Bayer Properties' Libby Lassiter Weighs Adaptive Re-Use Costs
The transformation of The Pizitz would have been a lot less expensive had they started from the ground-up, but to Bayer, it was worth it to restore the building for the city to enjoy.
BIRMINGHAM, AL—Over the past few months since stepping into her new role, Libby Lassiter, President, Bayer Properties, has led the team to increase its portfolio by over a million square feet, adding new properties and developments in growing markets, including Oklahoma City, Okla.; Hoover, Ala.; and Atlanta, Ga. With less than 10% of the C-suite positions in CRE held by women, Lassiter is leading efforts to ensure that each of Bayer’s assets continue to grow and evolve while committing to meeting consumer demand and appeal to the end user.
“My leadership roles did not happen overnight. I’ve had the chance to learn from several great mentors who took me under their wing, and for that, I am forever grateful,” reflects Lassiter. “I recognized early in my career the importance of building the right team and having trust in them to get the job done. Although technology is impacting employment, we are still in a people business. I truly believe that the ability to work as a fully integrated and functioning team is the most valuable lesson I’ve ever been taught.”
While Lassiter’s traditional area of expertise is leasing, she has always gravitated toward the design aspect of commercial real estate.
“I really enjoy working with architects on projects and figuring out how to integrate the right mix of uses into a destination to create a vibrant, energetic place that people love. I’m also intrigued by exploring new ways for us, as developers, to cut back on our carbon footprint by recycling and transforming historic buildings,” says Lassiter. “Lately, I’ve become extremely invested in learning more about how we can create sustainable projects from my Gen Z daughter who is well-versed in the subject. I think it’s safe to say she has become a “woman of influence” for me!”
Construction Costs And Historic Properties
Like a host of other CRE professionals, Lassiter has her eyes on the rising cost of construction, especially as it relates to the revitalization of historic properties as well as existing shopping centers. Because of inevitable inflation, it is becoming harder to redevelop buildings in a sustainable way. The cost of building a project that is LEED certified is far more expensive than tearing down an old building and starting from scratch. For example, take The Pizitz, a mixed-use project in downtown Birmingham, Ala. Bayer spent $70 million to renovate this nearly 100-year-old building, ensuring they implemented sustainability efforts throughout the project and receiving their official LEED certification.
The transformation of The Pizitz would have been a lot less expensive had they started from the ground-up, but to Bayer, it was worth it to restore the building for the city to enjoy. The Pizitz is fondly known at Bayer as the “lunar module” as it was almost that complicated to repurpose the (historic) building into a food hall, co-working office, residential and an art cinema, Lassiter tells GlobeSt.com.
Business Entertainment Norms
Throughout her career, Lassiter has been fortunate to work for companies and leaders that were always very supportive.
“However, one of the areas I have struggled with over the years is the norm of business entertainment. In our industry (and many others), we have investors and clients who visit for meetings then leave us to spend a majority of their time on the golf course with our male associates,” observes Lassiter. “ As women who do not typically engage in this sport, we must often come up with creative ways to make entertaining relevant off the green. One example from our property, The Summit at Fritz Farm in Lexington, KY, is how we use our relationships with interesting market-based influencers to entertain in special settings unattainable for tourists. That way we provide a memorable and local cultural experience that you just can’t get on a golf course.”
Women in CRE
As Lassiter reflects on her 24-year career, she realizes there has never been a better opportunity for women in the CRE industry than now.
“At Bayer, 60% of our employees are women, and in addition to being led by two female co-presidents, 52% of our employees at the director level or higher are female. We aim to empower everyone in our company to grow through various leadership roles and believe a diversity of perspectives leads to rich thinking about everything from business strategy to customer service and beyond,” says Lassiter.