For many business owners, finding reasonably priced office space in Southwest Florida often means sacrificing Class-A amenities and a prime location, and generally settling for less. But Dustin Rinaldi is among a growing number who say that executive office suites provide the perfect solution.
Rinaldi, who owns Rinaldi Wealth Management, compared price, location and overall value when he was looking for office space in north Naples and south Lee County. For him, Riverview Executive Suites in Bonita Springs was “the best. It’s a professional building that’s attractive and well-maintained, and it’s in a convenient location with plenty of parking,” he says. “Also, the price is very fair.”
Located in Riverview Corporate Center at 27499 Riverview Center Boulevard, Riverview Executive Suites is managed and operated by CRE Consultants. The full-service commercial brokerage also manages Bayview Executive Suites, which recently opened in the 1100 Building (Regions on Fifth bank building) at 1100 Fifth Avenue South in Naples. They are among the 47 commercial properties totaling 2.4 million square feet that CRE manages in Lee, Collier and Charlotte counties.
The Suite Life
According to Scott Dunnuck, a partner in CRE Consultants, executive suites are preferred by professionals seeking a top-quality office environment without the associated costs. “To hire a receptionist and buy your own phone system, copier and furnishings could cost $50,000 before you even started paying rent,” says Dunnuck. “With an executive suite, you can get a turnkey office for less than $500 a month,” without committing to more space than is needed.
Each executive suite at Riverview and Bayview comes with a desk, executive chair and other office furnishings, as well as a phone and phone lines, Internet and WiFi, and access to three well-equipped conference rooms, a high-speed copier, a kitchen/break room and other common areas. Leases also include professional reception services, phone answering with custom greeting, on-site parking, janitorial service, complementary coffee and tea service, and secure 24/7 building access. Concierge services, such as secretarial and clerical, are available for an additional charge.
At both executive suite locations, CRE not only has enhanced property values for the owner, but also provided professional tenants an economical alternative to traditional office space.
Jim Clement, CPM, CRE’s director of asset services, says that when CRE began managing Riverview Corporate Center five years ago, the owner “wanted to reposition the nine-building property and was willing to invest in significant improvements.” In addition to upgrading Riverview’s mechanical and operating systems, CRE initiated additional capital and cosmetic improvements to attract new tenants. The investment paid off, as overall occupancy at the corporate center has jumped from 65% to 82%.
Occupancy at Riverview Executive Suites has been even higher under CRE’s management, boasting a rate of 95% — 100%. CRE expects similar success at Bayview Executive Suites, which opened earlier this year after extensive renovations. Although their concepts and amenities are similar, the two properties are uniquely appealing.
Riverview Executive Suites
Located in a two-story, freestanding building, Riverview Executive Suites contains 97 office suites in 27,000 square feet. Offices range from 85sf to 650sf and are priced from just under $400 a month on an annual lease. Riverview also offers virtual office space starting at $110 per month, as well as day offices.
Tammy Plucker, real estate manager for CRE, has managed the suites since 2004 and says they’re ideal for sole proprietors, start-ups and other businesses that want to project a professional image on a no-frills budget. But cost isn’t the property’s only selling point. Tenants also appreciate its lush landscaping, ample parking and proximity to both Fort Myers and Naples.
It also offers the ability to expand within the building — or elsewhere in the park. Dustin Rinaldi, for example, started in one office and expanded to a larger space within just a couple of months. His wealth management firm now occupies two suites and employs three other people. Should he need more space in the future, he has the option to move to another building within Riverview. “We plan to stay here forever,” he adds.
Tenants & Terms
Besides financial advisors, tenants include CPAs, architects, builders and real estate brokers, as well as major corporations that want separate administrative and executive offices. “Some of our clients are based up North and maintain a satellite office here,” says Plucker. “Others cater to a seasonal clientele and only use their office space on a part-time basis.”
Regardless of how much time they’re actually in the building, most tenants sign annual leases. “That way, they can receive their mail and have their phones answered while they’re away,” says Plucker. “Also, most of the higher-end financial clients prefer a year-round office in a fixed location because it’s more convenient. They don’t have to constantly be moving.”
For those who need a shorter-term lease (typically three or six months), Plucker is happy to negotiate, provided there’s a vacancy. “I get calls in January from people who will be here for three months during season and want an office for March, April and May. I have people who do that every year.”
Amenities & Improvements
Vacancies are rare in the building, which CRE thoroughly renovated when it took over day-to-day operations in 2014. Initial improvements focused on enhancing the building’s Internet bandwidth by installing fiber optic lines to supplement the existing T-1 and cable lines. With three different Internet backups, tenants won’t notice a disruption in service if one goes down.
CRE also renovated the lobby, installed new smart TVs in the conference rooms and common areas, replaced the carpeting and furniture, and upgraded the phone system. Plucker says the new system can forward calls to multiple numbers per business and provide email alerts when callers leave a message. However, it’s not meant to replace the front-desk receptionist or Riverview’s personal approach to assisting tenants.
“We are their staff,” says Plucker, who describes Riverview’s receptionist as “a great screening tool.” All visitors must stop at the front desk first so that the tenant can be notified that their appointment has arrived or that they have a visitor. If the tenant isn’t there, the receptionist will convey a message, which is especially helpful to virtual tenants.
Additional Advantages
Accessibility and security matter to CPA Shawn M. Williams, whose namesake accounting firm maintains office space in Fort Myers and Naples, as well as Bonita Springs. He moved to Riverview Executive Suites in 2015 from another executive suite in Bonita because of its declining service and insufficient staffing. “Sometimes there was no one at the reception desk, so you’d see (visitors) just wandering around the halls,” Williams says. “It was completely unprofessional.”
Since moving to Riverview, he has already upgraded to a larger suite to accommodate his growing staff. To date, he says he’s had nothing but praise for the property’s many assets, including the professional staff and the park-like, riverfront setting.
“As an accountant, I tend to work nights and weekends, and this feels like a very safe place,” he says, adding that the parking lot is well lit and secure after hours. By day, he says it’s a pleasant place to walk around on breaks. “There’s a lot of wildlife to see.”
Williams says he frequently uses the kitchen and coffee service, as well as the conference rooms, and appreciates that the tenants are friendly. “The management staff is fantastic; very responsive and accommodating. I’d recommend Riverview to anyone — anyone but another CPA!” he says, laughing.
Bay view Executive Suites
Although Bayview Executive Suites is new to the market, it is located within a Naples landmark, the Regions on Fifth bank building, next to Tin City. The executive suites occupy 9,000 square feet of the office tower, which is enviably situated on Fifth Avenue South amid world-class retail shops and restaurants.
“It’s great for entertaining clients,” says CRE’s Scott Dunnuck, who is leasing and managing the suites. “We have a lot of people in the building whose clients will meet them here and they’ll walk over to Bayfront or Dockside for lunch or dinner.” The location is also convenient to major transportation corridors (U.S. 41 and I-75) as well as Gulf beaches.
Options & Amenities
Bayview came on the market earlier this year following a total makeover by CRE. “(When the previous operator’s lease was up), we decided to take it over and rebrand it,” says Dunnuck. The process began with a new name, a new concept and a new design. The existing space was gutted and totally reconfigured to include open and private workspaces.
“These days I think there’s a lot of synergy between tenants,” he says. “So we removed many of the walls and added a lot of glass to open up the space and add natural light.” CRE worked with Fort Myers-based Office Furniture Design Company and Caffey Architecture to design and furnish the suites.
The finished product has a warm, contemporary look and features 19 traditional executive offices and nine “hot desks” in an open area. While the more traditional offices are designed with doors and walls for privacy, most offices have floor-to-ceiling windows; all conference rooms have glass walls. The combination is already attracting interest from prospective tenants including attorneys, financial planners and architects, as well as Millennials. “We’re meeting what we see as a need for Class-A, contemporary, turnkey space in downtown Naples,” says Dunnuck.
Amenities include: on-site manager and receptionist on weekdays; covered on-site parking; janitorial service; LED lighting; secure 24/7 access; Ethernet and WiFi; flat-screen smart TVs in the lobby; and access to a central cafe with coffee bar. “(The café) used to be an enclosed room, but we wanted it to be open to the hot desk area so that it’s more inviting,” says Dunnuck.
There are also three conference rooms with full audio-video capabilities, which are also available to outside parties at an hourly rate. Because of its proximity to the courthouse and numerous area law firms, Bayview’s conference rooms are popular mediation sites. In fact, Dunnuck says, local attorneys often reserve two rooms at a time to separate the mediating parties.
Tenants & Terms
All full-service suites come completely furnished with everything a tenant needs to conduct business. “You can sign a lease one day and move in the next,” adds Dunnuck. Prices start from $795/month for private offices up to 280sf. There are also a number of more affordable options for people who don’t need daily office space, but do want access to Bayview’s many benefits.
For $495/month, Bayview’s Hot Desk plan provides 40 hours at any open seat in the common area. Printer access and two hours of conference room time are included. To ensure the same desk in the same common area location each day, Dedicated Desks are available for $695/month, with three hours of conference room time. Many of the plans include mail and phone answering, with other services available a la carte.
Dunnuck says that for $110/month, a Virtual Office at Bayview is the least expensive way to establish a Fifth Avenue South address, including phone answering and mail collection. Also, for an additional $45 per amenity, virtual tenants may access the conference room for an hour or a hot desk for a half-day.
Appealing Elements
Attorney Jim Kelleher fell in love with Bayview while renovations were still underway and was the first tenant to move in. “It had everything I was looking for: a Fifth Avenue address; proximity to other amenities; an accessible location that’s easy to find; and a parking garage with (ample parking), which makes it convenient for me, my employees and clients,” he says.
After 30+ years as a managing partner of the largest plaintiff’s personal injury law firm in the country, Kelleher went out on his own to open The Kelleher Firm in Naples. He says he chose an executive office suite for its flexibility. “I’m not sure how big I want my firm to get and where I want to go professionally at this point, and so I want to be able to either grow in this facility or expand into a more traditional lease space. (At Bayview) they were very accommodating in that regard.”
Kelleher occupies a corner office and leased an adjacent suite for his paralegal. Months after moving in, Kelleher says Bayview continues to impress him. “The interior is laid out very well, the kitchen amenities are fantastic and there are several beautiful conference rooms that I use a lot. Also, the staff is absolutely phenomenal.”
Kelleher says he’s made a lot of contacts through Bayview’s virtual tenants, who have been “a great source of business.” He adds that he expects more referrals as the executive suites lease up. “We’re just getting started here, but so far, it’s been great.
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