Britannia East Grand: Spearheading a Successful Collaboration
Objective
Objective
To support the acquisition of a 33-acre site on behalf of a commercial property development Client and provide collaborative services to help the Client negotiate and secure a key tenant.
Situation
HCP, Inc. (acquirer of Slough Estates USA Inc.) is the largest healthcare real estate investment trust in the U.S. The company was exploring acquisition of a large industrial site in the San Francisco Bay area and needed assistance with due diligence for both the land (which was under a California Department of Toxic Substances Control clean-up order) and existing multi-story buildings. Once the site was purchased, the company required additional assistance for demolition of existing structures and construction of eight buildings and two parking structures. HCP turned to its project management partner, Project Management Advisors, who also had the experience to work collaboratively to overcome potential planning and construction obstacles between HCP and their prospective client, Genentech.
PMA's Contribution
In the first phase of the project, PMA delivered a detailed due diligence document that protected HCP's interests in purchasing the site, including issues related to an existing clay cap, wetland mitigation and demolition of the existing structures. After the property was acquired and initial design, planning and entitlement work was completed, PMA delivered the expertise needed to create expedited schedules and effectively manage construction of the eight shell buildings, two parking structures and all site infrastructure, landscaping and hardscaping. PMA also placed emphasis on aligning deliverables on each building with the scheduling and development requirements of Genentech's Project Team. The entire project was executed in three phases in less than four years.
Results
PMA's understanding of HCP's objectives and requirements, as well as our flexibility and problem solving strengths, allowed us to overcome scheduling and site development conflicts. As a result, HCP signed a lease with Genentech and successfully completed all construction commitments and timelines included in the lease. HCP was responsive to their client's interests while at the same time realizing the economic and business returns they desired from this property development.
Read project details on Britannia East Grand