StreamCo tripled in size despite a tough market
Finalist: Virginia Small Business Success Story of 2009
- January 27, 2010
StreamCo, a real estate management firm, managed to triple in size during the last year in one of the toughest markets ever for commercial real estate. Its secret? Bringing in new accounts. After the bankruptcy of a major competitor, Idaho-based DBSI, StreamCo guided some of the former clients through the bankruptcy of the asset manager and re-leased their properties while reducing expenses. It also gained new clients from other sources.
“There’s a demand for this type of business,” says Kenneth S. Strickler, StreamCo’s director of asset management. “You’ve had buildings that were 95 to 100 percent leased when the market was good. Now the market is down and the building may be 75 percent leased. For some real estate owners, their primary business isn’t real estate, so they need someone to cut expenses and run their buildings.”
Altogether, StreamCo manages 2.5 million square feet of real estate assets valued at $250 million. In business since 1996, the company employs a staff of 35. Besides Richmond, it has regional offices in Harrisburg, Pa., and Atlanta, and plans to open an office in Los Angeles.
Clients come from across the country. Some investors own buildings outright while others own assets through partnerships. The company also serves institutions and corporations.
Another key to the company’s success, says Strickler, is the involvement of all employees in strategic planning. “Everyone is involved in the company’s direction. We get together every week and talk about planning and business development and what we could do better.”