![]() Within minutes, the system can spit out a blueprint for contractors and local authorities that issue building permits. Examples: Tearing out a wall costs $5 a foot installing an electrical socket, $35 carpet is $6 a yard installed. Segal provides his leasing agents with off-the-shelf space-planning software - and a construction price list worked out in advance with contractors. A tenant may, for example, ask for a detailed accounting of who pays for what during a relocation within the building.ĭesigning an office typically involves weeks of negotiations with an architect, contractors and the landlord. His agents keep a list of changes to the standard lease. You won't find long paragraphs about the landlord's obligations under the Americans With Disabilities Act. His standard lease is 3 pages, instead of the usual 20 or more. "I want people to come in, sign a lease and then go have lunch," Segal says. But Boxer's occupancy rate at properties owned for more than one year averages 93%, versus 84% for the Houston market as a whole. Thanks to Texas' landlord-friendly laws, Segal can evict bum tenants in a matter of weeks - something he's had to do more than once. ![]() Segal targets small businesses - lawyers, consulting firms, temporary help agencies and the like - and is willing to lease them as little space as they want, for short periods of time. Most property owners, whether they're individuals or insurance companies, look for stable clients: large tenants with strong credit histories, willing to sign up for three- or five-year leases. "It's sort of like wearing your phone number to a singles bar," he jokes. Not exactly standard practice in commercial real estate, where most landlords are terrified of cheapening the image of their property - but definitely hallmark Segal. ![]() Segal isn't embarrassed about putting the actual rent per square foot on these signs. On Segal's properties throughout Houston, big yellow-and-black signs advertise his company's phone number, 777-RENT. should top $2 million, after debt service and operating expenses, on $30 million in rent. This year cash flow at his Houston-īased Boxer Property Management Inc. In just six years he has acquired a portfolio of 53 office buildings in Houston, Dallas and Tulsa worth more than $120 million at current market values. Today the 31-year-old Segal isn't yet a candidate for the rich list, but he's on the path. ![]()
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