Growing Partnership and Operational Excellence: Lulafit's Fresh Approach to Tourmaline's Portfolio
Growing Partnership and Operational Excellence: Lulafit's Fresh Approach to Tourmaline's Portfolio
Portfolio Partnership: Tourmaline Capital Partners and Monarch Alternative Capital
In June 2022, Lulafit had an initial meeting with Tourmaline, who had already hired an operator and was considering them for their fast-growing portfolio. As Tourmaline had just closed on their latest project, The Esplanade in Phoenix, they were excited to give lulafit an opportunity to compare them to their current operator. The lulafit team had multiple meetings with Tourmaline, and they found the lulafit approach refreshing.
Lulafit goes beyond fitness, also engaging the full tenant population through wellness focused activations and building-wide communication aimed at creating a positive tenant experience for everyone in the building.
We achieve this through building-wide events and lobby activations marketed by our team.
Prior to the Oct 17, 2022 launch, Lulafit team evaluated the existing fitness space and found areas of greatest impact to improve facilities and create a higher end offering for tenants.
Tourmaline quickly realized Lulafit was the right partner and awarded Lulafit as the consultant and operator at The Esplanade in Phoenix. This successful collaboration led to subsequent hires by Tourmaline for consulting and operating on other projects, such as Apex 1 and 2 in Dallas, Citigroup Center in Miami, and a ground-up development in Nashville.
Following the failure of a previous operator, Lulafit was awarded the contract for One South in North Carolina. Demonstrating exceptional efficiency, the operations team swiftly established an on-site team within an impressive 60-day timeframe. This achievement was a direct result of the trust that Lulafit successfully fostered with Tourmaline, enabling a seamless transition and effective delivery of services.
Operational Excellence and Partnership Growth:
The partnership between Lulafit and Tourmaline quickly led to tangible results. By leveraging Lulafit's expertise, Tourmaline experienced lulafits ability to enhance the tenants' experience and witnessed the transformative impact of their programming. Lulafit's involvement extended beyond being a mere operator, as they became trusted advisors and collaborators for Tourmaline's growing portfolio.
The successful collaboration between Lulafit and Tourmaline showcases the power of fresh perspectives and innovative solutions in the real estate industry. By embracing Lulafit's transformative approach, Tourmaline experienced remarkable outcomes across their portfolio. This case study highlights the importance of effective communication, trust-building, and operational excellence in establishing enduring partnerships that drive portfolio performance and success.
Lou Merlini- Principal at Tourmaline Capital Partners
