Address Case Study: 575 Fifth Avenue

Situation

In the highly competitive office market of New York City, Beacon Capital Partners was reevaluating its property’s marketing channels, the effectiveness of those channels, and ways they could drive efficiencies in their marketing spends. A Beacon asset manager in a different market recommended RealtyAds to the New York team as a solution for more efficient, effective, and quantifiable marketing spends.

Beacon Capital Partners and their leasing team in New York City, Cushman & Wakefield (C&W), scheduled a demonstration with RealtyAds.

Solution

After a short presentation, both Beacon and C&W were committed to leveraging RealtyAds technology. Both parties believed if they had a marketing tool that could reach more brokers, plus target their property messaging to specific decision-makers, they would both see and win more deals.

Their thesis proved true.

The team began by uploading a list of prospective tenants, and the brokers representing those tenants, to their RealtyAds dashboard. Doing so prioritized marketing budget directly to these audiences, and reduced marketing spend to undefined prospects who may not be seriously interested in leasing space. The results for 575 Fifth were immediate as the property reached over 326 targeted end-users and saw a 500% increase in tenant rep exposure in its first month of service alone.

For the first time ever, Beacon and C&W had a marketing tool that could proactively target and reach both its customer base and the highest-grossing tenant advisors in a market.

One tenant in the targeting settings, a major professional services company looking for ~20,000 square feet in NYC, was a specific point of emphasis for the leasing team. RealtyAds not only reached the decision-makers at this company but did so over 50 times throughout the entire tenant pursuit. Reaching these decision-makers over the entire transaction cycle, both pre and post tour, helped the building create a better-informed customer and ultimately, secure a new, long-term lease valued at more than $10,000,000.

Takeaway

More effective marketing in commercial real estate (CRE) starts with reaching targeted tenants and their representing broker throughout the entire deal.

It may sound obvious that marketing budget should be prioritized to channels that better reach your customer and their representation, but many of the property marketing strategies RealtyAds sees today offer buildings zero targeted exposure to these audiences. This puts a property at an incredible disadvantage during competitive tenant pursuits.

Any building with a vacancy should be leveraging RealtyAds as the first dollar spent in a building’s marketing program. Doing so will help you win more deals than any other marketing medium via targeted tenant reach, the most effective broker reach, and improved transparency into advertising spends.

We're always looking for better ways to market our properties. The RealtyAds Platform proved extremely effective at reaching our target audience at a very competitive price. Absolutely recommend.

Greg O'Neal

Managing Director | Beacon Capital Partners

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