25 Feb WashLB New Partnerships Valued at $1.7M
WashLB recently closed commercial partnerships with two large Philadelphia region property management groups, Brandywine Realty Trust (www.brandywinerealty.com) and Workspace Property Trust (www.workspaceproperty.com). What does this mean for WashLB? This means generating $145K monthly and $1.7M annually through these two relationships. This will require hitting key performance milestones at each individual location. These milestones are based on performance and strategy learned from high-performing WashLB locations.
WashLB is currently fundraising to invest in building the company infrastructure through hiring, technology development and marketing to meet this new demand from these regional partnerships. We are operating at 22 locations but have approximately 150 locations in our direct pipeline that we are approved to launch starting Spring 2018.
Brandywine Realty Trust is one of the largest commercial realty group and the 5th largest parking entity in the Philadelphia region. This partnership can generate approximately $60K in monthly revenue resulting in an annual revenue of $725K. This deal includes their entire regional portfolio under an exclusive agreement with the opportunity to expand the relationship to their Northern Virginia portfolio where we are operating currently.
We began a relationship in November 2017 with Workspace Property Trust at 5 of their locations, which they are looking to now expand across their Philadelphia regional portfolio. This relationship across 74 locations can generate approximately $82K in monthly revenue and $987K in annual revenue.