San Diego-based Hughes Marino has embarked on a nationwide expansion, establishing a commanding presence in two new metro markets.
Hughes Marino is an acknowledged West Coast commercial development leader. With several regional offices and a strong presence in Denver, the privately held firm recently began an eastward expansion. In July 2023, Hughes Marino opened its Dallas office, marking the firm’s entry into the Texas market.
This development took place just months after the company launched its brand in the Boston and Raleigh-Durham, North Carolina, markets. Hughes Marino’s new Dallas office is ideally situated in the city’s Arts District. With sweeping views of Dallas’ skyline, the office is within easy reach of attractions and lifestyle amenities.
Shay Hughes, Hughes Marino’s president and chief operating officer, said in a statement, “Dallas holds immense significance in the commercial real estate landscape as a vibrant community, economic powerhouse, and strategically located city.”
Like the firm’s other offices, the Dallas hub integrates regional design elements into the vibrant decor. These often eclectic furnishings convey a sense of warmth and uplifting energy.
This positive setting sets the stage for collaborative “win-win” business relationships. When it’s time for a break, team members gather in the well-appointed break room or game room.
But Hughes Marino has more to offer than exceptional office space. The Dallas location is helmed by Executive Vice Presidents Art Green and Mike McElwee. Both executives have decades of experience in the region’s commercial development industry. Green is an office development specialist, while McElwee is an acknowledged authority in the industrial sector.
“It is an extremely competitive market,” said McElwee. “But we have diversity with the people we’ve brought on board. Not just tenure in the industry but also in product type, from office to industrial to biotech to health care. That presents a huge opportunity for success.”
Outlook for the Texas Market
McElwee acknowledged that the industrial market is faced with an oversupply of operations space. He noted the existence of multiple brand-new (and vacant) buildings in the Dallas metro area.
And Green pointed out, “The vertical integration services we offer to tenant representation include an in-house legal team, program, project and construction management, portfolio lease administration, planning and design, and culture consulting. We’re going to talk about those things, not the umpteenth million square feet of space that we represent on behalf of landlords.”
Hughes Marino has established itself as the premier tenant representation and buyer representation firm in the country. In this capacity, the company has a fiduciary responsibility to represent its clients’ interests ─ not those of a landlord or seller.
In addition, the enterprise offers other services integral to the commercial development industry. To illustrate, it provides clients with physical distancing analysis, planning and design, project management, and construction management capabilities.
Clients in lease agreements will appreciate its lease auditing, lease restructuring, and lease accounting services. The company also excels in the management of portfolio lease administration/advisory issues and sale-leaseback transactions.
Finally, Hughes Marino is an acknowledged culture consulting expert. Led by Shay Hughes, this initiative focuses on building a company culture that inspires all employees toward top-tier performance. To date, Hughes Marino has helped multiple firms achieve this notable goal.
Navigating the Biotech Downturn in Boston
In 2022, Hughes Marino opened its Back Bay-area Boston office. Also in 2022, the region’s biotechnology industry began to slow down after two years of frenzied investments and rapid growth. Today, many investors are waiting on the sidelines, declining to make a move until the market settles down.
Greater Boston’s commercial landlord-tenant dynamics have also experienced a seismic shift. Two years ago, Boston biotechnology tenants were opening expansive lab complexes. Now, companies are leasing a fraction of that space, and landlords are granting serious concessions to get those tenants.
“These sub-landlords have a melting ice cube on their hands and need to reduce burn rate quickly,” said Nick Amarante, senior vice president, a founder of the Boston office, and one of the founders of the company’s HM Science division. “That means they will accept substantial discounts to their remaining rent obligation if it is going to get the space subleased. This inevitably has led to a spillover effect where the landlords have to respond, and all are now offering significant free rent concession packages and turnkey tenant improvements and will do whatever it takes to try and compete with the sublease market.”
Although the region’s biotechnology industry clearly faces some challenges, Hughes Marino’s world-class leaders also see opportunities. The company’s market-leading industry experts are prepared to roll up their sleeves and create win-win results for their clients.
Hughes Marino’s Years of Expertise
Hughes Marino is a respected pioneer in the commercial development industry. Founded in 2011, the firm’s core focus is tenant representation. Today, it’s an acknowledged tenant and buyer representation leader. In fact, the firm now offers solutions for virtually every aspect of a tenant or buyer transaction with an in-house legal team that conducts oversight of all proposed strategies.
As a family-owned business, Hughes Marino isn’t beholden to shareholders. Therefore, the company is able to steadfastly protect its clients’ interests without potentially troublesome delays that could impact outcomes.
Since its 2011 inception, Hughes Marino has become known for its “people first” culture based on mutual trust and respect. The company’s leaders sincerely believe that cultivating long-term relationships among team members, and within its larger community, lifts everyone to a higher level.That’s why its 10 core values serve as the guideposts. The company’s leaders and team members internalize these values as they focus on doing what’s right for their clients, their company, and their local communities.
Not surprisingly, Hughes Marino has garnered numerous awards for emphasizing excellence and team members’ well-being. Fortune named Hughes Marino the No. 1 Best Place to Work in the Nation. Entrepreneur honored Hughes Marino with the No. 2 Top Company Culture in the Nation Award.
Anticipating Continued Growth
Today, the Hughes Marino Dallas and Boston offices, and the firm’s other regional hubs, continue to explore local and regional opportunities. Concurrently, the company’s leaders keep searching for strategic new markets with significant growth potential.
Equally importantly, its leaders are seeking industry luminaries aligned with the firm’s Core Values and company culture. When the Hughes Marino executives meet these exceptional individuals, the company leaders extend an invitation to join this forward-thinking cadre of visionaries.
Hashtags: #Hughes #Marino #Expands #Commercial #Development #Services #Dallas #Boston #Markets #worldtechpower.com