Rick Rains is Senior Vice President of Red Oak Realty with primary responsibility for the management and operation of the 1.4 MM square foot portfolio of properties in the Dallas/Fort Worth Metroplex with over 40 years of experience managing Class A CBD and suburban office, medical and industrial buildings in various markets across the United States.
Prior to joining Red Oak Realty, Mr. Rains was Senior Property Manager with M-M Properties from 2016 to 2021 managing a 465,000 square foot office campus consisting of three Class A suburban office buildings, a 1,595-stall parking garage & a 7.2-acre development site in Bellevue, Washington. Shortly after starting work at the property, he was assigned the responsibility of back filling 45% (208,485 sf) of the office space vacated by the property’s major tenant after they exercised their early lease termination option. All the vacated space was successfully backfilled at market rates increasing the property’s occupancy from 55% to 99% within 12 months. Additionally, Mr. Rains was responsible for construction management of all the Tenant Improvements for the back filled space with a Tenant Improvement value in excess of $27MM including a $1.9MM main lobby upgrade for two of the three buildings. As a result of the successful leasing of the property at market rates, the owners sold the property shortly thereafter realizing a gain of 46% on their original investment. Mr. Rains also assisted M-M Properties in successfully rezoning the 7.2-acre site adjacent to the properties for multi-family development resulting in an increased land value from $1MM to an estimated market value of $9MM.
From 2012 to 2016, Mr. Rains was General Manager with Tier Reit (formerly Behringer Harvard) responsible for the management of a 490,000 square foot office portfolio in Washington, DC and Rockville, MD. While there, a primary responsibility of his was to develop and execute a plan to improve the position of the properties in the marketplace by upgrading floor common areas, main lobby upgrade, construction of a fitness center & conference center and major upgrade of the base building HVAC system for the larger of the three properties, 1325 G Street. From 2007 to 2010, he served as Senior Vice President for PM Realty Group’s joint venture with Montecito Medical Investment Corporation in Houston, Texas overseeing property management for its 1.2 million square foot medical office portfolio transitioning more than one million sq. ft. (29 buildings) of acquired properties into the portfolio.
From 1997 to 2007, Mr. Rains was Vice President, Operations for Prentiss Properties Trust in Dallas, Texas and directed all property management aspects for the company’s 13.9 million square foot Southwest Region. From 1989 through 1997, he held various management positions with Prentiss Properties in California including Property Manager, General Manager for a 2.6 million square foot office portfolio and Regional Director of Operations for all of the company’s fee managed properties throughout California.
Mr. Rains began his real estate career in Seattle, Washington with Gerald D. Hines Interests in 1981 at the 1.2 million square foot Fifth Avenue Plaza building and the former 20 story, 350,000 square foot class A office building Seafirst Financial Center in Spokane, Washington where he served as President of the local BOMA chapter and is currently active with the Fort Worth BOMA Chapter. Mr. Rains earned a Bachelor of Science in Administration from City University in Seattle holds the RPA®, CPM® and CCIM designations.
Experience
Red Oak Realty | 2021 - Present
Senior Vice President, 2021 - present
M-M Properties, Bellevue, WA | 2016 - 2021
Senior Property Manager
Tier Reit (formerly Behringer Harvard), Washington DC | 2012 - 2016
General Manager
PM Realty Group, Houston, TX | 2007 - 2010
Senior Vice President
Prentiss Properties, Dallas & Fort Worth | 1997 - 2007
Vice President
Prentiss Properties, Irvine, CA | 1989 - 1997
Director of Operations, 1995 - 1997
General Manager, 1993 - 1995
Property Manager, 1989 - 1993
Gerald D. Hines, Interests, Seattle, WA | 1981 - 1989
Property Manager, 1982- 1989
Assistant Property Manager, 1981 - 1982
Education
City University | Seattle, WA
Bachelor of Science – Administration