Once value creation opportunities are identified from a preliminary review of available product, they are then subjected to an intensive analysis by our asset management group. This process entails a thorough evaluation of the asset within the framework of an evolving strategic plan.
The strategic plan is the blueprint for achieving individual objectives linked by the common goal of creating value. It takes into account both current and anticipated market conditions and specifically outlines auxiliary action plans for achieving these objectives. The overall plan will also serve as an ongoing frame of reference to measure the performance of an asset. Completion of our due diligence work then establishes whether implementation of the strategic plan will generate the desired results; this is accomplished by a team of specialists from our asset and property management departments as well as our leasing group.
The acquisition of the asset marks the beginning of the next phase: plan implementation. At this point the asset management group initiates any redevelopment activity prescribed by the plan, while delegating day-to-day responsibilities to representatives of the property management and leasing departments. The transition, however, is seamless. Our property management and leasing specialists already know the asset by virtue of their active participation in preparing the strategic plan and in completing the due diligence process. The asset management group remains closely involved, supervising the implementation of the plan, re-evaluating strategies when appropriate and monitoring performance in light of prevailing market conditions. When the time is right, it will be the asset management group which manages the third and final phase: disposition of the asset.
Success requires the ability to foresee the ultimate goal in its completed state, and the skills necessary to find and assemble the many pieces which are integral to the final product. Any competitive edge can make the difference. We believe that the probability of success is substantially enhanced when the acquisition, redevelopment, management, leasing and disposition of an asset adheres to a prescient strategy, implemented by a full-service provider with the unmistakable mindset of an owner.