As the role of today's property manager evolves form number-cruncher and inn-keeper to mini-asset manager, the trend is toward implementing innovative operational philosophies and technological tools at Class-A properties. In the Northeast market where building owners  from institutional and corporate entities to private consortiums  have high expectations for their expensive urban office tower and suburban park-like campus acquisitions, tenants also have become much more sophisticated in terms of their infrastructure and floor layout demands.

In the past, property management had a single focus  operations. Today, this focus has shifted toward a financial emphasis and an acknowledgement that hi-rise office towers and suburban business campuses are what they have always been  an asset for corporate, private and institutional building owners who want the building leveraged to yield the greatest net operating income. For JRT Realty's pension fund clients, such as TIAA-CREF, for whom we provide leasing and asset management services at more than 150 buildings, totaling over 12 million square feet of office and industrial space for a portion of their national portfolio, performance expectations are measured against the NCREIF index, and return is key.

During the past decade, the greatest challenge has been how to be a Class-A landlord while achieving profitable financial results. As a result, building owners expectations for enhanced financial reporting and analysis have prompted commercial real estate service firms to develop innovative software solutions. At JRT Realty, we have been able to cut costs, increase operating efficiencies and improve services while enhancing value on behalf of our clients in key urban and suburban markets throughout the Northeast including Delaware, Massachusetts, New Jersey and New York.

Among the featured properties being managed by JRT Realty are suburban Boston's Edgewater Office Park in Wakefield, Needham Corporate Center in Needham, and Batterymarch Park II in Quincy, Mass.; as well as a hi-rise office tower in New York City, located at 780 Third Avenue, at the intersection of 49^th Street and Third Avenue, and a new 274,433-square foot Class-A office tower, located at 24-01 44^th Road in Long Island City, Queens.

Through a strategic alliance with Cushman & Wakefield, one of the world's preeminent commercial real estate services firms, JRT Realty manages these assets utilizing Yardi, a proprietary portfolio management software application, that enables clients to analyze financial performance of its real estate portfolio across states, continents and property types. It also facilitates identification of cost-containment strategies throughout the portfolio in one summary report. Other popular lease and management software applications being utilized by JRT Realty clients include Argus and Kardin.

In addition to satisfying reporting expectations, tenants needs have become far more sophisticated in their quest to create a virtual office environment. From information technology and infrastructure requirements to floor layout demands, property managers must gain an overall understanding of those needs, as well as the short- and long-term impact they will have on the building.

For example, at 780 Third Avenue, a 50-story, 570-foot high-rise tower in Manhattan's Grand Central Business District where JRT Realty and Cushman & Wakefield serve jointly as the exclusive leasing and property management agent, many of today's corporations are seeking customized work environments, which are virtually limitless in this building due to the column-free floor plates. Most recently, 19 lease agreements totaling approximately 100,000 square feet of executive office space were secured. The property management team includes a building manager with an extensive background in operations, an assistant building manager with an emphasis on financial performance, a concierge, dedicated attorney and a whole host of administrative and maintenance personnel.

A similar trend toward highly efficient floor plates with wide column spacing, offering tenants versatility and flexibility, prevails at Court Square Place in Long Island City, Queens. This newly developed 16-story office tower in New York's newest business district not only offers reduced rental rates as compared to Manhattan, Court Square Place also features floor-to-ceiling windows offering natural light to enhance the work experience and spectacular views of Midtown, the Manhattan skyline and 59^th Street Bridge.

Regardless of building size or the number of tenants, it is imperative property management professionals establish a working relationship during the earliest stages by becoming involved in fit-ups and maintaining a continuous dialogue. This practice also contributes positively toward tenant retention rates. For this reason, smaller buildings must have a dedicated property manager, and office towers usually require an entire on-site team of professionals to serve as liaison between tenants and corporate asset managers.