FEATURE ARTICLE, APRIL 2006

TRI-STATE AMBITIONS
Trammell Crow Company grows its presence in New York and New Jersey.
Anastasia Parsons

In order to grow, sometimes a company needs to look no further than its own backyard. That is what international real estate services firm Trammell Crow Company is doing with its push into the New York metropolitan area.

With full-service offices throughout the United States, Canada, Europe, Asia, India, and Latin America, Trammell Crow Company’s move into the Tri-State area was not a spontaneous decision. The Dallas-based company was looking to expand into major markets where it did not have a strong presence. As the need to service clients throughout the Northeast became more prevalent, the company devised a plan for entering the always-booming New York and New Jersey areas.

One of the biggest assets needed to pursue the Tri-State area was cohesion. Bob Hackett, principal and area director of Northern New Jersey for Trammell Crow Company, says that when customers are shopping within the area, they view New York and New Jersey as a single region. Therefore, realigning operations to achieve maximum efficiencies and offering an integrated platform that extended over both markets became the firm’s top priority.

Both Hackett and Kenneth Krasnow, newly appointed executive vice president and director of Tri-State brokerage, agree that this type of seamless integration — coupled with the full-service, cross-discipline brokerage representation for which the organization is known — will give Trammell Crow Company the competitive edge it needs to penetrate the region. Moreover, Trammell Crow Company is looking to bring on a sizeable new staff over the next 2 to 3 years.

“We’re looking at somewhere between 40 to 50 new professionals,” says Krasnow. “That’s the kind of critical mass we’ll need if we want to be a force in New York City. For those that do understand the Trammell Crow culture, they know that we’re not just looking for anyone, but professionals that truly represent the best in our field.”

Krasnow himself was recently brought on board from his former executive managing director position with New York-area based Cushman & Wakefield, a firm he served for 19 years.

Additional noteworthy new hires for Trammell Crow Company include: Jeffrey L. Heller and William E. McCaffrey, New Jersey regional office executive vice presidents; Peter Rossi, vice president; Andrew Tarvin, senior associate; Christopher McCaffrey, associate; and Linda Aronson, a property management industry veteran who manages more than 4.5 million square feet of office and industrial space, in addition to being responsible for business development and new business transition leadership.

“Our collaborative culture will be our key differentiator,” says Krasnow. “People that believe in the platform [of Trammell Crow Company], believe in the integrated service model; that is everything we need to create a critical mass.”

As the company looks to grow in 2006, it also is focusing on professional development and training for new and existing employees. According to Hackett and Krasnow, the training will feature modules and programs that will address company necessities such as knowledge sharing and information services.

Such company-specific technology and the emphasis on culture will serve as the foundation for future growth as the organization works to surpass the more than 10 million square feet of space transacted in 2005. Contributing projects included the Port Authority of New York and New Jersey leasing 166,000 square feet in Newark, New Jersey; the 550 Broad Street investment sale of 291,000 square feet in Newark; the sale of a headquarters property in Madison, New Jersey, that netted 150,000 square feet; and the sale and leaseback of 177,000 square feet in Mount Olive, New Jersey.

Earlier this year, Trammell Crow Company began servicing 2 million square feet of new agency assignments in Morris, Somerset, Monmouth, Middlesex and Hudson counties of New Jersey, each awarded to them in the third quarter of 2005. In addition, Trammell Crow Company will broker several investment sales assignments with a current projected sales value exceeding $100 million. Plans to pursue medical office and municipality contracts, including government centers for local and state levels, are also in the works as similar business endeavors have been successful for the region in the past.

“I think the fact that we are synchronizing our efforts in the region while continuing to provide a collaborative and cooperative environment will allow us to exceed expectations in 2006,” says Krasnow. 

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