Outsourcing Solutions for Real Estate Services
Client: Massachusetts Bay Transportation Authority (MBTA)
System Attributes: Oldest and 4th largest transit system, 1.1 million riders daily, 271 bus and transit stations, 368 miles of track, 190 bus routes and $1.1 billion operating budget.
“Since the time TRA began managing the MBTA’s real estate assets, our non-fare revenue has tripled. The results we achieved working with TRA were more than double the MBTA’s original privatization goal.”
Former MBTA General Manager
Michael Mulhern
Since 1996, the Massachusetts Bay Transportation Authority (MBTA) has contracted TRA to provide full service asset management, generating over $232 million in cash non-fare revenue and over a half billion dollars in cash and non-cash value for the MBTA.
Base Asset Management Services
Includes monitoring of the MBTA's entire property inventory and 5 tenant portfolios containing over 950 leases including: retail, telecommunications, utilities, land, buildings and advertising.
- Real Estate Inventory
- Portfolio Management and Revenue Enhancement Planning
- Property Document Preparation
- Lease Management
- Tenant Ledger Revenue Collection and Administration
- Preparation of Budget and Budget Monitoring
Disposition Services
Includes identifying the opportunity, feasibility, due diligence, valuation, regulatory issues, repositioning and value creation, developing bid package and managing the public bid process, negotiations and closings.
Consulting Services
Assignments have included:
- Eminent Domain/Acquisitions
- Negotiation of Interagency Agreements
- Feasibility Studies
- Sponsorship and Outdoor Advertising Management
Client: Chicago Transit Authority (CTA)
2nd largest transit system, 1.8 million riders daily, 144 transit stations, 225 miles of track, 153 bus routes and $1.3 million 2009 operating budget.
Brokerage of Surplus Property
- Evaluated 34 properties for sale
- Performed due diligence and estimates of value
- Prepared public bid offerings on 6 properties currently pending sale
- Updated and developed standard forms for bid documents, purchase and sales agreements, deeds, etc.
- Completed initial evaluation of 144 stations for TOD potential
- Identified 26 initial sites for closer evaluation
- Completed evaluation of 15 sites with recommendations
- Proceeding with due diligence and community process
- Station Typology and Leasing Study
Concession Management
- Evaluated 144 stations for concession opportunities and prepared existing conditions report
- Prepared lease abstracts for all existing tenancies
- Completed strategic plan for retail opportunities
- Worked with accounting department to develop new collections procedures and recommend strategy for problem tenants
- Implement routine tenant inspection program
- Evaluated parking program and recommend rate increase and new management model
- Developed RFP and completed new parking operator contract. Higher prices and better management has resulted in more than doubling income from parking
- 22 retail locations currently out for bid
- Identified and implemented expanded ATM program resulting in contracts with banks totaling $20 million