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The Palladium Company is delighted to write this letter of recommendation on behalf of Property Services Group (PSG). Since February of 2000, The Palladium Company and its affiliate, Related Retail Company, have used the property management services of PSG for our 50,000 square foot Wabeek Building located in Birmingham, Michigan. PSG provides day-to-day supervision of the building and its tenants. PSG has done an excellent job ensuring the building is maintained at the high standard we require and providing accurate and timely financial supervision. During PSGs tenure, the Wabeeks cash flows have increased 20%. We believe PSGs care and attention to detail has played a significant role in the buildings continued improvement.
On a qualitative level, we are especially pleased with the frequent and appropriate communication PSG provided to us and to our tenants, keeping all parties informed of building and neighborhood related issues. In particular, PSG has been proactive in alleviating tenants immediate concerns and identifying likely future challenges with regard to Palladiums residential condominium development which will be constructed on a lot behind the Wabeek Building beginning January 2001.
Overall, we are very pleased with the services PSG has provided managing the Wabeek Building and look forward to maintaining this positive relationship.
James M. Selonick
Senior Vice President