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Here is a sampling of some asset management assignments taken on by members of our team.
Asset Management oversight with construction verification of complete floor by floor renovation while continuing operations at hotel. Extensive negotiations with franchisor, City of Honolulu, adjacent owners/operators, local unions (lack of available workforce), and other constituents.
Total renovation costs in excess of $100 million to be performed over 3 years. Significant holdback from original loan amount to ensure proper project management and cost controls.
Developed Action Items, Timetable, Deliverables, and engaged 3rd Party Representation for Lending Syndicate to ensure construction timelines, funding schedules and deliverables were prioritized. Re-documented construction agreement and funding schedules to ensure Lender security interests and lien priority.
A 150,000 square foot office building in the El Segundo Office Market of Los Angeles suffered significant damage as a result of a roof fire.
A significant portion of all 5 floors were impacted with the most significant damage on the upper 3 floors. The damage required immediate attention to the life safety issues of the building as well as the building operations.
Created a SWAT Team of Environmental Services, Insurance, Construction Costing consultants within 36 hours of the fire. First contact all Tenants. Negotiated insurance reimbursements, costs, renovation dollars and rent credits to ensure tenancy remained in place. Developed a “Communication” hotline for tenants. Negotiated cost(s) reimbursements from Insurance Carrier for all damage and loss of rents.
Asset Management oversight of renovation/construction of building. Due to the nature of the fire and smoke damage successfully identified and secured insurance proceeds for “loss of rents” and stored Tenant Improvements on-site (drywall, lighting, furniture).
Secured insurance proceeds in excess of direct costs due to allowable claims for “lost rents” and lease ups. Building secured north of 80% occupancy within 6 months of fire.
A 250,000 square foot retail shopping center owned by multiple unrelated entities with cross easement restrictions, signage irregularities and restrictions, and burdensome City of San Antonio code restrictions limiting renovations and upgrades.
The primary problem was creating a reasonable, financially feasible, aesthetically pleasing plan to all constituents. Negotiated a “land swap” with adjacent landowner with favorable terms to create a vested interest in the viability of the center with economic incentives.
Proposed to the City of San Antonio a commitment to incur the cost for a proposed water/sewer line for the entire center, as well as traffic signal upgrades to secure permits for redevelopment approvals.
Created a “TIC” structure to ensure tax benefits for all owners of the separate parcels and align incentives with strike prices and buy-out provisions based on performance.