Case Study 1

Product:
Mixed-Use Development - Residential, Office, Hotel, Cultural

Client:
Foreign high net-worth investor

Project:
Proposed 4.4 million square feet, mixed-use development on a seven acre parcel

• Conducted an extensive economic and feasibility analysis on the highest and best use of site
• Evaluated several product mix options which were provided by a world renowned architect
• Invited and screened proposals from targeted developers and JV partners
• Evaluated and compared the risk profile and expected returns of the client with the risk and projected returns from this proposed four phase development project
  
  

Result:
Advised client to sell the land “as is”. There are times when not embarking on a project may be the best decision an investor can make, and this was one such decision. Sale of the parcel generated a return greater than what the client would have potentially earned had they proceeded with the development.

Case Study 2

Product:
Class A Office Tower

Client:
Law firm

Project:
Disposition strategy for a 700,000 square feet tower

• Evaluated and advised on the disposition strategy of the property
• Client owned the property in partnership with a major global bank and had two windows or time periods to execute their right to sell the asset
• Senior partners at client firm who were close to retirement preferred to execute a sale of the asset in the first window; however, based on their partnership agreement with the bank, a sale in the first window would have resulted in a better payout for the bank
• Recommended that the client, which occupied majority of the building, restructure its below market existing lease rent to reflect an increase in sale price for the asset to the extent that the client’s payout in the first window aligned with their expectation
• Re-priced and restructured their exiting lease and few other tenant leases to make up for the payout deficit and the asset was eventually sold in the first window
  
  

Result:
Both objectives, timing and pricing, were satisfied.

Case Study 3

Product:
Office Portfolio 

Client:
Airline company 

Project:
Evaluation of and consolidation advisory on a 542,000 square feet office portfolio

• Assignment entailed the financial advisory on an office portfolio which consisted of 11 buildings both, owned and leased
• Considered the client’s space requirements, growth projections and financial objectives, and analyzed the portfolio by evaluating various alternatives from a completely leased portfolio to an entirely owned portfolio and combinations thereof both with and without built-to-suit components
• Considered internal financing versus traditional financing and evaluated the portfolio from an EVA stand point
• Consulting process enabled the client to evaluate the various real estate strategies from a financial reporting perspective and also addressed concerns with regards to potential impact on earnings

Result:
The recommendations resulted in overall cost savings and 30% reduction in space.

Case Study 4

Product:
Portfolio of Retail and Restaurant Locations

Client:
Publicly traded concession owner and operator

Project:
Acquisition of a real-estate portfolio

• Client was seeking to acquire a portfolio of assets
• Priced acquisition target and evaluated feasibility of acquisition
• Conducted a comprehensive valuation of target portfolio and an assessment of underlying contracts
• Calculated impact of acquisition on financials of client’s company
  
  

Result:
Advised client not to make the acquisition as it was not accretive.