2023 C-Suite Awards
Small Private Company: Michael Friedman | Paolino Properties LP director of sales and leasing
IN JUST TWO YEARS on the job, Paolino Properties LP Director of Sales and Leasing Michael Friedman’s impact on the firm has been significant.
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When space becomes available in buildings owned by the Providence-based real estate firm, Friedman goes into overdrive – sometimes literally. Along with working the phones and sending emails to potential clients and tenants, Friedman frequently gets into his vehicle to drive across the Ocean State, from Providence to Cranston to Barrington and Newport, to visit properties and field inquiries from the public.
Such a work ethic that Friedman provides is needed for the firm to stay ahead in a highly competitive local real estate market.
“Michael demonstrates every day how valuable he is to this company with his commitment to ensuring our buildings, apartments and office space are full,” said Joseph R. Paolino Jr., managing partner of the firm. “Michael makes it his priority to ensure the public is aware of our open space. He remains ahead of the curve by ensuring we reach a wide range of potential clients and tenants.”
Paolino Properties is a fourth-generation, family-owned and -operated real estate investment, development and management company with an annual revenue of $50 million. It is one of the largest family-owned commercial real estate companies in New England, managing more than 40 properties totaling 3 million square feet.
The challenge of real estate at this level is what drives Friedman to succeed. “Each deal is very unique,” he said. “We put all these heads together to figure it out. It’s like solving a puzzle.”Friedman joined the firm two years ago with more than two decades of experience in real estate sales and investment. His priority is filling the open space within retail, commercial, residential and hospitality properties.
Understanding trends in the local market is an invaluable asset that Friedman brings to the job.
“The Providence market has undergone major change in the past two to three years,” Friedman said. “There has been a transformation away from corporate toward more residential use. People want to move downtown where they can experience the coffee shops and restaurants and entertainment.”
The six-story Studley building on Weybosset Street in Providence is one example of an office space being repurposed as living quarters. Its 65 units are a mix of studio and one-bedroom apartments that provide immediate access to all that downtown has to offer.
There has also been a resurgence in retail space within the state. Friedman said that many merchants are returning to more-traditional locations so they can put their brand in front of customers who want access to products they can touch and feel.
“They realize that there is a value to the customer interaction of an in-person experience. It gives them legitimacy in the market,” Friedman said. “And we’re here to help them find the right space to do that.” be attributed to the relationships he builds with potential and existing tenants from downtown Providence to Newport. Along with finding and maintaining tenants, Friedman has also been instrumental in acquiring and selling multimillion-dollar properties. He has played a key role in diversifying the firm’s portfolio to ensure continued growth and success, often offering a fresh idea or new approach to each unique deal.
“There is no one-sized solution for these complicated real estate transactions,” Friedman said.
In the last four years, digital marketing has become an essential tool for successful Realtors at every level. Friedman ensures that Paolino Properties has an active presence on sites such as Crexi and LoopNet, the commercial industry’s version of Zillow.
“For a 100-year-old company, we are using technology to assist in marketing and with transactions,” Friedman said. “At the same time, we know there is a value to having a physical sign that people see and respond to.”
Friedman’s engagement extends into the community where he currently serves as treasurer of Grow Smart Rhode Island and participates as an active member of the Rotary Club of Metro Providence.
