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The former property manager is evolving into a full-service giant, with brokerage, investment and corporate services, too.
When a firm in Orlando was seeking 30,000 sq. ft. of space but representatives of PM Realty Group had only 25,000 sq. ft. available -employees of the Houstonbased company sprang into action. Utilizing some funds allocated for marketing, PM Realty hired a space consultant to analyze the needs of the prospective tenant.
"The planner showed them that they had some `dead space' they really didn't need and that they could fit into the 25,000 sq. ft. of space," recalls Rick Kirk, chairman and CEO of PM Realty Group. "They were ecstatic. The common approach would have been `Gee, you need 30,000 sq. ft. and we only have 25,000, so it won't work.' But our people became creative."
Such creativity might have been in short supply earlier in the decade - but no more. PM Realty Group, which used to be known primarily as a third-party property management company, is gradually evolving into a multifaceted giant adept at not only managing a building, but leasing and brokering it, to say nothing of supplying investment, product disposition, and corporate services.
In other words, it's not your father's PM Realty any more.
Late last year, for instance, PM Realty Group acquired National Equity Advisors Inc. (NEA), a diversified real estate investment services firm in Chicago specializing in acquisition, disposition, due diligence and consulting services for institutional and corporate clients. Renamed PM Realty Group Investment Services, the investment arm is part of PM's continuing effort to strengthen and broaden its offerings.
"The acquisition of National Equity Advisors allows us to more effectively lead our institutional corporate clients through the entire real estate process, from acquisition - management and leasing - through disposition," continues Kirk. "This addition to our core service offerings provides our clients with a complete and enhanced menu of top-quality investment services for all their real estate needs."
With...