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Infrastructure Imperative







Lend Lease Real Estate Investments, Inc.

Challenge

STS Consultants was hired by Lend Lease Real Estate Investments, Inc. to provide a thorough property condition assessment (PCA) for the First Union Financial Center in Miami — at the time the tallest building in Florida. The client also required the draft report in half the time a normal PCA would take.

Solution

Focused involvement by multiple personnel at STS enabled us to provide Lend Lease with due diligence services they needed to make an informed decision to purchase the property. From the project award to the completion of the report, STS met an extremely aggressive timeline for evaluating the condition of the 55-story high rise, adjacent 15-story parking garage and the ground-level plaza. To establish a background understanding of the property, STS first reviewed available structural and architectural drawings, observed representative conditions throughout the structure, reviewed maintenance and repair records, and interviewed the building engineer.

Next, STS evaluated the condition of the exterior wall, including the sealant, windows and stone cladding from a swing stage hung from three sides of the building. To keep the project moving throughout inclement weather, STS used alternate methods of façade evaluation to collect pertinent information until the weather allowed successful swing stage access. Another special feature STS evaluated was a glass canopy space frame between the tower and the parking garage at the 14th floor, which covers the plaza area below.

To round out the due diligence work, STS assembled a team of subconsultants committed to providing an equally rapid and quality turnaround. They evaluated mechanical/ electrical/ plumbing systems, fire/ life safety systems, indoor air quality systems and elevator systems in the building.

Throughout this fast-paced due diligence, STS kept Lend Lease well informed about the status of each phase of the project, including the façade investigation.

Key Benefits
  • Normal turnaround for a project this size is four to six weeks. However, STS presented a draft PCA report to the client within two weeks to meet Lend Lease’s deadline for their decision to purchase the property.

  • STS identified several potential maintenance issues that would need to be addressed over the next 10 years. These scope and task items were reviewed and agreed upon by the sellers and bank’s consultants.