully many years to come. finished to the high never requires a prospective tenant to use a certain architect. Experience and a long-term perspective standards tenants are keys to a successful lease negotiation, One of our standards as a landlord is but flexibility is essential. For example, have come to never to make a prospective tenant feel if tenants want lease agreements on their compelled to take more space than they forms, KBS will probably do it. expect. need — but also not to recommend space that does not accommodate future 4 TENANT CONSTRUCTION KBS takes pride in the quality of its growth. There is a fine line between too buildings and works to make sure that much space and not enough space, and After the upgrades to the space and each space is completed to the high striking the right balance can be the key additional needs of the tenant have been standards tenants have come to expect. to a long-term relationship with the identified, KBS manages construction on Industry-standard construction materials, tenant. the new space while keeping the tenant quality workmanship and a thorough informed at every step. punch-list procedure all contribute to successful delivery of the tenant’s space, within budget and on time.
The interior finish of the space is something a company will live with throughout its lease. KBS wants that experience to be positive.
5 TECHNOLOGY Moving into new space often gives companies the opportunity to upgrade their information technology systems. KBS works with tenants on a broad range of technology needs, including intra-office communications, external communica- CONTINUED ON PAGE 12
PREMIER OFFICE MAGAZINE 11 Streamlining
continued from page 11 tions, presentation-ready conference rooms and industry-specific IT demands. KBS ensures tenants have access to everything they need to stay at the forefront of technology in a competitive business world.
6 MOVING IN The last thing tenants should worry about on moving day is the readiness of their space. KBS utilizes experienced building engineers and property managers to orchestrate the delivery of turnkey space, on time. When the movers arrive, KBS is ready, knowing full well that delays cost tenants in time, money and aggravation. KBS understands that business doesn’t stop just because the physical location of a company is in transit.
7 EXPANSION NEEDS KBS is very involved in working with tenants to build out their spaces for maximum impact, Outgrowing one’s office space can be a as seen in this recent tenant build out at Park Avenue at Morris County, a 1.1 million square good problem. KBS understands that as foot office property in Florham Park, N.J. companies succeed and grow, their office space needs change. This is where a Maintenance needs within the suite are needs of the tenant and repeat the search flexible landlord with a long-term view on addressed quickly and efficiently so for a new space with the same attention to the tenant relationship is most welcome. tenants can continue working with detail as when the first search began. KBS is an advocate, not a roadblock, in minimal loss of time. Should a tenant decide to remain in their lease renegotiations, and takes the same space, the renewal process can be as win-win approach to expansions that it simple as executing an extension of the does to new leases. The quality of lease agreement. KBS views every lease property renewal as a privilege and an opportunity 8 PROPERTY MANAGEMENT to continue delivering extraordinary management service to the tenant. The quality of property management impacts a tenant’s experience long after impacts a tenant’s The leasing process can be simplified with the novelty of new space wanes. KBS an owner that is flexible, experienced and works with the best property management experience long after values each tenant relationship. KBS service providers in each market. listens, guiding prospective tenants the novelty of new through every step in order to deliver Providing a professional work environment space wanes. functional office space solutions. is integral to successful business operations and any notion of a long-term relationship BRENT CARROLL between tenant and owner. Whenever CONTINUING RELATIONSHIP is a senior vice president tenants need property management assis- 9 and as s et m anager for tance regarding their office space, KBS and KBS makes the lease-renewal process KBS, overs eeing a the property manager are there to help. easy and efficient, believing that business portfolio of 2.3 million should never be interrupted while lease square feet in the southwest United States. Operations of the building should never be terms are revisited. If a tenant wants to obtrusive to the business of the tenant. move into new space, KBS will review the Contact: [email protected]
12 PREMIER OFFICE MAGAZINE Size + Strength
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When he asked what business I was in, I told him I was in the relationship business. It couldn’t be more true. Building new relationships goes well beyond getting to know the tenant’s representative. We want to know the potential Even though I manage a large portfolio of real estate assets, tenant. For new tenant prospects, we pull out the stops by relationships permeate every aspect of my job and those who making sure critical team players are at the property showings, work for our company. If it were not for well-forged relation- including everyone from property management and building ships, KBS undoubtedly would not even be on the map as a engineers to the mayor of the city if necessary. I personally am recognized national landlord. on hand for many of our tours so that the potential tenant can get to know me as the representative of the owner, and that we are very interested in the tenant’s business. It’s amazing how The front line is property management. We know our property some owners will send the “keeper of the keys” to tour an managers, concierge, and other property-level staff are doing a important potential tenant — we are the polar opposite. good job when they know the tenants — when they see them and speak to them in the common areas of the building. This One example I recall recently was a potential large lease with a relationship is cultivated every day by being there for the Fortune 500 company. We knew the company was having trouble tenants. Positive attitude is key. Having the big picture in mind with its existing landlord, and the deal was on and off again. We in terms of always thinking about the tenant as a customer is also knew we were the second choice. Nevertheless, we made the critical. We never forget that there is a physical element to our decision to draft leases and assist with investigating municipal product, but that practically speaking, each day we are in the incentives on a parallel path. It required KBS to risk some capital, service business. but in the end we created the path of least resistance. During one of the “off-again” moments with its landlord, the company In the commercial real estate business, tenants know if you are decided to pick our building. We made it easy by reducing real faking it. Trying to pour on the service and “renew” a and perceived barriers. More importantly, we came across as a relationship with a tenant evey time their lease is about to expire landlord that wants to build a relationship with the tenant. That ... that's a losing battle. Relationships need to be cultivated every was a key in winning the deal. day. When a tenant calls with a problem or a need, to us it’s an opportunity to further strengthen that relationship. The fruit that comes from relationship-building need not benefit only the landlord or the brokers. Tenants can leverage those relationships too. When it comes to lease renewals, often those Tenants know if you are tenants that have built great relationships with their landlord faking it. find it much easier to negotiate terms that benefit their opera- tions. When I stop to consider the tenants we have consistently For new or renewing tenants, we invest a lot of time up front renewed, you’ll find that the lease agreement is merely a getting to know active tenant-rep brokers. When a tenant repre- byproduct of a great relationship. sentative is bringing a client through one of our buildings, we have already reached out to that professional and spent time KEN ROBERTSON understanding his or her business and approach in representing is a senior vice president and asset manager clients. We also develop a good level of trust and strive to under- for KBS Realty Advisors. Ken is responsible stand his or her working style, which makes the process a lot for the management of over 4.2 million easier and more efficient. It's a fast-paced business and KBS square feet of office and industrial space in seeks to make our relationship-building process fun by initiating Dallas and Austin, Texas. He has been a lot of broker events so that we can build a rapport with the involved in building relationships in the real estate business for over 20 years. folks we work with throughout the process. Contact: [email protected]
14 PREMIER OFFICE MAGAZINE
TENANT PROFILE The Regus Group You can open an office in New York one day, and the next day if you want an office in Los Angeles or London, it can be done. Regus has created an entirely new niche for workplace expansion.
ne of KBS’ fastest growing and With this goal in mind, he launched these companies are reducing their fixed most innovative tenants is The Regus in 1989 with a single business costs, increasing employee productivity, ORegus Group, the world’s largest centre in Brussels. Demand grew rapidly and allowing greater focus on their core provider of flexible workplaces, with and within a few years Regus had estab- business. over 900,000 customers a day benefiting lished a global network of fully from the company’s 1,200 different equipped, furnished and staffed offices The company’s products and services locations. KBS is pleased to call Regus that businesses could use on flexible range from fully equipped and staffed a tenant at five of its premier office terms to meet their unique needs. The offices to professional meeting rooms, properties across the United States. first offices in China and Latin America business lounges and the world’s largest were opened in 1994. network of video communication Regus works with customers from one- studios. person start-up entrepreneurs to large Regus moved into the United States in global companies like Google and Nokia. 1998, and subsequently made two One Regus service that has seen crucial acquisitions — Stratis in 2001, unprecedented demand recently is the British entrepreneur Mark Dixon was followed in 2004 by HQ Global Virtual Office program. inspired to start Regus during a business Workplaces, then the leading operator of trip to Brussels, Belgium, where he business centers in the United States. A virtual office allows a business to have noticed how many business people were Another significant development was the a professional image at a premier forced to work from hotels for lack of a launch in 2005 of Businessworld, a card- address at a fraction of the cost of more professional environment. He based system allowing users to occupy occupying an office. Calls can be concluded that there must be a better Regus workspace or use Regus services answered, mail forwarded, and when a way to work on the road and at home. as and when they needed. business person needs to meet clients, he Dixon’s vision was to transform the way or she can easily reserve an office or companies managed their global real Today, more than half of the Fortune meeting room. It is great for small and estate needs by having them outsource 500, along with thousands of small and home-based businesses or for those their office space requirements to a medium-sized companies, work with or looking for a risk-free way of expanding service provider. from a Regus workplace. In the process into a new market.
The reception area of a typical Regus workplace. A new way to work – Regus’ newest co-working area.
Another hot product is the Businessworld and as their company grows they upgrade The Regus model is Card, a membership program that gives to a bigger office. If a business is based in all about flexibility. individuals access to 1,200 Regus New York but they want a presence in Los locations worldwide. For less than what Angeles or London, they can leverage our Regus allows people spend a day on coffee, a business network to quickly, easily and affordably person can have access to state-of-the-art expand into a new market.” professionals to work business lounges that provide a profes- sional environment to do work while The Regus model is all about flexibility. where, when and how traveling. Regus allows professionals to work where, they want. when and how they want. Businesses are Regus enables people to work their way, looking to cut overhead expenses while whether it’s from home, on the road or increasing productivity. Regus can often from an office. Customers such as be a good alternative to a long-term lease. Google, GlaxoSmithKline, and Nokia With Regus, a company can have as much join hundreds of thousands of growing or as little space as they need. A business small and medium businesses that benefit can choose the location that works for from outsourcing their office and them, set the terms and can take advantage workplace needs to Regus, allowing them of on-demand business services. It is an to focus on their core activities. effective way to run a business.
Regus has more than 1,200 locations in 95 KBS’ portfolio is filled with well- countries, and this network is growing designed, well-constructed buildings in every year due to the rising demand for strategic locations beneficial to Regus and flexible workplaces. Regus plans to nearly their clients. “KBS consistently provides double its footprint in the United States us with a great level of professional over the next few years. Currently, Regus service,” commented Berretta. When we has nearly 450 locations in the United branch out into a new location, we need States and employs 6,000 individuals to know that the owner of the property is globally. The company’s North American going to take care of the building and headquarters is in Dallas and its global provide the same level of service that we headquarters is in Luxembourg. More than provide to our clientele — that’s why we 900,000 business people a day use Regus. choose to work with KBS.”
So how easy is it for an entrepreneur to “KBS has been very pleased to have forged get started in a Regus suite? a relationship with Regus,” commented KBS Regional President, Rodney “A company can call us today and start Richerson. “The quality of the assets we running their business from Regus are acquiring fits right in with the premier tomorrow,” says Vice President of locations Regus desires for the expansion Business Development, Michael Berretta. of its operations. We look forward to an “Some of our clients start with one office, ongoing partnership with Regus.”
PREMIER OFFICE MAGAZINE 17 World Class Servi
KBS directs more FEATURED PROPERTY FEATURED PROPERTY Ridgewood Corp. Parkside Tower than 53 million square 240,588 SF 190,415 SF feet nationwide. Seattle KBS Realty Advisors and its affiliate, KBS Capital Advisors, combine to Portland represent one of the nation’s largest and most respected owner/operators of commercial property. KBS services thousands of office, industrial, R&D FEATURED PROPERTY One Main Place and retail tenants across the United 315,133 SF States. As a result, clients can leverage KBS’ national platform to secure space in key markets across the country.
KBS is a well-funded operator with the necessary capital to maintain and Salt Lake City Sacramento operate its buildings to the highest standards. Servicing tenants is a top Denver priority. KBS wants its tenants to FEATURED PROPERTY San Francisco succeed, because when they succeed, 55 Francisco their businesses grow. When tenants’ 143,291 SF businesses grow, they expand their space. Los Angeles KBS is in the business of growing businesses! Newport Beach San Diego Phoenix
FEATURED PROPERTY Union Bank Plaza Target Market 627,334 SF
KBS Regional Office
KBS STATS as of December 31, 2011
Current Number of Properties Owned...... 1,009 FEATURED PROPERTY FEATURED PROPERTY FEATURED PROPERTY Current Square Feet Owned ...... 53,207,984 SF Fountainhead Providence Towers Domain Gateway 439,070 SF 510,528 SF 173,962 SF Approximate Total Number of Tenants Serviced Nationwide...... 3,400
18 vice ... Wherever You Are!
FEATURED PROPERTY FEATURED PROPERTY FEATURED PROPERTY FEATURED PROPERTY FEATURED PROPERTY Granite Tower 601 Tower at Carlson 300 N. LaSalle Pierre LaClede Ctr. One Research Dr. 561,691 SF 288,458 SF 1,302,901 SF 579,846 SF 283,797 SF
FEATURED PROPERTY 619 W. 54th St. Minneapolis / Boston 304,807 SF St. Paul
New York Northern New Jersey Chicago Pittsburg Philadelphia
Washington, D.C. FEATURED PROPERTY Park Avenue St. Louis 1,140,971 SF Louisville
Raleigh Nashville Charlotte
Atlanta
FEATURED PROPERTY Crescent Green Dallas 248,823 SF
Austin Houston San Antonio Tampa W. Palm Beach Ft. Lauderdale Miami FEATURED PROPERTY FEATURED PROPERTY FEATURED PROPERTY FEATURED PROPERTY FEATURED PROPERTY FEATURED PROPERTY City View Two Westlake Park National City Tower Sabal VI CityPlace Tower Piedmont Center 217,123 SF 387,509 SF 723,300 SF 97,527 SF 295,933 SF 505,113 SF CASE STUDY: Re-Imaging a Signature Dallas Office Property
ost who have driven Dallas’ best-in-class amenities, and an envious North Tollway immediately tenant roster — major entry points to the Mrecognize Providence Towers’ building, such as the grand lobbies and large structure and iconic archway. The parking structure access elevators, exterior stands strong against the lacked the prestige of the rest of the backdrop of a burgeoning business property. Dated design and dark district. Despite being 25 years old, the materials had begun to age the property. 510,529 square foot signature Dallas property has maintained a timeless appeal among younger properties. Major entry points Throughout the years, the property has to the building... had no problem attracting an elite roster of tenants, including Fluor Enterprises, lacked prestige. Hilton Hotels, Morgan Stanley and global petroleum consulting firm, “When you buy a jewel like this, you DeGolyer & MacNaughton. have to be prepared to take care of it,” commented KBS Senior Vice President However, despite the Class A property’s Ken Robertson, who oversees more than many selling points — a stellar location, four million square feet of KBS-owned
The $2.5 million renovation includes the brightening of tower lobbies with imported Turkish and Brazilian marble, dramatic lighting, and rich furnishings as illustrated in this conceptual rendering of the property’s new lobby.
20 PREMIER OFFICE MAGAZINE “...There was a psychological aspect to this property that we also wanted to address...” properties in Dallas and Austin. “This to be unveiled in early 2012, will feature The customized campaign, coupled with was a very exciting challenge for me custom chandeliers that call out the the renovation, has led to a surge in given the landmark nature of this iconic arches; theatrical lighting to inquiries and signed lease agreements. property.” highlight the best architectural details; “This is a great testament to the value light colored Turkish marble to KBS has generated in Providence Assembling a team of notables in complement the existing granite; and Towers with its commitment to the leasing, management, design and rich furnishings made from fine wood, property and a best-in-class tenant marketing, Robertson began an leather and glass. experience,” said Transwestern’s Kim extensive campaign to change percep- Brooks, leasing agent for the property. tions of the property in the market. A Improvements to the property’s appeal $2.5 million renovation was engineered went beyond mere physical improve- Among the new and renewing leases are to create an updated, welcoming entry ments. “There was a psychological Confidence Music, The Hay Group, and and gathering spaces for tenants with an aspect to this property that we also Custom Staffing, Inc. Additionally, one eye towards brightening up dark and wanted to address,” commented of the largest newly signed leases was somewhat dated common areas. The Robertson. “When you walk into a five- Transwestern, which makes Providence renovation also placed significant focus star hotel, you are greeted by a concierge Towers its regional headquarters. They on the parking garage. whose sole focus is helping you. That join other prominent Providence Towers ‘hospitality mindset’ is exactly what we tenants such as Morgan Stanley, Time want at Providence Towers. As such, we Warner Cable, Sen. John Cornyn and are employing 24/7 concierges in both DeGolyer & MacNaughton. lobbies who are there not just for security, but also to greet tenants and “We’re thrilled to see the results from our visitors every day. They provide a face decision to renew this iconic property to the building. We are also considering and make it even more attractive to the other ‘perks’ that would enhance the modern Dallas business professional,” upscale nature of this property including said Robertson. “Providence Towers is a tenant lounge and even a putting green. already a timeless Dallas landmark — These are in addition to many great This rendering shows how the new elevator we just made it better.” vestibules will look as accessed from the amenities already at the property.” property’s parking garage. The customized Providence Towers “One nice thing about this building is Dallas, Texas that 100 percent of the parking is campaign, coupled covered, subterranean parking, and all of the visitor parking is on the top level,” with the renovation, said Robertson. “We focused a lot of has led to a surge in dollars on creating an elevated ‘garage’ experience with new painting, new leasing activity. elevator vestibules, improved lighting To generate buzz in the region about the and directional signage and even changes happening at the property, KBS including plants in the garage. Now, partnered with Idea Hall, a full-service when you drive into the Providence public relations, advertising and Towers parking garage, you will feel like marketing agency specializing in real you have already arrived at an upscale estate. The partnership has produced a building.” fully developed marketing campaign designed to change perceptions of the KBS enlisted Dallas-based Entos property, instill the KBS vision among Design to create the vision for the brokers and tenants, and to ultimately property’s re-imagined grand lobby. catalyze leasing. Idea Hall developed a Under the guidance of KBS, Entos property website, a property brochure, developed the welcoming space with the and an email campaign, and has landed professional luxury that the grandeur of feature coverage of the property in the building requires. The new lobbies, multiple publications.
PREMIER OFFICE MAGAZINE 21 TENANT PROFILE Kirkland & Ellis LLP One of the nation’s preeminent law firms in the nation’s premier office property.
ith a history that spans more than 100 years, Kirkland & WEllis is one of the most sought- after law firms in the country. The firm is also one of KBS’ premier tenants, anchoring the newest crown jewel of Chicago’s financial district, 300 North LaSalle. Kirkland & Ellis occupies nearly 700,000 square feet of space (26 stories) at the prestigious 60-story tower situated on the north bank of the Chicago River.
Kirkland & Ellis was a driving force behind the development of the 1.3 million square foot tower, which continues an extraordinary tradition of Chicago archi- tecture and is one of the largest high-rise structures in the city. The property was The Kirkland & Ellis lobby at 300 North LaSalle. designed by renowned architectural firm, Pickard Chilton and developed by Hines in 2009. KBS acquired 300 North LaSalle in July of 2010. lawyer, Weymouth Kirkland, launched Other brilliant lawyers have joined the the firm initially to assist Chicago team over the years, and today the firm When KBS acquired the building from Tribune Publisher, Robert R. McCormick has more than 3,300 partners and Hines, it was one of the largest real estate with a flood of defamation cases as a employees, with 10 offices worldwide. transactions in recent years. “Without result of the outspoken editorial policy of question, one of the key factors that led the newspaper. During the course of his Kirkland & Ellis’ primary areas of us to acquire this prized property was the career, Kirkland attracted some of the practice are litigation, corporate and tax, commitment that Kirkland & Ellis has firm’s largest clients, as well as his intellectual property and restructuring. made to this location,” commented KBS partner, Howard Ellis who joined the firm Additionally, the firm has long been Senior VP, Mark Brecheen. as a junior associate in 1915. Kirkland recognized for its track record handling and Ellis formed an unbeatable team, complex private equity transactions Kirkland & Ellis is one of the most recog- with Ellis assisting Kirkland in many of including corporate mergers and acqui- nized names in the Chicago business his most famous trials. They made legal sitions. The firm also recently launched scene and in the legal field as a whole. strides when Ellis pioneered the defense a full-service transactional law practice The firm found its beginnings in 1909. of fair comment, which is today a basic in Hong Kong, complementing its The founding partner, first-class trial right of free speech. existing presence in Shanghai.
One of the key factors that led KBS to acquire 300 North LaSalle was the commitment that Kirkland & Ellis has made to this property.
22 PREMIER OFFICE MAGAZINE Since 2009, when Kirkland & Ellis took occupancy at 300 North LaSalle, the firm has hired more than 225 attorneys across all practice areas and offices.
Kirkland & Ellis’ principal goals include Kirkland’s site at the edge of the CBD and the following: along the Chicago River gave the firm a unique and picturesque location for its • to provide the highest quality legal services available anywhere; headquarters. The 300 North LaSalle property provides excellent access to • to be an instrumental part of each public transportation, but is set apart from client’s success; and other buildings, thereby providing unlimited views of the city and substantial • to recruit, retain and advance the natural light into the space, which was one brightest legal talent. of Kirkland’s critical design elements. The firm seeks long-term, partnering Kirkland’s interior design and build was relationships with clients, to the end of certified at the LEED Silver level. providing the best total solution to the client’s legal needs. “Being a new building, our team was able to design the property to fit our Since 2009, when Kirkland & Ellis took needs for infrastructure, technology, occupancy at 300 North LaSalle, the firm energy savings and a safe and secure has hired more than 225 attorneys across all environment for our employees,” practice areas and offices, and has received commented Executive Director, Douglas accolades from many reputable, well- O. McLemore. “We have had a very respected publications, including The positive experience working with both American Lawyer, Financial Times, The Hines as a developer/property manager National Law Journal and from highly- and now KBS as one of the nation’s most regarded publisher Chambers & Partners. respected landlords.”
Office with a view! The team at Kirkland & Ellis was personally involved with the design of their space at 300 North LaSalle in Chicago. Designing for Millennials Generational and ethnic diversity is forever changing the workplace — and the way we work.
or the first time in history, four Four different generations also means on the nation’s workplace continues to generations are working side by four different work perspectives, swell as the Boomers retire. Specifically, Fside in the same office. The result ambitions and motivations based on their unique workspace requirements are is a level of diversity that — when diverse sets of core values and life proving influential upon companies’ combined with the cultural, economic experiences. Each generation — Tradi- efforts to recruit the best and brightest and technological differences between tionals (born between 1925-1945), Baby candidates. generations — is radically reshaping the Boomers (1946-1964), Generation X way, and the places where we work. (1965-1977) and Millennials (1978- WHO ARE MILLENNIALS? These factors are not only relevant to 1998) — also has a different, if not WHAT DO THEY WANT IN AN sociologists and productivity experts, but conflicting, effect on the culture of their OFFICE? also office designers tasked with workplace. And while the Millennials The Millennial generation is ethnically creating the next great workspace of the (100 million strong), rank behind Baby diverse; one in four has a foreign-born future. Boomers in sheer numbers, their impact parent. Frequently, Millennials are referred to as the Helicopter Generation because their Boomer parents are always hovering nearby. They are characteristi- cally optimistic, civic-minded and environmentally aware. Because their typically informal, egalitarian-minded parents have engaged them as adults during their lives, Millennials are social, confident in their opinions, and not afraid to share them. They also are technologically adept — in fact, these technology natives engage an electronic platform for almost everything they do, multitasking with ease and fluidity.
Beyond the experiences of their lifetimes — 9/11, the wars in Iraq and Afghanistan, and the explosion of technology as a primary means of discovery, process and delivery — Millennials have had a decidedly
24 PREMIER OFFICE MAGAZINE different educational experience. In contrast to their Traditional and Baby Boomer predecessors (who were encouraged to do their best thinking and work alone), Millennials have been taught to value collaboration, group problem-solving and team-building. These values are reinforced through interactive teaching, mixed media and other non-traditional methods. Certain teaching philosophies, such as the inquiry-guided and learner-centered models, challenge students to learn outside of class, and to subsequently apply their individual learning by engaging in teacher-led discussion in a The work bar shown above is a great example of how space can be designed to larger group format. allow natural interaction and a healthier work environment. Not surprisingly, these formative experi- ences contribute to Millennials’ expec- tations that their work environments will allow them the space for similarly In the “Design for Living Survey” by Collaborative spaces shouldn’t only be collaborative interaction, not only with Autodesk, 82 percent of Millennials say “designated” spaces within an office. fellow Millennials, but with other gener- that the prospect of working in a beauti- Organizing workspaces to allow for ations as well. fully-designed building would favorably natural interaction makes the desired influence their decision to accept a job. behavior more of an everyday occur- THE ROLE OF DESIGN The survey also found that close to rence; lower panel heights, open Design has been democratized over the three-quarters (74 percent) of Millen- workspace edges, easy-to-access teaming past two decades in the United States. nials are happier, 64 percent are more tables and visual transparency go a long Consumers who go to Target for a roll of motivated and 31 percent are more way toward initiating social integration. paper towels are leaving with a spatula efficient in a well-designed workspace. designed by Michael Graves, a skirt Studies being conducted on flexible from Missoni and desk accessories by Daniel Pink, in his book, A Whole New workspace environments show that Todd Oldham. Design has become a Mind, states that companies that invest proximity breeds opportunity. Simply primary differentiating factor for Millen- in design, experience four times the putting people near one another, without nials. They have come to expect a certain return over those that don’t — an axiom walls, causes them to find ways to work level of design which encompasses not that Apple and others have exemplified together. New York workspace research- only the way something looks, but how for years. It’s no different for workplace ers discovered that 65 percent of space it is used. They also place a higher level design, where a company’s assets are its users were participating together on of importance on design in workplace human workforce. The most successful completely new ventures after just six satisfaction surveys, compared to companies incorporate a central, design- months. This behavior was fostered preceding generations. focused organizational idea from the solely by being in an open work start, and then weave it through their environment and the resulting oppor- products, workspace and company tunity for relationship-building. 82 percent of culture. Design becomes the foundation for everything that follows. Because Millennials have been Millennials say that the groomed by their parental relationships, prospect of working in THINK OF RELATIONSHIPS they benefit from, and seek, mentoring Einstein had it right: “Play is the highest relationships at work. Baby Boomers, a beautifully designed form of research.” Creating spaces on the other hand, grew up with less (formal or informal) where people can formal hierarchy and do not always building would collaborate, increases the likelihood that recognize their role as mentors. With interaction will happen; which leverages training, Boomers can foster a culture favorably influence learning opportunities and produces of teaching by guiding Millennials innovative solutions. This is the new through difficult situations, and helping their decision to business imperative, and a variety of them develop professional skills to new spaces are needed to support these chart a meaningful career path. Since accept a job. connections. CONTINUED ON PAGE 35
PREMIER OFFICE MAGAZINE 25 MODERN OFFICE
The conference room at KBS corporate headquarters features a flat panel display that doubles as a TV or a large computer screen for making plug-and-play presentations. All the devices are operated from a convenient wall-mounted control panel. Virtually all wires are hidden. The conference room also features clear glass walls, a trend many companies are following today to convey an attitude of transparency to their clients. New Conference Room Tools and Trends
lectronic whiteboards, high-definition video conferencing the image that is projected on the screen and actually touch, and a global trend towards increased levels of transparency. write over and interact with the image. The computer’s desktop EThese are just a few of the trends we are seeing in the is projected onto the board's surface, where users control the design and functionality of the modern office conference room. application using a pen, finger, stylus, or other device. Some whiteboard technologies can also make use of an audience As one of the nation’s largest office property owners, KBS response system whereby the presenter can capture feedback interacts with almost every type of business imaginable. We see from the audience on the whiteboard. The interactive white- conference rooms that range from the traditional boardroom board is typically mounted to a wall or floor stand. design to new innovative rooms that feature round tables and the latest in audio/video enhancements. The following are just Some companies take it to the next level and get rid of the a few of the trends I have noticed in modern conference room projector altogether, thus eliminating the “shadow effect.” These design and functionality: companies are opting for what is known as a “smart screen,” which is essentially a extra large LCD computer screen that is completely touchable, with no shadows from a projected image. 1 WHITEBOARDS AND SMARTBOARDS SMART Board® interactive whiteboards have been a big hit in Smart screens and interactive whiteboards can be a very recent years in schools around the country and are now functional tool where group collaboration is essential. For migrating in increasing numbers into the corporate world. An example, imagine a meeting where project team members gather interactive whiteboard (IWB) can take two forms. For around the SMART Board and all interact with the digital content companies that already have a good digital projector (often displayed on the screen. Team members can talk about the mounted on the ceiling), the whiteboard provides a way to take project and write notes directly on the board. This working
26 PREMIER OFFICE MAGAZINE document, with all the notes The other trend I’ve seen for a few years now is that companies and scribbles, can be saved and are building a small compartment (with an attractive hinged lid) emailed out to the various that is built into the very center of the conference room table. This participants. It helps improve little cubbyhole contains a multiple receptacle electrical outlet as the effectiveness of meetings, well as multiple ports for Internet connections. It still involves reduces the amount of time wires, but at least those wires are all going into one central location team members spend in the middle of the table instead of wires having to run over the transcribing and compiling edge of the table and down to outlets on the floor. notes, and helps to gain consensus easily. 5 ERGONOMICS AND TRANSPARENCY 2 MULTI-PURPOSING Ergonomics play a big part of modern conference room design. © SMART Technologies In fact, many architects will argue that design of the conference Today’s conference rooms are room has the power to dictate mindset. Probably the biggest increasingly becoming multi- trend I’ve noticed is that of clear glass, not just in conference purpose rooms as companies rooms, but also for cubicles and executive offices. We are in an look for new ways to make their age where companies want to convey transparency to their office space more functional, clients. Having transparent walls helps convey the notion that while at the same time, cutting there are no “secretive” meetings — it’s all out in the open. At costs. Today we are seeing a lot KBS headquarters, that’s how all of our large conference rooms more outsourcing of people in are designed. remote locations. This dynamic has made the conference room more important than ever. Rather Wall décor and seating are also big issues for many firms than just used for executive board meetings, we are seeing looking to impress their clients and also keep their employees conference rooms used for small meetings, training and a place attentive during those quarterly board meetings. Many to temporarily locate outsourced talent. companies have transitioned away from the dark boardroom look to more inviting table configurations and lighter wall decor. HD VIDEO CONFERENCING Conference room chairs are also a big consideration for some 3 firms. A soft plush chair might be comfortable … and it could Video conferencing technology has been around since the 1970s, be too comfortable, putting an attendee to sleep. Companies like but it’s still evolving. For those companies that can afford larger Herman Miller and Humanscale are on the cutting edge of new bandwidths, there are some exciting new trends such as high- chair designs. definition flat-panel screens coupled with discrete cameras and modems that can capture unprecedented video conference I’ve only touched on a few of the trends we are seeing in today’s picture quality. Some companies today are even hosting 3-D modern conference room. There are other aspects such as video conferences where the speaker shows up from his podium lighting, sound and even air quality that can play into the halfway around the world ... as a holographic image. Remember decision to create a productive conference room experience. Star Wars? One of the leaders in the development of this Most of the new trends can be summed up in one word: “inter- technology is Musion Systems Ltd., a London-based firm that action.” Companies want their employees not to just be peas in works with licensee partners worldwide. a pod, but to be ants on a hill — always working, always inter- acting and always visible instead of locked away in a dark cubicle or a dreary conference room. 4 GONE WITH THE WIRES Have you ever been part of a planning session in a conference MIKE PETERSON room with 10 other employees? Everyone brings his or her laptop; oversees all IT and facilities for KBS a big projector sits in the middle of the table and then the telecon- Companies with headquarters in Newport ferencing pod … where does that go? Pretty soon you have so Beach, Calif., and five regional offices many wires and cords traversing the table that there’s nowhere to nationwide. KBS manages over 53 million set a notepad, much less that much-needed cup of coffee. In square feet of commercial real estate today’s modern conference room, designers have found ways to nationwide. reduce or hide the ugly wires, thus making for a “clutter-free” meeting. One technology that I really like, and I have incorporated Contact: [email protected] into our own corporate conference room, is that of a wall-mounted control pad that controls the projector, the flat-screen TV, the satellite receiver and the ceiling-mounted white screen; it’s all in one-easy to use push-button panel. All the wires associated with those devices are now hidden behind the wall.
PREMIER OFFICE MAGAZINE 27 REAL ESTATEIQ The Over-Leveraged Landlord
CMBS LOAN DELINQUENCY RATES Tenants must have a landlord OFFICE MARKET with the financial resources to meet their needs.
eglected landscaping, dirty windows, walls that need painting, worn-out or inoperable amenities and common Narea furniture that is dated and damaged. An increasing number of tenants have experienced such scenarios in recent years. Often, but not always, the problem can be linked to a well-intentioned owner who financially over- leveraged the property and now lacks capital to adequately Source: Trepp LLC manage and operate the building. This leaves tenants frustrated, If a landlord has a loan on the property, that’s not a bad thing. wishing they were not stuck with a landlord who cannot even Most owners leverage their investments to enhance the overall fix a leaky faucet. return; however, tenants need to look at how much debt is on the property. At KBS, we always use conservative levels of debt The chart on this page illustrates the large volume of — usually 50 percent or less, and usually fixed-rate loans at commercial real estate loans that have gone into delinquency in attractive rates. When an owner leverages up to 90 percent of recent years. More often than not, the tenants that lease space the property’s equity, even rolling tenant improvement dollars in these debt-laden buildings are the ones who suffer. into the loan, that could indicate the landlord is low on equity.
As part of KBS’ acquisition due diligence process we conduct It’s not just the highly leveraged buyers that are a risk for sit-down interviews with the current building tenants before we tenants. We’ve seen very large institutional owners and buy a building. In today’s economy, we have talked to more than investment banks that due to their size sometimes lack that a few frustrated tenants who are eager to work with an owner ability to provide the high level of customer service and who provides a professional level of service and is concerned attention to needs that today’s office tenant requires. with their needs. When looking for space, tenants should look at buildings very From a tenant perspective, when looking for space to lease, the carefully and make sure their options meet all of their needs. property owner’s level of experience in the field is critical. Just as important, tenants should look carefully at their potential When evaluating a property, tenants and/or their brokers should landlords to ensure that they are going to provide a high level conduct their own due diligence. Find out how much experience of service throughout the life of a lease. the landlord has in the business and what other properties they own in the market, and tour those buildings. Are they well maintained? Are the tenants happy? RODNEY RICHERSON is the central United States regional Tenants that are looking for new space should ask their leasing president for KBS Realty Advisors and the agent to provide them with an analysis on the financial strength director of KBS’ Asset Management of the owner. How much of a loan does the landlord have on Department. Rodney is responsible for 11.8 million square feet of space nationwide. the subject property, and where does the capital come from? Potential tenants often fail to address these questions — and Contact: [email protected] they do so at their own peril.
28 PREMIER OFFICE MAGAZINE Ten Tips From a World Class Lobby Ambassador
Richard is the lobby ambassador at KBS’ ™ headquarters in Newport Beach, Calif. He is 71 years old, and his day starts at 5 a.m. “At this stage in life, I don’t hang out with owls THE ERA OF BUY-BUY-BUY ... so I’m fully prepared to fly with the eagles when my first ‘customers’ walk in the IS OVER. HERE’S WHAT’S COMING. building,” he commented.
From global brands to boutiques, We asked Richard to give us his Top 10 List businesses are confronting a for succeeding in his job: new reality in how they communicate 10. Love getting up early — luckily, I do! 9. Be authentic, people love it, it’s who with their consumers. A reality I am. that recognizes the trust at the root 8. Optimism matters. It rubs off on of every transaction. A reality that everyone whom I greet. 7. Have fun — trust me on this one, sees real bottom line value in people like it. communicating what your brand 6. Every building has a great story; know it. The marble here is from the believes and not just what you sell. same site in Italy where Michelangelo It’s a reality we call the Values received his marble from. 5. Never sit down. Economy. At The Values Institute, 4. Be the eyes of the building, aware of we’ve been researching its real, perceived or potential problems before they arise. emergence for years. Find out 3. Make it beautiful — attention to detail what our findings mean for the and cleanliness before space showings to prospects. growth of your business. 2. Treat every visitor as a customer. Why? Because they are. 1. Anticipate, and always over-deliver. thevaluesinstituteatdgwb To that end, here’s one more … Never tell the same joke twice! thevaluesinstitute.org REAL ESTATEIQ The Perfect Suite
eople say that nothing really changes in the real estate business. However, having been involved in the Pmanagement side of this business for more than 30 years, I can say that a lot has changed with respect to what tenants look for today in defining the perfect property and the perfect location for growing their business.
Tenants today are trying to make their internal space more multi-functional...
1 ECONOMICS Today, economics are more important than ever for businesses looking for new or expansion space. This includes negotiating 3 OWNERSHIP the right lease rate and term, but in today’s environment it also includes reassessing the efficiency of the use of an office in When a tenant signs a lease, they are essentially agreeing to a order to reduce overall costs. business relationship with the owner and manager of that building. In today’s market, the financial stability of the owner Tenants today are also trying to make their internal space more is more important than ever. The market has seen, and will multi-functional so that the space they lease is used more continue to see, a lot of over-leveraged owners who have not frequently instead of being defined by a specific use. For been able to adequately manage their properties. Tenants and example, I have seen a lot of kitchen/copier areas that are now brokers need to look closely at the reputation and the financial morphing into meeting/gathering spaces that contain strength of the owners and the property management company kitchen/copier functions. as well. Be sure the ownership has a great reputation and is financially sound. Bad press, or conversation at a cocktail party among brokers as being a company that does not live up to its obligations or skimps on services, usually results in tenants 2 LOCATION looking for other options. Location is still at the heart of almost any real estate decision. Unless an office has a contractual obligation to be in a certain ROBIN A. BURKE, CCIM geographic area, location is evaluated by many more factors is a senior vice president in the today. Access to amenities is the No. 1 criteria for many tenants Washington, D.C. offices of KBS Realty in today’s market. Big space users want to attract top quality Advisors and KBS Capital Advisors. Robin employees, and those top quality employees want to work in an is responsible for the management of over environment that complements their lifestyles. 2.5 million square feet of space in the mid- Atlantic region of the United States. I’ve especially observed this dynamic in suburban markets, with live/work/play communities leasing at a faster pace and usually Contact: [email protected] for a higher rate than the one-off comparable buildings.
30 PREMIER OFFICE MAGAZINE When you make our team a part of your team, [OLILULÄ[ZHYLJSLHY
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PREMIER OFFICE MAGAZINE 31 KBS TENANTS ON THE FORTUNE 500 Walmart General Dynamics BlackRock FannieMae Time Warner Regions Financial Bank of America Corp. Oracle Sherwin-Williams AT&T Massachusetts Mutual Life Insurance Henry Schein J.P. Morgan Chase & Co. DirecTV Quest Diagnostics Citigroup Northwetern Mutual Cablevision Systems Verizon Communications Hartford Financial Services Hormel Foods American International Group TJX W.W. Grainger International Business Machines Emerson Electric Godrich CVS Caremark Kimberly-Clark SLM Wells Fargo Nike Fortune Brands State Farm Insurance Time Warner Cable Avery Dennison Microsoft Manpower Advanced Micro Devices MetLife PNC Financial Services Group American Family Insurance Group United Parcel Service Computer Sciences DaVita Lockheed Martin Progressive Yahoo Sears Holdings Corp. Health Net Barnes & Noble Caterpillar Community Health Systems Mutual of Omaha Insurance Morgan Stanley Aramark Universal Health Services Comcast Qwest Communications Agilent Technologies New York Life Insurance Coventry Health Care Pitney Bowes Northrop Grumman Anadarko Petroleum CH2M Hill FedEx Starbucks Lubrizol Amazon.com Xcel Energy SunGard Data Systems Humana Genworth Financial CB Richard Ellis Group Honeywell International SunTrust Banks Apollo Group Liberty Mutual Insurance Group Ameriprise Financial Kelly Services Sprint Nextel Applied Materials SLATER BUILDERS QUALITY, ON TIME AND ON BUDGET. since 1993
32 PREMIER OFFICE MAGAZINE OUTSIDE THE OFFICE The Warm-Up A proper warm-up will get you physically and mentally ready for the game.
STEP 1: Half-Swing, Half-Speed STEP 4: Chip and Run STEP 5: Putt Around To warm up, start with a 56-degree sand Now head to the chipping green, where The last stop is the putting green. Start out wedge and take 10 half-swings at half- you will hit five chip-and-runs. Use with three golf balls on the flattest part of speed. This allows the body to turn back either a 7-iron, a 9-iron, or a sand wedge the green, and hit a few 5- and 10-foot and through simultaneously. On these — your choice. Take five swings with a putts. Also, hit a few putts on a hole that is warm-up swings, be sure to work on lob wedge and five bunker shots. Next on a slight slope. Hit from all different rhythm and syncing the body, arms and time you have a practice session, switch angles and distances until you feel club together. This exercise provides you to the even-numbered clubs so the clubs comfortable with your stroke. with the feel you need to take to your wear evenly. longer clubs. Finally, it’s always a good idea to hit some longer putts, around 30 to 60 feet. Hit them one way and then hit them back the STEP 2: Nine O’Clock at 80% other way to see the speed of the greens. With the sand wedge, take your non- Now, putt one ball to different holes until dominant arm to the 9 o'clock position, or it is time to tee off. parallel to the ground, and turn through with 80 percent speed. Do this five times. BOB LASKEN has been teaching STEP 3: Five Full Swings professionally for more than 18 years With your sand wedge, take five full and has taught more swings, feeling that shoulder that you just than 30 touring pros, warmed up. After the last swing, turn your 40 college players and shoulders so that your back is to the target. hundreds of junior This is a full-swing position. Take five full golfers. His students shots with a 9-iron, a 7-iron, a 5-iron, a have won on the PGA hybrid and a 3-wood. To finish off, hit 10 Tour nationwide, the LPGA Tour, the Asian Tour and the Japanese drivers (five normal and five full routine.) Tour, as well as numerous collegiate and junior As you practice these last drives, visualize golf tours. Bob was named one of the Top 20 five different holes on the course. Instructors in the Nation (under 40 Years of Age) by Maximum Golf magazine in 2001. In 2009, he was named a Golf Digest - Top 20 instructor in California. Southland Golf Magazine rated Bob Lasken the best golf instructor in California in 2007. He currently teaches at Arroyo Trabuco Golf Club in Mission Viejo, Calif.
RUNNING LATE? If you only have 10 minutes to warm up, I suggest you take Then head over to the putting green with two golf balls. your driver to the range. Tee the ball up and hit five half- Hit both balls to a 20- to 30-foot putt and then back the swing, half-speed drivers. Then hit five drivers at 75 other way just to get a feel for the speed of the greens. percent speed with a full swing. Once you feel warmed up, Then make two 2-footers and walk to the first tee. hit two full-swing drivers.
PREMIER OFFICE MAGAZINE 33 KBS
KBS proudly supports our military
www.kbsvets.org setting are Gmail and Google News, proving that easily recon- Designing for Millennials figurable environments can stimulate creative brainstorms with continued from page 25 impressive results.
Millennials also have much to teach their older-generational Variety is also visual, meaning that color, form, light and texture office peers in this age of multiple networks (social, techno- are all mediums to infuse energy into a space and its inhabitants. logical and business), workspace configuration should foster Office design also affords a unique, differentiated medium upon strong peer-to-peer learning. which to tell the brand story — not only through official logos, graphics and colors, but also through brand attributes, mission, THINK OF MENTAL STIMULATION THROUGH shared values, employees and the customers themselves. VARIETY AND FLEXIBILITY Certainly, there are times when people need work settings Ever wonder why the local coffee joint is full of people hunched removed from activity for more focused work. The ideal office over their laptops? Urban sociologist Ray Oldenburg’s book, should offer an equal balance of work zones, play zones, think The Great Good Place, discusses the concept of the Third Place zones, learning zones and social zones. The key is flexibility – a as a form of work-life integrator. If the First Place is home and complete work environment that accommodates a variety of tasks the Second Place is work, the Third Place has become a hybrid and offers each employee the space and resources he or she needs of the two. People enjoy mixing work, food and conviviality — to perform his or her duties — in the smallest footprint possible. or just the opportunity to watch from afar. Technology allows this to happen, underpinning many of the huge shifts in the way By understanding the unique needs and cultural touchstones of we work, where we work, and how we work. the increasingly dominant and collaborative Millennial gener- ation, some of the world’s most successful companies are Millennials, especially those of college age, mix direct work enhancing their workspaces, work processes and opportunities time with indirect research, information gathering, and personal for a richer, more meaningful future. time. Many workplaces have wisely begun to reflect this integration, combining formal, more recognizable workstations with cafés, living rooms, tech talk zones and other social places CAROL RICKARD-BRIDEAU where co-workers are encouraged to meet informally. These is an award-winning architect and the areas also create opportunities for spontaneous interaction Senior Partner in the Washington, D.C. between those who might not work together otherwise — office of Little, a diversified commercial architectural and engineering firm. She building relationships and reinforcing culture. leads ongoing firm research on the psycho- logical and physiological effects of space When designing its headquarters in Mountain View, Calif., and the workplace landscape, the Google sought to incorporate flexibility in its workspaces to integration of culture into environments, allow them to serve as envelopes for whatever work product was and designing for a sustainable future. being developed. Among the byproducts of this adaptable work Contact: [email protected]
Spaces like the flex café shown here create open space for work and life integration, giving a new facet to how Millennials work. Premier_Office_Mag_V48_Layout 1 3/21/12 8:04 AM Page 38
KBS ASSET MANAGEMENT CONTACTS
Our goal is to provide the highest level of service and attention to thousands of tenants nationwide.
WEST CENTRAL EAST Bill Milligan Rodney Richerson Charles Lindwall Regional President Regional President Regional President Newport Beach, CA Newport Beach, CA Washington, D.C. phone: 949.417.6511 phone: 949.417.6515 phone: 202.552.7560 email: [email protected] email: [email protected] email: [email protected]
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SOUTHWEST CENTRAL MID-ATLANTIC Brent Carroll Giovanni Cordoves Robin Burke Senior V.P. / Asset Manager V.P. / Asset Manager Senior V.P. / Asset Manager Newport Beach, CA Newport Beach, CA Washington, DC phone: 949.417.6566 phone: 949.797.0324 phone: 202.552.7558 x108 email: [email protected] email: [email protected] email: [email protected]
SOUTH CENTRAL SOUTHEAST Ken Robertson Allen Aldridge Senior V.P. / Asset Manager Senior V.P. / Asset Manager Newport Beach, CA Atlanta, GA phone: 949.417.6502 phone: 678.784.0585 36 email: [email protected] email: [email protected] ENVIRONENVIRON applies applies cutting-edge cutting-edge A Client-Focused technologiestechnologies and and innovative innovative strategiesstrategies to to achieve achieve fast-track fast-track Approach to the schedulesschedules and and minimize minimize costs costs EnvironmentalEnvironmental Due Due Diligence Diligence Demands of the (Phase(Phase I Iand and Phase Phase II IIESAs) ESAs) Real Estate Sector ContaminatedContaminated Soil Soil & & Groundwater Groundwater ManagementManagement . RiskRisk Assessment Assessment & & Remedial Remedial Design Design RegulatoryRegulatory Compliance Compliance Assistance Assistance Asbestos-ContainingAsbestos-Containing Material Material ManagementManagement & & Abatement Abatement Lead-BasedLead-Based Paint Paint & & DryDry Wall Wall Management Management IndoorIndoor Air Air Quality Quality & & MoldMold Management Management VaporVapor Intrusion Intrusion Assessment Assessment & & MitigationMitigation PermittingPermitting & & Construction Construction ManagementManagement EnergyEnergy Consulting Consulting Architectural/LEEDArchitectural/LEED Consulting Consulting
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