Like many small business owners, Naples residents Joe and Lorraine Badessa debated whether to continue working from home or take the plunge and lease space in an office building. The decision became more pressing when they agreed to merge her accounting firm with his insurance business.
“As an accountant, I really needed to have a nice workspace that was quiet; a place where I could concentrate and not be distracted,” says Lorraine Badessa. Her husband, on the other hand, liked working from their home office but needed a place to meet with clients. “He was really looking for an office that had nice conference room space.”
The Badessas found the perfect solution at Fifth Avenue Executive Suites. Located at 649 Fifth Avenue South in downtown Naples, the suites offered just what they needed to establish their accounting and insurance services firm without a lot of unwanted, expensive extras. In January 2014, the couple moved their business into one of the 25 office suites in the building, which fronts one of Naples’ toniest streets. The suites occupy the top half of the two-story, 16,000sf building that also includes six independent retail shops on the ground floor. “
It’s ideal for a company starting up (because) it offers all the things business people want and need without a big investment up front,” adds Badessa. “Also, compared to the other executive suites we’d looked at along Fifth, we thought that the price point was right.”
She and her husband aren’t the only ones who have discovered the suite life. The concept has experienced a surge in popularity as digital technology continues revolutionizing how businesses operate. Accordingly, many corporate owners are opting to increase their presence in cyberspace and either downsize or entirely eliminate their office space.
In Southwest Florida, suites are becoming increasingly popular among sole proprietors, retirees and seasonal residents seeking the privacy, ambience and amenities of a corporate office without the associated costs. Also, those who travel frequently appreciate the flexibility and security of lock-and-leave office space. For others, like the Badessas, an enviable location was the icing on the cake.
“Everyone knows where Fifth Avenue is,” Badessa says. “My husband’s clients almost view it as a destination. They don’t mind coming here for meetings because they can go to lunch or dinner. So for him, this has eliminated an incredible amount of travel.”
“We are in the center of downtown — the absolute heart of Fifth Avenue South,” says executive suites owner Wafaa Assaad, a long-time real estate developer/investor in Naples. “It’s by far the best location of any other (executive office suites) on Fifth Avenue.”
BENEFITS AND OPTIONS
Location is just one of many selling points that have drawn tenants to the property for almost 30 years; a mix that includes architects, accountants, attorneys, a financial advisor, an advertising agency and other successful professionals. Assaad purchased the building in 2005 and has since worked diligently to uphold and enhance its value.
“I’m constantly maintaining the building, keeping everything cleaned, polished, repaired, replaced and in top shape,” says Assaad. He also recently completed a major interior renovation of the executive suites. In addition to upgrading and modernizing the offices and common areas, he redecorated and refurnished the two conference rooms.
Other factors also help keep office space at Fifth Avenue Executive Suites in high demand. Gwen Cammons and Judy Poche are two of them. As the suites’ fulltime managers, they are on site daily to keep things running smoothly.
“I think the service and environment we provide are superior, by far. We’re very sensitive to our clients’ needs and work hard to make them comfortable,” says Assaad. That includes providing a choice of interior and exterior suites with services and terms to suit a businessperson’s specific needs.
EXECUTIVE OFFICE SPACE
Sizes range from 110sf for a single office to approximately 400sf for a private suite that can accommodate a co-worker, such as an office manager or secretary. Offices are available furnished or unfurnished, and come with the use of the common areas and amenities, including two furnished conference rooms, a lounge and a well-appointed kitchen with a refrigerator and microwave. There is even a complimentary coffee and tea bar.
Typical lease terms are for one or two years at rates contingent upon office size, location and other variables. For example, tenants will pay more for exterior suites overlooking Fifth Avenue South or with private, outside access. Furnishings also affect price. While the furnished offices appeal to tenants seeking the convenience of turnkey space, other tenants prefer to bring their own décor and selected pieces of furniture. Either way, Fifth Avenue Executive Suites can accommodate them.
All agreements include electric, housekeeping (three times a week), reception services, incoming mail service, taxes, maintenance and CAM. Tenants pay an extra charge for secretarial services and use of office equipment, and also are responsible for private phone lines and cable. Even though most tenants prefer to arrange their own high-speed Internet access, Assaad says they’re welcome to use the suites’ Wi-Fi and computers, located in the reception area.
VIRTUAL OFFICE SPACE
Besides space for lease, Fifth Avenue Executive Suites offers various plans for virtual offices. These are popular among seasonal residents and tenants who travel frequently, as well as professionals who conduct most of their business outside the office. And for many entrepreneurs and owners of start-up businesses, it’s the most economical way to project a successful corporate image while they work to get established.
The least expensive virtual option is the Mail Service plan, which allows tenants to use the Fifth Avenue South address for incoming mail. They’re also notified when important documents arrive. A Mail Agreement plan further includes the use of copy and fax machines. With a Corporate Image plan, tenants receive mail and fax service, along with other benefits, such as professional phone answering service, business card display, directory listing and four hours of conference room use per month. Corporate Image Plus provides all of the aforementioned services, along with receptionist services and 10 hours of conference room time each month.
ADDITIONAL AMENITIES & OFFERINGS
Currently, there are a few available suites, “but not too many. We have tenants who have been with us for more than 15 years and others who just joined us in the last 12 months. By and large, we stay busy and occupied,” says Assaad. “In some cases, we can offer immediate occupancy, but if we’re full, we put (the prospective tenant’s) name on a waiting list.”
It’s no surprise that demand is high. Beyond providing its tenants a prestigious address and an attractive, professional office environment, Fifth Avenue Executive Suites offers “a little bit extra,” says Assaad. “For instance, we provide concierge service upon request and help tenants with various tasks, such as running errands, making reservations or procuring products or services. We can take care of everything for them so they can focus on their own businesses.”
Value-added benefits include:
Convenient Parking. Finding a place to park is surprisingly easy, despite the fact that 649 Fifth Avenue South is located at the mid-point of Naples’ most popular commercial corridor. In addition to a large 19-space parking lot behind the building, there are two public parking garages nearby, as well as street parking in proximity. “Also, not everyone is here from 8 a.m. to 5 p.m., so availability has never been a problem,” says Assaad.
Easy Access. From Fifth Avenue, tenants and visitors may reach the suites via stairs or elevator. There is also a back staircase near the building’s parking lot.
Signage. Tenants of the executive suites may display their business name on their office door, as well as on a marquis in the second-floor lobby There is also a tenant directory on Fifth Avenue
Security. The building is open weekdays from 8:30 a m until 5 p m , although tenants have unlimited access seven days a week Also, each morning a member of the executive suites staff arrives 15 minutes before the building opens to inspect the second-floor common areas and make a fresh pot of coffee for the tenants Another check is made prior to closing each night to ensure that all is well.
THE FUTURE LOOKS SUITE
As an office concept, Fifth Avenue Executive Suites is more traditional than trendy, and Assaad wants to keep it that way “We don’t have daily or weekly rentals,” he says “We appeal to the professionals and retirees that would like to have a professional atmosphere and privacy ”
Privacy doesn’t preclude making personal and professional connections “There is a lot of harmony here The tenants all get along well with each other,” which sometimes leads to business opportunities
Assaad adds that he sees executive suites becoming more popular in coming years, as business operations continue to evolve “Not every business needs to lease 1,000 or 2,000sf and have a private secretary Here, all they have to do is bring their computer and phones, and that’s it They’re ready to conduct business We’ll take care of the rest ” Even the coffee.
admin
