Dearborn - Midwest Real Estate News has inducted Ford Land Commercial Properties Director Rob Cory into its Midwest Commercial Real Estate Hall of Fame.
The award honors the biggest names in the Midwest commercial real estate industry. Seventy-three individuals received the honor in 2012.
According to Midwest Real Estate News, inductees “Don’t rely on a secret formula to reach their impressive career milestones. Instead, they focus on working hard, providing top-notch customer service and knowing everything there is to know about their markets … (they) aren’t shy about donating their time, both to their industries and to their communities.”
Below is Cory’s profile as seen in the December 2012 Midwest Real Estate News.
Rob Cory joined Ford Land, the real estate arm of Ford Motor Company, in 1999 as a financial analyst. He later spent two years in Ford Motor Company Treasury, returning to Ford Land as director of commercial properties in 2008. Cory is responsible for more than 5 million square feet in approximately 50 office buildings surrounding Ford’s World Headquarters in Dearborn, Mich. These properties are part of Ford Land’s master-planned Fairlane community.
Cory took the help of Ford Land’s commercial real estate portfolio in 2008, at the height of the economic downturn. Like many businesses, Ford Motor Company was reducing its workforce and consolidating employees into its core corporate properties, dramatically increasing vacancy in Ford Land’s commercial properties.
He led an initiative to convert Ford Land from mainly being Ford’s landlord to being the landlord of choice for any company. He realigned internal resources in support of the commercial portfolio, initiated more aggressive marketing campaigns, built relationships with the brokerage community and, in a strategic review of the portfolio, identified properties for repurposing and potential sale. The result was a significant increase in non-Ford leasing.
From 2008 through the third quarter of 2012, Ford Land has leased nearly 900,000 square feet to 92 new non-Ford tenants. That compares to 30 new non-Ford tenants in the previous five years from 2003 through 2007. Ford Land also has renewed 79 non-Ford tenants leasing 1.6 million square feet during the past five years.
Cory is a respected leader at Ford Land and in Southeast Michigan’s commercial real estate community. He is approved by Michigan’s Commercial Board of Realtors to teach “Deal or No Deal: Real Estate Finance” and “Analyzing Financial Risk in Real Estate Transactions” for continuing education credit. Approximately 400 brokers have attended one of his presentations in the last few years. Additionally, in June 2012, he participated in a panel discussion about the reuse of commercial and industrial properties.
In 2011, Cory presented at the CoreNet Michigan chapter event and also at the annual University of Michigan and Urban Land Institute Real Estate Forum. In 2009, he participated in a University of Michigan Real Estate Alumni panel discussion and in 2012 Ford Motor Company selected him to participate in Ford Motor Company’s Experienced Leader Program.