The principle obligation of Urban's Retail Leasing and Office Leasing professionals is to maximize all revenue streams, either in place or yet to be tapped. Leasing is about a lot more than just filling space. We believe leasing is part-science, part-art, and all solid business. The result of this Urban Retail philosophy is profitable tenants and high-performance properties.
Our staff is well known in the industry for taking a sophisticated, pro-active, and targeted approach to every assignment. We strive to create an exciting and unique tenant mix at each property, while maximizing the property's income.
Throughout the leasing process, our knowledge of our tenants' businesses and our awareness and dedication to ownerships' goals leads to the consistent solid performance of our malls and our tenants.
Urban's Retail Leasing Department consists of five groups:
Regional Mall Leasing
- The Regional Mall Leasing Group has relationships with all national and regional retailers in the United States and has leased an average of more than three million square feet per year for the last five years. Urban’s Regional Mall Leasing Group spends a significant amount of time identifying potential tenants for each property. We have an excellent knowledge of the retail industry and are able to identify tenants that will compliment the desired merchandise mix of a property.
- The Regional Mall Leasing Group is also responsible for examining trends and searching for new and exciting retailers around the country. We will often expand a great concept from one region into other regions of the country when a specific retailer matches the targeted merchandise mix for another center. We also seek out strong local tenants who can produce sufficient sales and add a local flavor and following to a property.
Department Store Leasing
- The Department Store Leasing Group is responsible for all department store negotiations in connection with new developments, expansions, operating covenant extensions, etc. Because department stores are critical to the development and redevelopment process, the group maintains excellent relationships with most national and regional department stores in the United States.
- Urban's Specialty Leasing Group secures specialty retail tenants in vacant spaces, Retail Merchandising Units (RMUs) tenants, and kiosks. This creates a solid income stream for the center, while enhancing the merchandise mix for the customer.
- Our leasing experts build strong relationships with retailers and become familiar with the tenants' business and specific concerns and requirements. Our proprietary database tracks the monthly sales performance of more than 4,000 retail stores across the country, as well as lease terms and occupancy costs.
Community Strip Center Leasing
- The Community Strip Center (CSC) Leasing Group has excellent relationships with the vast majority of national, regional, and local “mom and pop” retailers. We have been very successful at identifying retailers that are expanding into new markets or rolling out new store concepts. We work closely with our Regional Mall Leasing Group to share ideas and identify prospective csc tenants that might be viable candidates, particularly for properties in the “middle” markets. We also work closely with local brokerage communities to ensure all prospects have been identified for a given property. As the owner’s representative, it is important that the leasing team have an opportunity to work with all tenants searching for space in each market.
- The CSC Leasing Group is also responsible for selling or leasing land located around regional malls and csc. We execute transactions with every type of retailer including “big box” users (such as Barnes & Noble and Best Buy), restaurants (such as Chili’s and Red Lobster) and fast food chains (such as McDonald’s). We can aid ownership in identifying free-standing retailers that will help increase shopper traffic for a center’s in-line mall stores. We have structured both sale and lease transactions, depending upon ownership’s needs.
- Urban uses its years of retail lease experience in assisting owners to efficiently produce lease documents containing lease terms favorable to owners. Urban has negotiated a national lease form with substantially all national and regional tenants. By using these pre-negotiated forms whenever possible, Urban can help owners to obtain strong lease terms while significantly reducing the time required to finalize the lease documents. Lease documentation can be accomplished to coordinate lease negotiation and preparation with outside counsel approved by the owner. Status meetings are held with tenant coordination, leasing and management personnel to ensure that lease documentation is completed in a timely, efficient manner. We believe this process results in better lease documents at a significantly reduced cost.
Our leasing experts build strong relationships with retailers and become familiar with the tenants' business and specific concerns and requirements. Our proprietary database tracks the monthly sales performance of more than 4,000 retail stores across the country, as well as lease terms and occupancy costs. This insight combined with an automated leasing process allows us to shorten the period of lease prospecting to lease commencement.
Urban's Office Leasing department assists Owners as their representative in the office leasing process. The office leasing representatives focus on managing the process to maximize Owners' financial returns.
Over the past 20 years, Urban's Office Leasing has been involved with the leasing of many significant office projects. Past and current projects include:
|Property||City, State||Square Feet|
|116 Huntington Ave||Boston, MA||262,000|
|Copley Place||Boston, MA||845,000|
|260 Franklin Street||Boston, MA||348,000|
|333 West Wacker||Chicago, IL.||800,000|
|British Petroleum||Cleveland, OH||1,500,00|
|City Place I||Hartford, CT||750,000|
|City Place II||Hartford, CT||300,000|
|First City Tower||Houston, TX||1,279,000|
|Sun America Building||Los Angeles, CA||820,000|
|745 Fifth Avenue||New York, NY||500,000|
|One Logan Square||Philadelphia, PA||710,000|
|Two Logan Square||Philadelphia, PA||775,000|
The general mission of Urban is to protect Owner's interests during the leasing process and consequently to maximize the asset's value. Urban offers each Owner the opportunity to utilize the various capacities of its Office Leasing department, as they deem appropriate. These various capacities include:
- Preparation of the Office Leasing Budget Assumptions
- Preparation of Office Leasing Collateral
- Coordination with the Brokerage Community
- Coordination with Legal Counsel
- Deal Analysis
- Tenant Credit Analysis
- Project Tours and Marketing Office
- Communication with Ownership