BROKER TEAM OF THE MONTH

Jerry Roberts and Pat Boyle

While 25 years separate the beginning of their respective careers in commercial real estate, Jerry Roberts and Pat Boyle have formed an enduring partnership, which is a pillar of their success at Cushman & Wakefield. “I started in the business at CBRE in 1986, and Pat joined the company in 2011,” Roberts says. “I have six older brothers and am the proud father of three adult daughters. In the beginning, Pat was like the son I never had, but as he matured in the business and his hair got grayer, he became the younger brother I never had. We think alike and work very well together.”

In 2013, they combined forces and are recognized as one of the premier office leasing teams in the Valley. “It was a tremendous opportunity to collaborate with Jerry, as it gave me a front row seat in working with one of the best leasing brokers in the market,” Boyle says. “I was truly fortunate to partner with someone who genuinely took the time to mentor me and teach me the leasing business.”

STARTING POINTS

In 2017, Roberts, executive managing director, and Boyle, managing director, decided to pursue a new course. “Our team at CBRE consisted of 12 professionals. When we made the move, we opted to go leaner and operate as a fourperson unit,” Roberts says. “We ended up bringing Pat’s sister, Kaleigh (Boyle) Haenel, over with us from CBRE, and hired my daughter, Erin (Roberts) York, from property management at CBRE. The four-person dynamic could not be better. We are efficient and effective in producing superior results.”

OFFICE LEASING 2020

Without question, the office market has taken a hit during the pandemic, but for Roberts and Boyle, their leasing specialization helped them weather the storm. “Activity has absolutely been dampened in the office market. However, we do a good volume of transactions each year and leases expire every month, so we have focused, along with our clients, on tenant retention,” Roberts says. “Though deal volume was much lower in 2020 than in previous years, we did not see a huge dip in rental rates, which is encouraging,” Boyle says. “When the pandemic hit in March of 2020, leasing activity initially came to a screeching halt. As the year continued, we did see activity pick up, and we were fortunate to have transacted small- and mid-sized deals in the third and fourth quarters.”

OFFICE LEASING 2021

As the vaccine rollout accelerates, and more companies bring their workforces back into physical locations, the duo are confident of a more robust office leasing environment in 2021. “We have seen activity pick up since the start of the year. We are already seeing corporate users back in the market with larger requirements,” Boyle says. “In addition, we have seen preliminary interest from tenant rep brokers and users pick up in January, which we think will set us up for a very busy second half of 2021 and beyond.”

CLIENT MINDSET

COVID-19 has transformed how individuals work, how teams collaborate and what the thinking is regarding a five-day, in-the-office work culture. Business leaders are assessing the landscape and the economics of their physical footprints. “I think landlords today are willing looking to lease space with a little more creativity and rent concessions but will maintain lease rates that ultimately create and maintain their building values,” Roberts says. “We know we will continue to see companies evolve the way they build out their office space, which will include more space per employee and a greater emphasis on health and wellness,” Boyle says.

CHANDLER VIRIDIAN

As 2020 closed, Roberts and Boyle successfully completed a lease transaction between Hines, the owner of The Offices at Chandler Viridian, and new tenant, Mobivity. The Class A, six-story structure boasts 250,000 square feet of space, and Hines tapped the Cushman & Wakefield pair to represent them on a unique project. “Hines, based on our recommendation, implemented a program of building spec suites, or

pre-built spaces, ranging from 4,000 to 10,000 rentable square feet,” Roberts says. “As 2020 continued and deals were delayed, we were seeing more companies run out of time to wait for tenant improvements, which caused an increased demand for move-in-ready space,” Boyle says. “We are fortunate to work with Hines, who understood the significance of this, as well as our design and construction partners at the project.”

Mobivity, a technology firm utilizing a data platform to deepen retailer and customer engagement, desired a high-end, fully furnished and turnkey space. “Mobivity did not want to deal with the issues that come up when building a new space, including timing of occupancy, concern of cost overruns on the build-out and the amount of time needed to design plans from scratch,” Roberts says. “We built out four spec suites, each featuring creative design and best-in-class finishes that tenants would expect in a project developed by Hines,” says Boyle. Mobivity entered into an agreement to occupy one of the units, measuring 8,900 square feet. “We have now leased two of the four units prior to completion of construction, and it has been a great success,” says Boyle. “Spec suites across the Valley have proven to be one of the success stories of attracting users to make a commitment and sign leases,” says Roberts.

COLLABORATION

Now in their eighth year working together, Roberts and Boyle continue to evolve in their approach to assisting clients and adding value. “I have been leasing office space for over 30 years and learn something new every day. Our plan is to provide ongoing, best in class service to our clients,” Roberts says. “As I am now coming up on 10 years in the industry, I provide a nice compliment to Jerry’s skillset, as I have worked to build relationships with the next generation of brokers and landlords in our market,” Boyle says.

CAREER

Both Roberts and Boyle share a passion for the CRE business and are grateful to be involved in a profession with so much energy. “I truly think I am lucky to have found a career that I am excited about. I really do love what we do and am hopeful to continue working hard in this industry for many years to come,” says Boyle. “I just want to say I am thankful to be so blessed to have found a career that matches my personality and personal skillset so well,” Roberts says. “I cannot wait to get to work every morning and usually get in by 6:30 a.m. with a desire to tackle the day ahead.”

FUTURE

As the office leasing market heals in 2021, the successful partnership rolls ahead with optimism. “With the vaccine, most landlords are hopeful that the office market and tenant occupancy will bounce back in the near future,” Roberts says. “We will continue to work with existing and new clients to provide creative solutions to marketing and leasing office space. offerings that we can. With 2020 now behind us, we are all anticipating more success in the coming years.” Boyle says.