CREJ - Property Management Quarterly - November 2015
One phrase was repeated at the end of three separate vendor-property manager meetings on Friday, Oct. 16 – “Well, that was easy.” That day, Eric Weisenstein, a property manager with Transwestern, and general manager at 1999 Broadway and 1125 Seventeenth Street, let Property Management Quarterly shadow him. Whether it was discussing furniture for the new management office’s collaborating space, the timeline for construction details of said office, or plans for new valet features, Weisenstein knows how to work well with his peers. “Every relationship, whether it’s with vendor, tenant or staff, should be treated as a partnership,” he said. And while the meetings went smoothly and Weisenstein appeared decisive and efficient, a closer look reveals that he spends a great deal of time preparing for each meeting and every decision. “I thought it might be easier managing an office building downtown, but I was so wrong,” he said with a laugh. “You have to always be on your game.” This dedication to always know what’s going on contributes to many of Weisenstein career successes and his current positions as a chairman with the Denver 2030 District and a board member with Denver Metro BOMA. It also helped him land his current position, which requires him to split his day between the two properties. A native Coloradan, Weisenstein spent most of his childhood and young adulthood in Salt Lake City, where he fell into property management from a hospitality background. Both professions taught him to smile through anything, he said. “We’re not in a prideful industry,” he said. “Sometimes you have to know when to just suck it up.” After a brief time managing residential, he moved into the commercial real estate realm. He took an Aurora community manager position when he moved home, but within months was transferred to an office building complex by the same company. In 2006, the property sold and he began working for Transwestern, which was named the new management firm. Within a year, he was promoted to general manager. But he desired to work downtown and always had his eye on 1999 Broadway. So when the opportunity arose, he jumped on it. “I’ve always thought it was the coolest building downtown,” he said. “People think the Cash Register building is, but I disagree. I love the architecture and story of this building. I wanted to manage the tallest and the prettiest building.” The iconic 680,276-square-foot building, bounded by Welton Street, 19th Street, California Street and Broadway, was designed in a unique triangle shape to wrap around the Holy Ghost Catholic Church at its base. The church originally owned the land, and in 1983 put everything up for sale. The plot was purchased with plans to build an underground parking structure as well as an office highrise while leaving the church intact. When construction began, the foundation of the church wouldn’t allow for the parking structure, so the owner purchased land a block away to build the parking garage. The owner sold the church and a small ring of land designated by small tiles surrounding the church back to the original owner for $1. Now celebrating its 75th anniversary, the church and 1999 partner often. For example, the church feeds the homeless lunch every day at 11:30. Weisenstein helped determine where the line was situated – in front of the church, rather than in front of the building – and provides a couple of security staff. Weisenstein also partners with the Denver Fire Department. Each day firefighters run the 43 flights of stairs and occasionally conduct weekend drills. “It’s important to have community relationships,” he said, “and having them in the building gives us a heightened awareness.” Security is an important part of the management team at 1999 Broadway. The director of security, Daniel Leewaye, offices with the management staff. One reason for this heightened security is due to the building’s largest tenant, the U.S. Internal Revenue Service, which occupies nine floors, including one floor that’s open to the public. As a result, the building averages about 500 visitors a day, Weisenstein said. The IRS presence also means that Weisenstein and his staff meet with the Department of Homeland Security annually, as well as hold regularly scheduled meeting with local authorities. Managing two buildings with different owners creates different challenges and opportunities. Franklin Street Properties owns 1999 Broadway, and 1125 Seventeenth Street, also recognized as the Chase Bank building, is owned by a partnership among Broadreach, Pearlmark Real Estate and Equity West. One focuses on aggressively repositioning and moving quickly on value-add projects, which means Weisenstein is almost always working on construction projects – he has 20 ongoing projects. The other is more methodical, working at a slower, more longterm pace, he said. One of the first construction projects under FSP at 1999 Broadway is a new management office. “I think it’s fun doing construction projects because you get to be creative,” he said. “Usually it’s for the tenants, so it’s fun to do our own space.” The new office will embrace a hospitality feel and encourage coworking in addition to housing the staff. Features will include two conference rooms that any tenant can request and an open working area. The building is also completing a co-working space on the 32nd floor. “We’re trying to make an environment that works for every type of worker and encourages collaboration and interaction,” he said. Pleasing all tenants and visitors is Weisenstein’s No. 1 goal. “I want it to be an enjoyable visit from the moment you pull up to the valet or park in the garage,” he said. “It’s all about service first.” This means that the valet staff is equipped with umbrellas and heaters. A shuttle runs between the parking lot and building and goes on a loop to Lower Downtown during the lunch hours. Customer service extends beyond parking to include tenant anniversary gifts and follow-up calls after completed work orders. But with this passion to please comes the most challenging part of the job, which is not being able to solve everyone’s problems. “No control freak can control everything,” he said. “It’s a bad day when I can’t solve it all.” However, Weisenstein insists that his success is based on his team. “The biggest thing I can say is that I do very little,” he said. “I hire and sign things and oversee a bit, but mostly my team does everything.” When Weisenstein began managing, his current assistant manager, Wendi Malone, handled administrative duties. Another member of the staff, current chief engineer, Scott Thomas, has worked in the building since it opened. He now oversees a team of five engineers and maintenance technicians. “I was incredibly impressed with the team,” Weisenstein said. “They’re rule followers, which in management can be kind of rare. From day one this was a well-organized team.” His rapport with Malone is obvious as the two joke about favorite colors and decision-making abilities. The team has expanded to include Sergio Martinez, an administrative assistant Weisenstein said he poached from a vendor. CBRE handles the building’s leasing. “One of my jobs is keeping the office fun,” he said. “A lot of the time my staff’s job is to listen to what people are unhappy about. You don’t get too many calls just to tell you what a great job you do. So I try to make sure they know they’re appreciated.” While Weisenstein is humble and jokes that all he does is sign papers, it’s clear that his attention to detail makes him an invaluable member of the management team. It is his job to know everyone in the building, down to the names and faces of the new valet employees. During a parking lot inspection, a new tenant’s car was mentioned. After rattling off a list of the employees working for his newest tenants, Weisenstein was visibly irked that he didn’t know who the owner was. A little while later he admitted that it was still driving him crazy. And while he thinks it’s important for him to know everyone in the building, he doesn’t want his tenants to notice most of what they do. “I don’t want my tenants to think about all the components of my job,” he said. “I just want them to come here to do their job and walk right past all the little things.”