Offering
books
We have designed, produced and published
hundreds of offering books over the past 15 years,
and are familiar with probably every aspect of the
craft.
Investment
Offering Memorandum
The standard real estate
offering memorandum still consists of a hardcover
ring binder or slip cover with gold or silver stamping.
These books are produced in small quantities (50
to 120), and are fully illustrated with photos and
graphics. Sometimes a “teaser” goes
out in advance to announce the offering: an executive
summary with a few graphics or photos.
On-line memorandums
This is an additional feature, whereby the
complete memorandum is distilled into an Adobe Acrobat
PDF document that can be read on-line after unlocking
with a key.
High-end
“coffee table” books
For a few very prestigious properties the
financials are separated from the property description.
The result is an oversize, bound, no-cost-spared
hard cover edition that looks like a “coffee
table” art book. The new owners (for example
of The Plaza) have later come to us with the request
to reprint this book, now with their name on it,
to “hand out to their friends.”
Pitch Books
Before getting the assignment, several real
estate firms will “pitch” for the job.
The “pitch book” describes how the real
estate company envisions the memorandum, but it
has a very short lead time and no guarantee of compensation.
But a strong focus on pitch books (with full graphics)
can lead to a major increase in business volume.
Valuations
When a property has been held for many years, the
book value with its depreciations starts to diverge
considerably from the market value. Then a valuation
is commissioned. We have however witnessed offerings
that actually were guised valuations. (There was
no intent to sell, just a desire for real bids to
confirm the market price.)