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Turn-key deals serve tenants and brokers.

The "Wheel of Fortune" pays big dollars for figuring out a key phrase.

At W&M, our key phrase for today's office market has 12 letters, and it's something you'll find in every one of our office properties.

The phrase is "turn-key deals," and it applies to both tenants and brokers.

Because we want our buildings to be the most attractive and easiest to bring tenants to, sign leases and pay commissions, all of our buildings offer a complete turn-key operation that covers every tenant's needs. This includes architectural, construction, engineering and legal, as well as authority for new-and renewal lease negotiations, right in the building. For new tenants, we make it so easy that all they have to do is sign a lease, turn the key, and they're ready to occupy their offices. All that brokers need do is deliver the tenant, get the lease signed, and get paid 100 percent of their commission immediately.

Let's discuss tenants first. The turnkey concept is deceptively simple. After our architects work with the tenant to help determine his or her needs, our inhouse construction team puts together the numbers from our approved list of subcontractors and any special subcontractors the tenant may request - electricians, plumbers, mechanical contractors, drywall contractors, painters, flooring contractors, etc.

To insure good service at reasonable prices, we insist on a minimum of three bids for each trade. After we award the contract, we run the Job. Since we control the construction, we can assure that all the subcontractors are reputable, have the proper insurance, know the rules of the building, and give the best prices.

This service is very much in our interest as building owners. After all, a good installation lasts longer, makes the tenant happier, and will help make the building look better. And the tenant doesn't have to worry about the budget; he or she simply pays the monthly rent bill, with no work allowance or general contractor complications. So much for the theory. As for the practice, in the last 12 months, we have been involved in turn-key work for 31 tenants in nine buildings, for close to 120,000 square feet of space.

But turn-key deals are not just for tenants; we find that they also appeal yearly to brokers. This is important to us. Because we want brokers to recognize our properties as the most attractive and easiest to bring tenants to and to make leases, we now pay them 100 percent of commissions immediately on all leases signed for any of our office buildings.

And since we are solid, old-line owners with deep pockets, brokers know we can keep this promise on every space, no matter what the size.

Of course, turn-key services aren't everything; a tenant or broker also must be confident that he or she is dealing with a first-class building. Consider our flagship building. It helps that 1185 Avenue of the Americas is a 1.1 million square-foot office tower in between 46th and 47th Streets, just between Americas Tower and Rockefeller Center. The building has its own all-weather underground access to Rockefeller Center shops and, what's more, the building is undergoing an upgrading program that will encompass the lobby, marquis, multi-tenant hallways, elevator cabs and lavatories.

Doing business in the 90's is much tougher than it was in the Eighties. By remembering the key phrase -- turn-key deals -- we're making the deals as easy as can be.
COPYRIGHT 1993 Hagedorn Publication
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Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Mid-Year Review & Forecast, Section I; management services offered by W and M Properties
Author:Malkin, Anthony E.
Publication:Real Estate Weekly
Article Type:Company Profile
Date:Jun 23, 1993
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