Although Tritower Financial Group is still a relatively new company, it’s made a fast name for itself in commercial real estate. Less than three years old, the investment firm has done over 10 core-plus office deals across the country. And they’re looking to keep that number growing. The firm uses VTS to improve their leasing efficiency, improve relationships with lenders, and gain new market insights.
Although Tritower Financial Group is still a relatively new company, it’s made a fast name for itself in commercial real estate. Less than three years old, the investment firm has done over 10 core-plus office deals across the country. And they’re looking to keep that number growing.
With that rapid growth, Tritower was having a hard time keeping all of its information centralized. “Every broker sent a different spreadsheet with details of the listings for our bimonthly leasing calls. There were 17 different spreadsheets in 17 different locations in 17 different formats,” said Todd Twombly, Director of Asset Management.
He continued, “It was a hassle. We’d often get the information just before the call and we always felt like we were searching for the information we needed to make a decision. We weren’t even sure if what we found was the most recent information.”
Fortunately, Todd knew about a solution to this very problem.
“I had used VTS at my previous company, and when I got to Tritower, we implemented it immediately,” said Todd. “I knew the impact it could have on the business, in terms of centralizing and generating insights. It seemed like an absolute fit for us.”
The Tritower team signed up for the standard package of VTS Landlord because they wanted access to the stacking plan, rent roll, portfolio-wide KPIs, and more.
In terms of benefits, Todd admitted that the biggest impact VTS has had on their business “is creating a single spot for all of our aggregated data.” He continued, “Just having everything in one place has made us at least 20% more efficient on the leasing side. We know where all the information is, we don’t have to spend as much time digesting different spreadsheets, and we can just act faster.”
This has been helpful for Todd because he is always on the road. “Now, all I have to do is open my browser and look at the leasing reports to see what’s going on,” he said.
Todd continued, “I can easily keep an eye on renewals, new deals. But it’s also very helpful when I meet with lenders and the equity sales groups. I use VTS as a presentation tool to show our stacking plans, our expiration dates, our floor plans. I don’t have to worry about saving it to a file or anything - just pull out my computer or phone.”
Beyond the efficiency play, Todd is beginning to leverage VTS for new market insights that “you can’t get when they’re spread across 10 different spreadsheets.” He explained that “once we get enough penetration in a market, we’ll be able to quickly identify trends happening in that sub-market earlier than we could have otherwise. It would be so much harder to get that level of insight without VTS.”
As a result, every building that Tritower acquires “goes straight onto the VTS platform. No question.”