Republic Plaza - Project Overview
Republic Plaza, managed by a global leader in commercial real estate is a 56-story, 1.3 million sq. ft. office building in Denver, Colorado that underwent significant transformation in 2015. The former food court was revamped into a secure state-of-the-art common space for tenants, featuring multiple conference rooms and shared technology. However, over the years the existing solution began incurring many unforeseen maintenance and service costs and with the rapid advancement of technology, the existing solution could not meet tenant’s heightened expectations and demands in the post-Covid working environment. Multiple upgrades were needed to meet the necessary connectivity and video conferencing needs their tenants desired to make the space functional.
The Challenge
Republic Plaza’s common space was designed to add value to its tenants, foster collaboration, and create community among tenants, but it needed a technological facelift for it to continue to be beneficial. There were three major challenges leading to this project:
01. Incurring Maintenance & Repair Costs
Over the years, this shared space at Republic Plaza has incurred a large list of service costs due to routine maintenance and miscellaneous technology failures. Therefore, it needed the most economical solution for addressing the inevitable maintenance and support services.
02. Navigating Budget Challenges
Companywide, budgets were being constricted due to general cash flow concerns, and other business needs were being deemed more important, causing the capital to be a challenge to get into their budget.
03. Rapid Advancement of Technology
Lastly, this shared space at Republic Plaza had previously experienced how rapidly technology becomes obsolete and they desired more flexibility in their ability to upgrade and grow as technology advances and tenants' needs evolve.
The Solution
Vertical AV was the ideal partner for this project, they’re a leading AV solutions provider with expertise in Technology-as-a-Service (TaaS) models. Vertical AV recognized the unique challenges and objectives of this project and proposed TaaS, a comprehensive solution that aligned perfectly with the needs at Republic Plaza.
"Technology-as-a-service allowed us to achieve our goals. We were able to respond to our tenant’s needs, by upgrading our equipment quickly and without the need for capital dollars. Not only did this payment model help maneuver around some immediate cash flow constraints, but we can expense it over time as an operating cost, and enjoy the flexibility to change the equipment out as tenant needs change and technology advances as it has done in the past. It just made sense for us, as it relates to the maintenance and repair costs that we have always had to incur for this type of equipment. This as-a-service subscription model eliminates unforeseen costs from piling up, and provides the necessary support services with Vertical AV included for the entire term of the solution.”
- Kit McPhail-Bowman, General Manager, Operations at Republic Plaza • Denver, CO
The Key Benefits This TaaS Solution Provided
• Multiyear Maintenance & Support
The TaaS subscription payment included comprehensive multiyear maintenance and break-fix services, eliminating the worry and risk of accumulating unforeseen service costs. This ensured the common space's technology operated smoothly, minimizing disruptions and tenant dissatisfaction.
• Scalability & Adaptability
As tenant demands evolve and technology advances, this exclusive TaaS model comes with a Solution Replacement Guarantee (SRG). The SRG eliminates the burden of being handcuffed to outdated equipment or having to make substantial new large capital expenses to upgrade. They can easily replace their solution if it becomes obsolete at any point during the subscription.
• Budget Flexibility
Vertical AV's TaaS model allowed Republic Plaza to bypass significant capital expenses and instead treat technology upgrades as an operating cost spread over time. This approach freed up valuable capital that could be utilized for other essential business initiatives.
• Enhanced Tenant Experience
The TaaS solution provided Republic Plaza with the means to enhance the tenant experience by meeting their heightened technological expectations. Advanced video conferencing capabilities and improved connectivity fostered collaboration and productivity in the shared space, aligning with the company's commitment to creating vibrant tenant communities.
The Result
With Vertical AV's TaaS solution, Republic Plaza successfully revitalized the common space in this Denver office building, meeting and exceeding tenant expectations. They upgraded to the necessary technology without depleting their capital resources, allowing them to allocate their budget more effectively.
The multiyear maintenance and support included in the TaaS subscription provided peace of mind, ensuring the technology operated seamlessly and minimizing service disruptions. This allowed Republic Plaza and the commercial property management company to focus on their core real estate operations and tenant satisfaction.
The adaptability of the TaaS model allowed Republic Plaza to keep pace with changing tenant needs, ensuring their common space remained a state-of-the-art, technology-driven hub for collaboration.
Conclusion
By choosing this exclusive TaaS solution, the Republic Plaza project achieved its goal of elevating the tenant experience and meeting post-COVID technology expectations without compromising its budget. They demonstrated a commitment to innovation and tenant satisfaction, strengthening the property management company’s position as a leader in commercial real estate.
