DRES has been designed as a “one-stop shop” to support the missions of our agency customers and the objectives of the private sector businesses we work with. Our specific services and responsibilities include:
- Managing the Commonwealth’s real estate portfolio
- Providing strategic planning assistance to agencies
- Transactional negotiation support, including leasing, acquisition, disposal, and easements
- Transactional documentation support
- Monitoring occupancy and efficient utilization of leased and owned property
- Real estate information database
- Selling surplus real estate
- Administering statewide contracts for outsourced real estate services
Included among the state-owned portfolio of land and buildings we oversee are 400,000 acres of land in over 1,200 locations; 12,000 buildings; and 117 million square feet of space. Additionally, Virginia leases approximately 13 million square feet of rental space in 1500 locations.
DRES provides real estate portfolio management, transactional, and strategic planning services to state agencies through a collaborative relationship that helps customers meet their real estate needs while ensuring quality, efficiency, and cost control.
A centerpiece of this service commitment is the designation of Real Estate Transaction Managers (TMs) who serve as the chief advocate and primary contact for state agencies. By thoroughly understanding the requirements, issues, and objectives unique to each agency, the TMs assist our customers in a wide variety of tasks:
- Determining space requirements
- Soliciting proposals
- Inspecting alternatives
- Preparing financial analysis
- Negotiating with proposers
- Preparing term sheets and lease drafts
- Negotiating terms
- Circulating draft leases and coordinating revisions
- Coordinating design of TI's
- Coordinating execution of documents
- Assuring the execution of TI construction
- Documenting lease commencement
- Responding to evolving requirements
- Providing a complete understanding of real estate and of the policies and laws of the Commonwealth related to real estate
This strengthened focus on service ensures agencies get space that promotes efficiency and productivity; faster transaction times; added value; increased bargaining power; seamless access to expertise; and greater collaboration and communication.
Executive Order - Real Estate Initiative
In June 2004 an Executive Order established a new unified and fully integrated real estate portfolio management system. It was designed to re-engineer the manner in which the Commonwealth managed its assets; to strengthen coordination and cooperation between state agencies and the real estate office; and to bring greater value, responsiveness, and expertise to the process.
A direct result of this initiative was the creation of the Division of Real Estate Services (DRES), which was formed in January 2005 as a business unit of the Department of General Services. DRES was established to provide real estate portfolio management, transactional, and strategic planning services that support the respective missions of each state agency and make it easier for the private sector to conduct real estate-related business with the Commonwealth.
All services performed by the Bureau of Real Property Management were rolled into DRES.
Click here for the Executive Order.