JLL Brokers were strategizing to find the best solutions to help lease Key Tower, owned by The Millennia Companies. Located in the heart of Cleveland, Ohio, Key Tower contains 1.3 million square feet of Class A office space. The tallest building in the state of Ohio, Key Tower, has the capacity to partner with firms of all sizes. To attract those companies, the JLL brokers enabled RealtyAds.
RealtyAds AI (RITA) is designed to find, advance, and close more deals. RITA will launch, manage, and optimize your asset’s online presence and prioritize spend to your targeted critical audiences. The JLL brokers for Key Tower realized they could better enable leasing by implementing a leasing enablement plan with RealtyAds. Their goal was to improve their reach to critical end-users who were considering Key Tower and ultimately advance those deals.
The common misconception about digital advertising is that CEOs, CFOs, and other C-suite decision-makers aren’t using these popular platforms. According to JP Morgan’s findings, more than 88% of decision-makers use social media. Moreover, in business today, it’s necessary to have social media to keep up with your industry, so why not market to these decision-makers where and when they prefer to spend their time?
In the first 12 months of having an active digital presence with RealtyAds, JLL and Millennia started to see closed deals that their digital strategy had influenced. The marquee success was Benesch Law which was the largest transaction in recent market history.
So how did RealtyAds assist?
Throughout the entire deal cycle, Key Tower’s digital presence stayed in front of critical audiences, reaching the tenant advisors representing Benesch Law 200+ times. Ultimately, enabling an efficient transition from each deal stage and consistently reminding Benesch Law of the opportunity at Key Tower. While extremely important to influencing the deal, tenant advisors are only one of two key audiences properties need to reach. The other is decision-makers at firms considering the asset.
Leveraging the targeting features included with their RealtyAds service, JLL added their tenants in the market list and active pipeline of companies, which included Benesch Law’s decision-makers. This helped RealtyAds artificial intelligence (RITA) understand that the law firm was a high-priority tenant, so spend was prioritized to reach top decision-makers at the firm.
Throughout the pursuit, RITA successfully reached the C-suite at Benesch Law 400+ times with Key Tower’s messaging. This ensured top decision-makers at Benesch Law were viewing the asset repeatedly, were well aware of its enhanced offerings, and were not just being told an impersonal economic story through a tenant reps comparison matrix.
Midway through the proposals with Benesch Law, we added them to our Company Targeting list on RealtyAds. We believe the touchpoints to key decision makers and their representation throughout the sales cycle kept Key Tower top of mind as they evaluated our asset.”
Senior Vice President | JLL
The end result of the leasing teams, asset managers, and RealtyAds efforts was an eight-floor deal (165,000 SF) worth an estimated $35,000,000.
To provide value, your leasing strategies must be both innovative and effective in commercial real estate. Too often though, we see leasing and marketing teams implementing antiquated channels that are not innovative and, even worse, fail to find, advance, or close deals.
Brokers who pair their market expertise with RealtyAds leasing enablement technology create the most advanced go-to-market strategy in commercial real estate today. With this combination of expertise and essential software, leasing agents are increasing their reach to Tenant Reps to 80%+ each month and giving themselves the first-time ability to proactively reach key decision-makers at every stage of the deal.
In the ultra-competitive landscape of commercial real estate, this case study highlights that those who modernize their leasing strategies will often be rewarded with improved leasing velocity.