April 27, 2007 by jack petrie.

CRESA Partners recently cohosted Alan Brody’s 4/18/07 iBreakfast on “Mobile Breaks Out”.  Here is our correspondent’s report:

Mobile is quickly becoming the dominant digital platform.  Not only does everyone have a cellphone - from schoolkids to retirees - but they spend more time with it than with virtually any other device.  How are big digital media companies like Yahoo and entrepreneurs like Thumbplay, Free411 & Kargo.com responding to this trend?  The answers may surprise you…

Elizabeth Harz, Technology Category Development Officer for Yahoo! sat on our panel with Harry Kargman of Kargo.com, Chris Phenner of Thumbplay and Michael Salat of Free411.  Ms. Harz is responsible for driving the sales of Yahoo!’s technology and telecommunications clients.  Yahoo! recently launched display advertising for its mobile web service allowing users either to click-to-call marketers directly or to link to mobile sites for more information.

Will Yahoo!’s new initiatives in the Mobile market give the company access to the fastest growing and most ubiquitous digital platform?  The mobile device is quickly becoming the equivalent of a digital wallet/infotainment device.  Many websites are staking their claims in the fastest growing digital medium.  Driven by under-30 year olds, this growth is projected to result in 4 out of 5 adults using the mobile platform by 2010.

Harry Kargman founded Kargo.com in 1999, after having spent several years working in and researching the interactive, wireless and broadband mediums.  Kargo develops its own private-label mobile applications including Red Carpet, Game Day and FEVER.  The latter is one of the leading mobile content portals in the U.S. with 900,000 unique shoppers to date.

Chris Phenner, VP of Business Development at Thumbplay has over ten years experience in internet software and new media business development.  He previously worked at Audible, Inc. and CNET’s Download.com and was the eighth employee at the orginal Napster.

Thumbplay, Inc. is the market-leading direct-to-consumer mobile entertainment company.  Thumbplay creates, publishes and licenses market-leading content, products and services in all major mobile categories, from personalization and entertainment to information and community.

Michael Salat is the Director of Product Development of Free411. 

View the video highlights (generously provided by iBreakfast cosponsor, Motionbox) at http://www.motionbox.com/video/player/069dd9b9101d8c

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April 26, 2007 by jack petrie.

Pizza International Subsidiary Adds Emmy Award-Winning Children’s Character in a Photo Personalized DVD Cartoon for Children

DELRAY BEACH, FL — (MARKET WIRE) — April 23, 2007 — Pizza International, Inc. (PINKSHEETS: PZZL) announces that its Look It’s Me on TV (www.lookitsmeontv.com) subsidiary has added the photo-personalized DVD cartoon, “Arthur’s New Friend,” winner of the iParenting Media Award Winner, to its growing list of personalized products for children. The PixFusion DVD maximizes the impact of photo personalization and allows any child to star on screen with this popular, Emmy Award-Winning character. 

Arthur could be called an over-achiever. He first appeared in 1983 in an animated book series written by Mark Brown. In the past eight years alone, Arthur has sold over 50 million books in the United States and made The New York Times Best Seller List. His popular television series, produced by WGBH Boston and Cookie Jar Entertainment, airs on PBS (www.pbskids.org) and is seen by children in more than 60 countries. Other “Arthur” awards include several Emmys and The George Foster Peabody Award for Excellence in Broadcasting.

Personalized Entertainment for Children 

“Arthur’s New Friend” allows any child to star on screen with this famous character in an 18-minute cartoon that also features D.W., Buster and Arthur’s entire gang as they remember planning a special party for the child who appears on screen. Arthur interacts with and says the child’s name repeatedly giving the youngster the feeling of really being part of the story. The DVD retails for $39.95.

Tim Simpson, CEO of Pizza International, said “‘Look It’s Me on TV’ focuses its emphasis on unique products for children that both entertain and educate. Having ‘Arthur,’ one of the most recognizable and successful children’s characters for over two decades, brings another dimension to our list of personalized cartoons for children and enhances our reputation for offering carefully selected products that are of outstanding quality.”

About Pizza International, Inc.

Pizza International was formed to answer current and future Internet preferences of families with children, couples, single adults, seniors, students, executives and office personnel seeking quality products and services that are easily accessible. Based on the fact that change is escalating, the company focuses on innovations and necessities capable of keeping up with technology and consumer demands. The company mission is to acquire or create unique Internet enterprises that offer but are not limited to the expedited access to entertainment, food, financial services, travel, learning, news and targeted information, and innovative consumer products through e-commerce. They also will provide a community of services that make Internet communication easier and safer. The first two acquisitions include Pizza.Net (www.pizza.net), the world’s largest Internet pizza search engine, which soon will incorporate on-line ordering, and Look It’s Me on TV (www.lookitsmeontv.com), offering custom photo personalized DVD cartoons that put any child in the feature.

About Arthur©

All characters are copyright of Marc Brown. “Arthur©,” and “D.W.” and all of the Arthur characters are trademarks of Marc Brown. The Arthur web site was produced by WGBH, Boston. The Arthur television series is produced by WGBH Boston and Cookie Jar Entertainment, Inc; the web site by WGBH. Funding is provided by the Corporation for Public Broadcasting and public television viewers. Corporate funding is provided by Chuck E. Cheese’s® and Dannon® Danimals®.

About PixFusion, LLC http://www.pixfusion.com

PixFusion was established in 2001 with offices in both New York City and Palm Beach, Florida, creates personalized branded video products and services using a patented technology. PixFusion, recently awarded an iParenting Media Award, has proprietary content agreements. The company has commercialized children’s video products through its Kideo http://www.kideo.com brand, for children ages one to seven. Kideo’s existing content is licensed from some of the most prominent and respected pre-school brands including Dora the Explorer and Arthur. PixFusion has also entered into several licenses of its proprietary intellectual property platform based on the strength of its long standing patent portfolio.  PixFusion is a CRESA Partners’ client for real estate advisory services.

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April 25, 2007 by jack petrie.

Datran Launches First Online Exchange for CPA Media Inventory

CresaPartners’ client, Datran Media, the leading provider of performance-based email marketing solutions, recently announced the launch of Datran Media EO, the first real-time market exchange that enables advertisers to bid for CPA email media distribution. EO (www.EO.com), which stands for Exchange Online, will be unveiled at ad:tech San Francisco, April 26 at noon in the “Business Presentations” area of the Moscone Center. Datran Media will also be providing ongoing demonstrations of EO at booth #6058.

Datran Media has created the most efficient marketplace for email, and will now empower marketers to bid for placement, calculate performance, and compete for media much like they do when managing paid search campaigns. Datran Media has built the most comprehensive email inventory channel in the world in the following three ways: by providing list management services; by enabling publishers to release remnant inventory through its email delivery platform StormPost which includes a proprietary inventory management solution; and through access to its affiliate network NetMargin (www.NetMargin.com). Also integrated with EO are industry-leading compliance technologies, including UnsubCentral (www.UnsubCentral.com) and LashBack (www.LashBack.com), which help ensure best practices across all campaigns.

Early & Positive Client Adoption

Datran Media provided its clients, IAC/InterActiveCorp. and ValueClick, with early access to EO. The initial response from both companies has been very enthusiastic. “Until now, marketers benefiting from efficiency in search and display have not had the same advantages across email. Publishers, like IAC, have faced similar challenges,” said IAC Advertising Solutions President, Richard Stalzer. “EO knocks down this barrier and is exactly what the market has been waiting for.”

“What makes EO attractive to us is the simplicity and clarity of the bidding process,” said Tanya Brown, Vice President of New Business Solutions for Webclients, a ValueClick company. “As we use EO to manipulate factors affecting our media distribution, we can see results before we make our buys. That is an extraordinary change from the past.”

Multiple Benefits to Marketers & Publishers

Datran Media’s EO benefits both marketers and publishers through the performance-based nature of the system. Unlike paid search, Datran Media offers marketers the purest forms of pay-for-performance marketing, including cost per acquisition, cost per lead and cost per click. Exchange Online is an exchange of media inventory only, where the marketer bids for their desired action (i.e. acquisition, lead or click). Additionally, publishers can host private auctions where media inventory is made available to select marketing partners.

“In the case of the agency and brands we represent, we believe this model (pay per performance) through email is a great complement to traditional mixed-media approaches to acquiring customers and prospects,” said David Baker, vice president of email solutions for Avenue A/Razorfish. “Our clients are continually challenging us to find new solutions for acquisition and EO is an enticing revenue generating option that can be managed seamlessly.”

In a March 2007 report entitled “Email Marketing Comes of Age,” Forrester Research recently found that “consumers who buy products advertised in emails spend 138% more online than their peers who don’t buy through email.”

“In the case of EO, the reason consumers spend more via email is because our system optimizes to the end transaction, which ensures relevance to the consumer,” said Matt Keiser, President of Datran Media. “When the consumer wins, everyone wins.” Datran Media’s Email Marketing Survey finds that 95% of marketers plan to increase their email marketing budgets in 2007.

Google enters Cost-Per-Acquisition Space

Consistent with Datran Media’s pricing model, Google recently announced its planned entry into the cost-per-acquisition arena. Ad networks Right Media and DoubleClick have similarly launched exchanges for display media, which further validates Datran Media’s auction-driven marketplace model.

“The most important forces in online media today are guaranteed ROI to the advertiser, together with relevance and benefits to the consumer,” said David Carlick, early co-founder of DoubleClick and a Datran Media board member. “The Datran Media EO exchange delivers both and is a great step forward in the mission to create the perfect matchmaker for advertiser offers and consumer interests.”

“The days of the real-time media exchange are here, and we are excited to unveil Datran Media’s EO at ad:tech San Francisco,” said Sean O’Neal, Chief Marketing Officer for Datran Media. “By bringing together hundreds of leading publishers with some of the best known marketing brands in the world we had already created one of the largest exchanges for online media. But by empowering our customers with this automated tool, through which they can glean actionable insight and become more efficient marketers, Datran Media customers can maximize their email ROI in ways never before imagined.”

Advertisers and publishers interested in learning more about EO and/or would like to attend the unveiling at ad:tech San Francisco, please send an email to marketing@datranmedia.com

About Datran Media

Founded in 2001, Datran Media (www.datranmedia.com) is a leading performance-based marketing company with enabling technology that connect marketers directly to consumers through a comprehensive set of email marketing and digital media services. Our expertise resides in customer acquisition, list management, email deployment and compliance solutions. Datran Media also powers NetMargin (www.netmargin.com), one of the premier online affiliate marketing companies.

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April 24, 2007 by jack petrie.

It is a well documented fact that the physical design of a workspace has a direct effect on job satisfaction, productivity and profitability.  Companies with workplaces that encourage collaboration outperform those without intermingled workspace.  The architectural firm, Gensler, recently conducted a survey – demonstrating that workplace affects attitudes about work and makes companies more competitive, as proud workers show off their workspace to important customers.  Additionally, positive workspaces can promote health and well-being. 

A potential relocation offers the following opportunities for companies in New York City: 

• Market Leadership – a cutting edge space design can signal to clients and community that a firm is a step ahead of their market and potentially, create some publicity for their office.  Think of all the free publicity Google has gotten for their space at 111 Eighth Avenue.
  
• Culture – having a hip and positive work environment will encourage employee collaboration and extended work hours, and will make a positive impression on recruitees, visiting clients and other guests.  Again, think of all the prospective employees banging down the doors at Google. 
• Efficiencies – there are two elements to efficiency – energy efficiency and space efficiency.  It is well documented that a sustainable or ”green” environment improves productivity at minor cost increments.  Furthermore, a space efficient, or open-plan environment can improve collaboration and productivity. 
  
• Technology – A relocation is a great opportunity to upgrade technology.  Some possible suggestions are: a wifi network, mobile laptop computer docks, centralized printers and document production, improved lighting, electronic white boards, web-based video conferencing, paperless office, etc.
  
• Design – the creative use of color schemes can create and emphasize cultural elements of an environment: creative, fun, welcoming, etc.

If a company is offered the opportunity for a landlord’s “turnkey” installation, why accept a landlord’s paradigm of what an office environment should look like.  If you look at how your firm actually works and at your client workflow itself, certain types of functional work areas might enhance your process and client service.  For example: 

1. Tight bullpen layout with central storage & production areas – to foster collaboration and greater awareness of other’s project work, elimination of “horizontal storage”, i.e. countertops;
   
2. Small conference room(s) – with some exceptions, the largest internal meetings are oftentimes never more than six people.  This capacity could be met with smaller rooms, including informal, “breakout” rooms;
   
3. Telephone Booths – during the day many conference rooms are used for private phone calls, this function could easily be replaced with smaller, one- and two-person phone rooms;
   
4. Client Incubator – How about one or two “guest” private offices to incubate clients in transition?  Think of what a loyalty builder this could be…;
   
5. Reception/pantry – Think of the definition of the word reception… Is that what your company’s entranceway suggests? How about a welcoming area at entrance for guests to sit, use the restroom, have a beverage.  Such a space, if designed appropriately, could also serve as the location for actual “receptions” in the form of hosted events;
   
6. Auditorium/theater – in lieu of a large conference room; the focus would be on a state-of-the-art information communication and presentation area.  Create a “home field” for hosting prospect meetings and presentations; 
7. Workflow/process – this is more conceptual, but there has to be a physical way to demonstrate a company’s workflow process and to use the presentation as a selling tool, similar to a retail environment.  Looking around your office, do you get any indication of the product or service that your company sells?

In working with our clients, we recommend a very detailed and specific process when advising them about space needs.  Most often the recommendations involve engaging an architect or space planner to observe, interview and program the work environment and to translate it into a physical footprint.   A relocation can be a huge and positive marketing event which can tie into many of the other efforts to build and grow a client base and market awareness.  It starts with the recognition and definition of corporate culture and the implementation of that culture into the workspace.

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April 17, 2007 by jack petrie.

1st Quarter 2007 Market Report 

Tenant’s Viewpoint

Overall occupancy costs will continue to rise due to increasing rents, higher construction costs and space remeasurement by landlords (to create higher “loss factors”).  Regarding construction, most available space will be delivered demolished and will require complete renovation, while landlords are providing smaller tenant improvement allowances and less base building work.  These factors result in relocations becoming more expensive, necessitating increased time for budgeting and planning when determining whether a relocation or renewal is the best alternative.  It is critical for tenants to understand the speed at which current transactions are expected to close, once negotiations begin.  Landlords will not hesitate to retract the issuance of draft leases, once any sign of hesitation or improved market economics emerges.

Market Overview

The city’s economy continues to fuel strong demand for office space.  Since January of last year, job growth in the private sector alone has grown by 2%, creating over 60,000 new jobs.  This job growth has had a dramatic effect on vacancy rates and consequently, rental rates, which in the overall Class A market increased by 26.9% over last year.  In turn, rental rates in formerly good value submarkets such as Midtown South and Downtown have risen sharply, as well.  Downtown asking rental rates are now comparable to Midtown Class B rates.  The scarcity of space and higher rental rates have created a ripe environment for new speculative development for the first time since the late 1980’s and early 1990’s.

Trends & Statistics

Midtown
In the first quarter of 2007, average office rents rose $3.95/rsf (5.9%) to $71.40/rsf for Class A space.  This is an historical high figure.  The asking price for Class B space saw an increase of $1.67/rsf (3.9%) to $44.44/rsf.  Vacancy rates continued to drop decreasing by 0.6% from 5.2% to 4.6% within Class A space and remained stable in Class B space at 4%.  Class A net absorption was 1,170,437 rsf and Class B net absorption was 34,822 rsf for Q1 ‘07.

Midtown South
Average asking rents rose substantially by $2.15/rsf (5.4%) from $40.05/rsf to $42.20/rsf.  Net absorption was 224,484 rsf for Class A&B space combined.  Vacancy rates remained stable at 5%.

Downtown
Downtown Class A space rose by $1.54/rsf from $45.27/rsf to $46.81/rsf, while Class B space experienced an increase of $3.59/rsf (9.9%) from $36.38/rsf to $39.97/rsf.  Total net absorption was 1,452,878 rsf and (-16,605) rsf for Class A and Class B space, respectively.  This was the first negative absorption of Downtown Class B space since 2005.  Class A vacancy rates dropped 20.4% from 10.3% to 8.2%, while Class B vacancy rates remained steady at 10.0%.

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April 9, 2007 by jack petrie.

I recently read and enjoyed W. Chan Kim and Renee Mauborgne’s “Blue Ocean Strategies”. In this book the authors introduce the concept of companies moving away from the value curve of their competitors (the “red ocean”) and creating new, differentiated, customer-driven value curves, or “blue oceans”.

Kim and Mauborgne cite many well-known examples of innovative companies creating new markets: Bloomberg, Callaway, Cirque du Soleil, Curves, NetJets, Novo Nordisk, NTT DoCoMo, Pret A Manger, Southwest Airlines, Starbucks, Swatch, [yellow tail] wine.  The key similarity among all of these firms product offering is a broad, customer-focused offering that emphasizes ease of use, fun and an enhanced customer experience.

Commercial Real Estate occupiers are ready for a similar renaissance in their user experience.  Imagine if, instead of the standard service provider puffery about market knowledge, “deals” completed, process charts and the obligatory client “logo page”; an innovative service provider were to offer the following (in no particular order):

• Simplicity of use and/or adoption;
• Fun/enjoyment of use;
• Ethics and honesty;
• Increased worker productivity;
• Reduced risk;
• Reduced environmental impact.

In Kim and Mauborgne’s process, such an offering would have a greater opportunity to relocate the refusing and unexplored “noncustomers” into a “blue ocean” of service differentiation, increased market share and ultimately, business success.

I sense this topic will become a recurring theme in future posts…

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April 6, 2007 by jack petrie.

CRESA Partners’ client Bill McCloskey of Email Data Source recently contributed two articles to MediaPost’s Email Insider on the lack of passion among email marketers:

http://blogs.mediapost.com/email_insider/?p=394 

http://blogs.mediapost.com/email_insider/?p=398  

They got me thinking about being a service professional and how a little dose of passion can be quite a differentiator.

Bill laments the lack of industry evangelists in his profession.  I believe commercial real estate, like email marketing, gets a similar bad rap.  I can sometimes see the physical response from people when I introduce myself and tell them what I do.  But you know what, I’m passionate about what I do and see myself as an industry evangelist.  To describe it succinctly:

“I help companies control occupancy costs”.

The other point that Bill touches on are the virtues of specialization.  In real estate, too many firms and advisors play both sides of the fence.  One day (or minute) they’re representing a landlord, the next day they’re putting on their “tenant broker” hat and trying to pretend they can do both things well.  Well, you know what, they can’t.  There aren’t enough hours in the day.  And there is an inherent conflict of interest in playing both sides of the real estate field.

Specialization runs deeper and being an expert in a specific industry (i.e., technology) is even more challenging.  Many professionals have a bunch of clients in a particular industry, call it a practice group and provide the same “cookie cutter” solutions to each client.  To truly understand an industry, you have to live in their space, understand their business, attend their industry events, know who’s whom and get inside their minds.

It’s a huge time commitment and again, there aren’t enough hours in the day.  But the end result is a reputation as a service provider who truly “gets it”.  And that reputation creates “buzz” and word-of-mouth referrals.  And you have to be passionate to pull it off.

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April 5, 2007 by jack petrie.

CRESA Partners recently hosted the March 28, 2007 iBreakfast featuring Roger Aguinaldo, CEO of M&A Advisor.  Roger, a nationally renowned expert and consultant in Mergers & Acquisitions, brought an audience of entrepreneurs up to speed on the reality of M&A.   His message: M&A is not what you expect.The news media may be filled with multi-billion dollar glitzy payouts, but the vast majority of deals are much more modest. While tech still carries upwards of three times the multiples of non-tech, especially in the $500 million plus space, the fact is, most of the newsmaking deals are special cases with valuations based on projections and earnouts. For the entrepreneur, what matters are revenues, or in the case of digital media companies, eyeballs.The real news is the M&A starts almost form the beginning when companies structure themselves for measurable revenue and raise money, not from VCs or family, but from their customers, suppliers and even their competitors – all of whom may be a potential acquirer.

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April 4, 2007 by jack petrie.

Matthew McCall, Managing Director of DFJ Portage, recently posted an article  http://alwayson.goingon.com/permalink/post/12090 on toxic elements of the commercial real estate leasing process for startups and technology firms. 

He identifies six (6) core mistakes that many newly-funded entrepreneurs make in securing new or growth space for their enterprises.  A tactical interpretation of these concerns:

1. Avoid long-term leases, or alternatively, secure the company’s investors (via convertible notes) ahead of the landlord’s security interest,
2. Right size the space being leased based on current needs and build in expansion flexibility (the proverbial “nice problem to have”) through increasing density within the existing space (see my article “Tech Firms’ Diminishing Space Standards“),
3. Avoid construction projects by leasing an existing installation.  If renovations are necessary, have the landlord build the space or slash the construction project budget,
4. Use a tenant advisor.  (I like this one.)  In tight markets, conflicts of interest are real and conflicted brokers tend to “drink the landlord’s koolaid” with regard to market trends and conditions,
5. In a landlord’s market (like today’s), avoid long-term leases.  Try to play the market by commiting for a shorter lease term and renew for a longer term in a softer market.  Historically, market cycles have occurred approximately every seven years or so, so that would be an ideal maximum lease term,
6. Select a property offering a tenant improvement allowance.  It’s built into the base rent and many landlords in trendy submarkets (Soho, Midtown South) only offer space to lease in “as-is” condition.  Even if the existing space is built, improvement allowances are transferable to subtenants.

Additionally, from our experience representing startups and newly-funded technology firms, we can offer some this advice:

1. Start early.  Real estate leases can take sixty days to document, architectural documentation and permitting can take thirty days, construction itself can last 120 days.  For a sublease, many tenants forget once the sublease ink is dry, the landlord can take up to 45 days to officially approve the sublease.  By ramping up the learning curve earlier, tenants can be more opportunistic with market alternatives. (We recommend commencing the process 12-18 months ahead of a lease expiration).
2. Focus on total costs.  Too many tenants focus only on a base rent number.  This strategy only serves to play to a landlord’s strengths.  A particular building’s $40 rent number will differ from another building’s, based on what is included or excluded, i.e., cleaning, water charges, security guard, overtime air conditioning, etc.
3. Create a space program.  Every landlord’s definition of space varies, so why eyeball it?  With a space program based on actual needs, a tenant creates a template of usable square footage required that can be overlaid onto any floor plan.  The space plan will quickly identify space inefficiencies in comparable properties.
4. For construction projects, hire a project manager.  A PM will act as tenant watchdog and manage to a defined budget and equally important, a finite schedule.  A good PM will save much more money than the PM fee.
5. Explore municipal incentives.  Many govermental grants associated with job creation exist which can help offset lease costs.  We see many companies neglect these benefits.

Like visiting the IRS or the oral surgeon, leasing office space can be a painful process.  Additionally, most tenants only lease space once every 5-10 years.  By starting early and planning appropriately, tenants can insure a more satisfying outcome.

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April 3, 2007 by jack petrie.

It was bound to happen.  Every few months I hear an offhand comment, almost an afterthought to a phone conversation.  A throwaway remark that says “This profession stinks, I don’t respect it, I’m tired, I give up”.

The circumstances this time: Another broker recently shared a new listing with me (confidentially) so that I could present it to a client and prospective tenant.  When I asked if I could share this info within my office, this broker asked that I keep it in confidence, but then remarked - “you’re going to do what you want, anyway”…

Wait a minute, now!  Has commercial real estate sunk so low in its ethical standards even among its practitioners?  If there is no respect among colleagues within the brokerage community, how can we expect any respect from our clients and prospects?

Another example: in confirming that leases were being prepared to finalize previously agreed upon terms and conditions, a landlord’s broker said to me, “better hurry, anything can happen?”.  When I queried LL’s broker by asking, “does that mean that you not going to abide by our verbal understanding?”, I was informed “well, this is commercial real estate”.

What the heck does that mean?  Do you not have any respect for yourself and your chosen profession?  How else will our profession elevate itself from it’s current slot on the “respected professionals” standings, (just above used-car salesman).

A final story: our firm recently extended an offer to a new hire.  On the agreed upon start date, this employee didn’t show up, didn’t call, no letter, nada.  And this was not an administrative or junior professional, but an experienced real estate professional.

Wow!  Is that what too much time in this industry does to a person’s character?

As a result, I feel an overwhelming need to reiterate my personal professional code of conduct:

1) I will not lie,

2) I will treat everyone with respect,

3) I will return phone calls promptly,

4) I will help others without asking for reciprocation,

5) I will present and conduct myself professionally,

6) I will identify and avoid conflicts of interest,

7) I will be an objective fiduciary to my clients,

I will endeavor to identify and uncover any and all hidden financial obligations on behalf of my clients,

9) I will not hesitate to take an ethical stance,

10) I will represent my profession well, and strive to elevate the perception of my profession.

P.S. - I’m sure I will add more as I continue to practice commercial real estate.

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