Noël Real Estate Advisors LLC
In December 2010, Marnie Noël moved to Milwaukee to become a real estate broker for Compass Properties LLC, overseeing the largest property in the portfolio, The City Center at 735, a 300,000-square-foot office building in downtown Milwaukee. The building was 52 percent occupied when Noël arrived and launched a rebranding and marketing campaign. At its peak, the occupancy rate was 92 percent. Noël spent the past year as vice president at JLL, focusing her efforts on leasing the newly-renovated Two-Fifty office tower. She was able to secure several leases, including Associated Bank’s new downtown branch. BizTimes reporter Corrinne Hess recently spoke with Noël about her new company, Noël Real Estate Advisors LLC.[caption id="attachment_330285" align="alignnone" width="770"] Noël
What is Noël Real Estate Advisors?
“I like to deal with a client from start to finish, which is what I did at City Center – from marketing to negotiating leases to making sure everyone was happy with the terms, to helping them through the buildout and then having them call me when a light burned out. I did a ton of networking with brokers and people in the industry and at Two-Fifty, I was able to harness the power of my network to host an open house attended by 250 people. We were able to showcase this amazing building and all of the work the owners put in by marketing it in a way that had never been done. That was the part I really enjoyed. But as a broker, you don’t get paid for event planning. I saw there is a need in the market for someone to fill that middle ground.”
In your new role, will you be marketing office buildings?
“Every building has its own identity. Two-Fifty will have the streetcar right in front of it. And if a building doesn’t immediately have something, I can work with the landlord or owner to figure out what is new, what is trending and what is attracting millennials so they can differentiate themselves in the market. Owners are going to be competing with a lot of square footage with the upcoming Hammes and BMO tower developments. Class A towers vacant now have about an 18-month period to really give it and lease spaces; otherwise, they will be sitting for longer than they would want. I’ve seen the top executives pitch a building and then have a younger broker come in who doesn’t know the market and is spread very thin and months later, the owner is saying they didn’t deliver. I think there is a gap there.”
Should more building owners be hosting events?
“Yes! But there are so many other things to do. If you have an office tower in downtown Milwaukee that has been vacant for years, there has to be a way to figure out why it is not leasing and get people interested. Maybe the price point is off, maybe it is something else. Even with new construction, there are so many unique marketing tools out there. Things being done with drones, virtual reality tools to give people a feel for what the space could look like. If owners and investors are willing to spend a little money upfront with me, I would like to meet with them, tour the building and hear their greatest frustration and come up with a plan.”
Do you think you will be perceived as competition to the brokerage community?
“I’m not competing; I want to fill a gap. A broker can negotiate leases, do the prospecting, put the listing on the website, put the sign on the building, but that is really the extent. What I love is the continuity, the finished product. Success stories feel great to me. I would ask to be involved as a deal comes through.”
When will your company launch?
“I’ve been building a personal brand in Milwaukee for the last seven years and people can see the results with the City Center and Two-Fifty. I’ve been developing my new logo and website and plan to launch in early October. I’m overjoyed I’ve decided to go for it. There’s no turning back now.”