Fenley Real Estate is the largest private investor of class A properties in Kentucky who owns 21 properties, including over 3 million square feet of corporate offices. The Company is Kentucky’s largest privately-held asset management company and owns two executive office suite properties in Louisville.
Challenge
Fenley Real Estate was in a crisis management situation due to conflicts with their previous management company who operated their initial foray into the executive office suite industry. The Company was in the difficult position of not having staff, marketing, systems or processes of their own to operate the office suite business. The management company who had operated the business took out all of their staff and intellectual property as well as systems when the contract ended. The executive office suite had no name, brand or awareness of the office suite business in their marketplace.
Solution and Results
Workspace Strategies was hired to take over the management contract and stabilize the crisis situation for Fenley Real Estate. WS quickly established a complete understanding of the circumstances focusing first on recruiting, hiring and training very capable staff. The implementation of the industry’s best policies, practices and procedures were crucial to restore confidence from the client base in the center. The executive office suite needed a brand, website and all new marketing materials, among others, to enable ongoing operations and sales. Workspace Strategies implemented a complete marketing program which included a new brand, logo, website, brochures/fliers, print ads, public relations, networking, lead generation, web marketing and staff sales planning and objectives. The internal software systems including Accounting, Property Management, Call Accounting and Customer Relationship Management tools were implemented and setup by Workspace Strategies. All vendor contracts had to be established from coffee vendors to banking systems. After a complete review, analysis and execution of all necessary systems, processes and procedures WS fully stabilized the suite with occupancy of 95% within 90 days.
Once the executive office suite business was stable as the new Fenley Office Suites, OSS then continued on as the complete management company for the suite. Workspace Strategies managed the staff on a day to day basis including all accounting, marketing, advertising and P&L responsibilities so the owner was able to be completely removed from any dealings with the business.
After a year of great success with the initial Fenley Office Suites location, Workspace Strategies opened a second location in the market for the owner. WS handled all aspects of the development for the second Fenley Office Suites location including site selection, floor plan layout, technology implementation, furniture layout and purchasing, staffing, hiring, training, marketing, advertising opening and ramp up activities. Today, Fenley Office Suites is the largest provider of Executive Office Suite offices in the state of Kentucky.
