Acquisitions & Leasing - Role of the Transaction Manager
DRES provides unified and structured real estate support for portfolio management, transaction execution, and strategic planning to agencies and institutions while fostering meaningful relationships that support the mission and needs of each independent client.
At the core of this service commitment is the role of the Real Estate Transaction Manager (TM) who serves as the chief advocate and primary contact for the state agency. With a comprehensive appreciation of the requirements, issues, and objectives unique to each agency, the TM can provide expert advice and assist clients in a wide variety of responsibilities:
- Determining size and space planning requirements
- Soliciting bid proposals
- Inspecting cost efficient alternatives
- Discussion, clarification and negotiation of proposals
- Preparing term sheets and drafting lease agreements
- Negotiating Terms and Clauses
- Circulating draft leases and coordinating revisions
- Coordinating design of Tenant Improvements (TI)
- Facilitating the signing and execution of formal documents
- Ensuring the execution of TI construction
- Documenting Lease Commencement
- Responding to evolving requirements
- Transaction stakeholder with a thorough understanding of real estate and the policies and procedures administered by the Commonwealth
With a focused and centralized real estate support program, agencies can obtain space to improve internal efficiencies and productivity; experience a timely transaction process; realize negotiation leverage; isolate cost-saving opportunities and benefit from increased collaboration and communication.
Click HERE for an informative PowerPoint presentation regarding the steps involved in the acquisition of leased property.
Lines of Credit Available to Agencies
The State Comptroller, in conjunction with DGS and Planning and Budget (DPB), established guidelines for agencies and institutions to utilize a line of credit to support fixed and one-time costs associated with implementation of office space consolidation, relocation and/or office space co-location strategies. Such lines of credit shall be repaid by the agency or institution based on the cost savings and efficiencies realized by the agency or institution resulting from the consolidation and/or relocation. In such cases, the terms of office space consolidation or co-location strategies shall be approved by the Secretary of Administration, in consultation with the Secretary of Finance, as demonstrating cost benefit to the Commonwealth. Click HERE to review the guidelines.