Tactix: The Tenant Broker
Tactix was started in 1997 because our founders observed that tenants were being outmanned and underserved in their real estate dealings with landlords, and believed that a new type of brokerage firm was needed.
Tenants face a disadvantage in their negotiations with landlords for two main reasons. First, as real estate has become concentrated in fewer and larger institutional owners such as Real Estate Investment Trusts, insurance companies and other institutions, these landlords now have the resources to employ and retain sophisticated real estate professionals, attorneys and financial experts to promote their interests at the bargaining table. That means, more than ever, a tenant's broker must have comparable expertise, sophistication and skill sets and can no longer survive as merely a “space finder.”
The second problem faced by many tenants is that their broker often has an irreconcilable conflict of interest that prohibits him from advocating unabashedly for the tenant's interests. Because most brokers and brokerage firms make the majority of their income from landlord relationships, including listing work, building management and institutional sales work, they simply cannot afford to push landlords to their limits in a given market. Further, as listing agents, these brokers have a responsibility to their landlord clients to bring them tenants and fill up their buildings.
The three principals of Tactix, Glenn Blumenfeld, Judson Wambold and Salvatore Ambrosio, formed Tactix to fix these two fatal flaws and provide tenants with a true advocate and real estate advisor at the negotiating table. Prior to forming Tactix, Glenn and Jud were partners in the Real Estate Department at Dechert, L.L.P., one of the nation's largest and most successful law firms, where they each practiced for 17 years. Sal was a former White House senior analyst in the Office of Management and Budget before joining Julien J. Studley, a national tenant representation firm, as a broker. In 1986, Sal opened Studley’s Philadlelphia office.
Drawing on the strengths of their respective backgrounds, Glenn, Jud and Sal combined the merits of tenant only representation with unique and sophisticated real estate backgrounds and negotiation and deal management skill sets to create Tactix. The results have been startling.
While Tactix has continued to grow, we have held firm to our founding principles. We will only represent tenants and other end users. We will hire the best professionals and train them to be the best brokers and we will always take the long term view to ensure our clients’ interests come first.