Author Archives: Rhea Campbell - Bella Terra Partners


OFFICE LEASE ACCOUNTING RULES ON THE WAY

“Lease accounting is one of those things that drive some analysts up a wall, and fixing it has long been on the list of things the accounting rule makers should do. But when they tried, people were furious, and the rule makers went back to the drawing board.

Today the Financial Accounting Standards Board, which sets American rules, and the International Accounting Standards Board said they had reached agreement on a new approach. We’ll see how it flies.” Says Floyd Norris in his article in the New York Times.

Read the Full Article Here


THE PATH AHEAD

Bella Terra Partners’ leadership team approved a five year envisioned future for the organization, as well as a strategy map for the next two years at its recent Annual Meeting. The future plans build a culture and DNA for Bella Terra Partners that leads to perpetual innovation and improved client experience.

We have to be an indispensible resource to our client. We must advance and support the practice of Tenant Representation locally and globally and align our service offering with our client’s corporate needs, establish market driven development and delivery models and identify the core competencies and skills sets that contribute to excellence in the client experience and outcome.

For Bella Terra Partners a five year forecast can be tricky but we believe it is an essential exercise for us to map organization strategy, where we want to be tomorrow and where we want to be in 2017. We’ve set a clear and attainable path ahead and look forward to growing and connecting with our clients, vendor partners and employees!


PUTTING YOUR SPACE TO WORK

As you may have heard, Steve Jobs knew a lot of things before anyone else did. And some of the most important things he knew had nothing to do with technology. In fact, one of these non-technical facts was arguably more responsible for the success of Job’s enterprises than any other single factor: Steve Jobs understood that space matters.

THE SPACE YOU WORK IN, THAT IS. IT REALLY MATTERS.

It makes much more difference to your success than most of us ever stop to think about. In fact, your work space does some of the most important work of your business, especially if your value proposition runs partly or completely on your employees’ ideas, ingenuity and innovation. How do you make sure you have enough of these infinitely precious resources? If you’ve been in business long, you know by now that you can’t order them up like a box of widgets. Perhaps you could send out a memo: “Each employee is hereby requested to produce at least three torrents of creativity per week.” Undoubtedly, this will produce a veritable avalanche of genius.

Instead, you could do something like what Jobs did when he was planning Pixar’s headquarters: locate the building’s mailboxes, coat room, coffee bar, snack shop, and so on in a large, sunny, pleasantly stimulating atrium. Pixar employees had to emerge from their cubes every day and mingle with their colleagues, some with completely different backgrounds and skill sets, in unexpected ways. Even those who were skeptical at first ended up agreeing that they often got more done during their coffee break than the rest of the day.

Not even Steve Jobs could produce creative inspiration out of thin air. But he could use what tools he had to make sure that sparks and tinder had every chance to come together – knowing that at least some of the time, something would catch fire. And his most important tool was the space they all worked in. Second most important, of course, was the coffee.

The same is true for your business. You may be saying, well, that’s Steve Jobs and his genius factory, but those esoteric considerations don’t apply to my line of work. That’s where you’d be wrong. The work space of any business is an important tool – potentially quite a powerful one.

Do you have employees who need to interact productively with the public? Employees who need easy access to each other at some times and quiet space to work at others? Managers who need to be able to observe and understand everyone’s work without obstructing it? People, in short, who need to be at their best for your business to be at its best? Then you need to consider what your work space is doing to support that level of performance. And if the answer is “nothing” – then it’s time to put your work space to work.

But how?

We have always been fascinated by the possibilities of space, and see your work space as an integral part of your business’ strategic plan. When we sit down with a client, we don’t start by asking What kind of space are you looking for? or What’s your budget? We start with questions like Where do you want this business to be heading? What resources do you most need to have close at hand? What are the primary forces driving your industry?  We don’t just execute real estate deals – we develop individualized, customized real estate solutions. We’ll help you create a workplace strategy that will make your space work.

The first step for doing this is assessing how your company uses space, what it needs from its space, and how it should be using its space. What activities do your staff engage in daily? Weekly? Monthly? What kind of space do they need for these activities? Are there any clashing needs? We get everyone’s input and use it to create a map of how and where your company’s work needs to be done.

Based on this assessment, we recommend solutions. Do you need to make changes in your goals, objectives, or policies? Do you need more flexible workspace arrangements? Many firms are taking advantage of the ever-advancing technologies that make it possible to run partly or wholly virtual offices. They also make it possible, in a time of increasingly tight personnel budgets, to offer high-value job candidates the perk of a flexible location. Or perhaps you’ll stay with a physical office, but need to reconfigure it to encourage employee interaction while still providing some quiet work space – perhaps with smaller or shared individual spaces and more inviting common spaces. We’ll evaluate all the potential tools and strategies your work space can use, calculate the probable return on investment, and give you our detailed recommendations and the business case behind them.

Next, we move into planning mode. How will we implement the chosen solutions? What technology platforms and communications systems are needed? How will these changes affect your business’ workplans and operating procedures? How will we test the new systems to make sure they work as intended, and what metrics will we use to evaluate their performance?

Finally, we fully implement the plan. Bella Terra Partners directs the process of constructing the new spaces, enacting new schedules and workplans.

Along the way, Bella Terra Partners is adding one more crucial element: negotiation with landlords on your behalf. Even though the economy is showing some signs of perking up, it is still a tenant’s market, making this a great time to bring landlords into the process of making their spaces work for your business. Landlords can provide tenant improvement allowances, or they can even participate themselves in the process of optimizing the space for your business’ needs. This is a service that landlords are increasingly willing to provide, in an environment that can make it difficult for them to differentiate their properties from others on the market. And, this is one reason it makes sense to have a single real estate advisory firm that can both find and negotiate the optimum deal on the space that’s right for you, and guide you through putting that space to work for your business.

This is an amazing moment for workplaces. Strategies that might seem purely budget-oriented, such as more closely clustered desks or shared workspaces, are actually part of workspace solutions that enhance workflow, promote employee morale and retention, and boost organizational flexibility and agility. In short, they enhance the productivity of the whole firm.

 

NOW is the time to think about how you can put your space to work.


COMMERCIAL REAL ESTATE FIRM ANNOUNCES AGGRESSIVE HIRING PLAN

Chicago, IL – January 13, 2012 – Bella Terra Partners, a tenant representation commercial real estate firm, is ramping up its recruiting for its Chicago office.  The company is looking to add 2 Tenant Representation Professionals coupled with 1 Transaction Manager each year for the next 5 years.  “We’re open to hiring from industries outside commercial real estate,” said Rhea Campbell, CEO and Founding Partner.  “We hire smart people with the right attitude and teach them our process.”

Bella Terra Partners is a privately held commercial real estate firm headquartered in Chicago.  Campbell founded the company in 2008 to bring a higher quality of service to the commercial real estate market.  “By focusing on providing a strategic plan and superior customer service, Bella Terra Partners brings an experienced and sophisticated approach to office users largely ignored and underserved by senior professionals in the large national firms in Chicago,” said Campbell.  Since 2008, the firm has more than doubled its client base.  Currently, Bella Terra Partners services small to mid-cap national and global accounts. “These users are at a critical mass in size and complexity to warrant and require lease administration and a portfolio approach to their occupancy strategy,” said Campbell.  In addition to this niche, Bella Terra Partners focuses on working with Chicago-based companies with local office needs. With the plans to bring on several more Tenant Representation Professionals and Transaction Managers, however, it plans to expand into the Chicago suburbs in late 2013.

“Working in a commissioned environment is certainly challenging,” admits Campbell, “but we’re confident those superstars we want are out there and can be taught the complex and rewarding business of Commercial Tenant Representation.”


INVESTMENT PROPERTY DATABANK SIGNS A LEASE FOR NEW SPACE IN CHICAGO

IPD LogoChicago, IL – November 11, 2011 – United Kingdom-based real estate performance analysis firm Investment Property Databank US (IPD) recently signed a new lease for office space at The Civic Opera Building in Chicago.

IPD opened its first Chicago office in 2007 in River North, but quickly outgrew that space. Additionally, IPD was looking to upgrade its office and building aesthetic to create a more professional environment in close proximity to the Metra trains, L lines and its institutional customer base. “Tishman Speyer, the landlord at 20 N Wacker, was very accommodating, offering a compelling economic package to attract IPD to the already built out space on the 17th floor. This coupled with the amenities of the Tower Club, the presence, history and professional aesthetic of the Civic and the proximity to transportation, it was a simple choice,” said Rhea Campbell of Bella Terra Partners, who negotiated this transaction on behalf of IPD.

IPD is at the forefront of global real estate performance analysis, providing accurate and comprehensive information to measure real estate market returns and to take advantage of emerging trends. IPD has a multi-national staff of 300 and a presence in 20 countries through subsidiaries and existing trade associations.


GLOBAL MANAGEMENT SERVICES SIGNS A NEW LONG TERM LEASE AT ONE NORTH LASALLE STREET

GMS LogoChicago, IL – November 11, 2011 – Chicago-based event managing service Global Management Services, Inc (GMS) recently signed a long-term lease for new office space at One North LaSalle Street in Chicago.

GMS had been a tenant at 360 North Michigan Avenue for over eleven years and had a good relationship with its landlord. However, their space was in need of updating and required modifications to continue to meet their growing operational needs. With the assistance of Bella Terra Partners, a commercial tenant representation firm, GMS was able to move into a sister building of 360 N Michigan Avenue, One North LaSalle Street, owned by the same landlord. “The space offered at One North LaSalle Street had perfect existing conditions, was double the size and included furniture that would become vacant at exactly the time GMS required this space.” said Rhea Campbell, Founding Partner of Bella Terra Partners who represented GMS. “Not only that, the negotiated transaction fit well with GMS’s business goals and was a shorter negotiation process because of the long term relationship of the tenant and the landlord. The landlord gets to keep a solid business in its portfolio of Chicago owned assets and the tenant gets almost brand new space for a fraction of the cost with no out of pocket exposure. It’s a win for both parties.” stated Campbell.

GMS provides event management services throughout the United States, Canada and the rest of the world. Local services they provide include: flight bookings, venue selections, transportation, multilingual guides and interpreters, fine dining, hotel arrangements and unique entertainment. And, they have international representatives in Benelux, Germany, Italy and the UK.


THE STATE OF THE CBD OFFICE MARKET – Q3 2011

Market Lens Newsletter Q3 2011


BOUTIQUE TENANT REP FIRM MAKES A START IN DOWNTOWN CHICAGO

Chicago, IL – Bella Terra Partners LLC., www.bellaterrapartners.com, a boutique tenant representation commercial real estate firm, opened for business in downtown Chicago in October 2008. Founded by Rhea Campbell, a former tenant representation broker at CB Richard Ellis’ downtown office, Bella Terra represents a response to several large mergers that occurred in the industry (Trammell Crow with CBRE and JLL with Staubach) between 2007 and 2008. In an environment in which real estate firms that target small to medium-sized users have become almost non-existent, Campbell aims to provide these businesses the same focused attention, strategic approach, and responsiveness that the UBS and Citibanks of the world receive from the large real estate firms.

Bella Terra Partners was created to provide aggressive results for 3,000 to 20,000 square foot office users. “I felt there was a significant need to create a customized approach for organizations considered too small to be profitable by the large Chicago real estate firms,” Campbell explains. “My relationships with clients have been built with office users as small as 30 to 200 people. By making our focus the providing of a strategic mindset and superior customer service, Bella Terra Partners brings an experienced and sophisticated approach to office users who are typically pursued by less experienced brokers in the large firms in Chicago because they’re considered too small to be profitable by more experienced brokers. To a boutique firm, however, these types of users provide a much higher profit margin. At Bella Terra Partners, we’re committed to remaining right-sized in order to stay nimble. That way, we can deliver the same or better quality of service as the large real estate firms while avoiding the enormous bureaucracy and hierarchy that frequently prevent those firms from responding quickly to a client’s needs and from avoiding frequent episodes of miscommunication. In addition, because we only represent tenants, we’re able to avoid the inherent conflict of interest that exists when large firms represent both tenants and landlords. The fact that much of our business is derived from referrals testifies to the success of our approach: energetic, thoughtful, and fully devoted to understanding our clients’ business and real estate needs before recommending space solutions of any kind. We focus on leveraging our competence with modern technology together with our savvy analyses of today’s frenetic market to negotiate transactions that consistently exceed our client’s expectations.”

Prior to beginning Bella Terra Partners, Campbell represented Blackwell Consulting Services in the renewal of 22,000 SF at 100 South Wacker Drive, Schneider Logistics in the expansion and relocation of 21,000 SF from Evanston to 1 North Dearborn Streetand Prophet Brand Strategies a brand marketing firm with offices in Chicago, San Francisco, New York and London.