Three Large Buildings. One Impressive Renovation.
Back in 2015, one of our real estate investment clients acquired a portfolio of office buildings in the heart of west-Texas oil country. In order to fully realize the value-add investment, significant upgrades to the buildings’ systems and improvements to a variety of office and retail spaces were needed. This is where Real Projectives® came into the picture. We were tasked with evaluating and renovating three of the largest buildings in western Texas—the tallest was 26 stories. At that time, too, the region was experiencing a shortage of construction expertise, labor and materials due to competing demands from the oil industry. Despite these obstacles, our team knew we were up to the challenge.
Much to renovate.
The scope of work was extensive. The entire project would take three years to complete and cost over $15 million. We served as Program and Construction Manager, and worked closely with a local asset and property management firm as well as a cadre of designers and contractors both from in and out of the Permian Basin. We identified and prioritized renovations, sourced and oversaw many contractors and coordinated work among the multiple properties.
The completed scope of items for the three buildings included:
- Replacement of 3 roofs and adding certified tie back systems on 2 roofs
- Replacement of 5 chillers and 3 cooling towers plus other HVAC upgrades
- Replacement of 3 sets of main electrical switchgear and other electrical upgrades
- Replacement of 3 emergency generators
- Modernization of equipment and cab interiors for 11 elevators
- Repair of various garage and structural elements
- Replacement of the entire fire alarm system throughout one building
- Remodel of the main entrance lobby at 2of the buildings
- Build out of 30,000 square feet of office, retail, and fitness center spaces
- Completion of a publicly-accessible outdoor plaza and landscaping
- Replacement of over 25,000 square feet of sidewalks and waterproofing
- Upgrades to building entries and signage for improved curb appeal
Diligence and timeliness are always our priority.
To ensure the project stayed on budget and on track, we used our signature approach to construction management. We organized and prioritized work as a program of many interrelated projects, fast-tracked design into bite-sized work packages to expedite timelines, advised on a myriad of tough decisions, and used local and out-of-town contractors to address shortages. Capping it off with solid communications and trustworthy progress reporting helped everyone stay on the same page.
Another successful project in the books.
We are proud of the tremendous results our team and partners were able to accomplish under challenging circumstances over three years. Our client is very satisfied with more valuable, reliable and modern trophy buildings that have reduced energy and maintenance bills and increased revenues–and their tenants are happier, too. What can we say? It was all in a (few) day’s work.
For more information on how Real Projectives® helps real estate owners and investors renovate and reposition properties for economic and reputational benefits, please comment below, send us an email or give us an old-fashioned call. And feel free to share our post on social media.