245 Park Avenue, New York, NY 10167-0001
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan, Chase and WaMu brands.
The vice president of real estate for JPMorgan Chase contacted V/T Commercial directly to seek assistance in locating a facility for its data entry center. As one of a few locations in the United States, the new 15,000 square foot office space had to meet stringent requirements of JPMC’s client, the Federal Government. The space needed to accommodate over 70 work stations, private offices, training room, break room as well as provide uninterruptable electrical service, and parking well above typical municipal requirements. Additionally, the space could not be located on a ground floor of a building, and it required a high level of security from any other tenants in the property. The facility needed to be located within a ten mile radius of Essex, Vermont . The nature of the JPMC’s contract required an initial long-term lease with a termination policy, and rent had to be quoted on a gross basis. Space had to be operational by Spring 2009.
The initial process required a high degree of confidentiality, meaning that V/T Commercial had to compile data on the market without revealing specific details on the client and its use. V/T Commercial met with and gathered significant information from the client’s team of advisors, which resulted in a detailed market survey. V/T Commercial coordinated a market tour of practically all of the sites and facilities sited in the survey, and held numerous discussions with the clients to determine the practicality and feasibility of each site. Once the list of sites was pared to a half dozen, an RFP was circulated to the developers and landlords of selected properties. V/T compiled the results and provided the client with a detailed analysis that accurately compared each response based upon numerous variables. Upon selection of a final site, V/T assisted the client in its negotiations for tenant improvement build-out and facilitation through a detailed work letter.
The initial contact was made in November 2007, with a lease execution occurring approximately thirteen months later. The diligence and persistence of V/T Commercial and its team of professionals resulted in the successful transaction at 55 Community Drive, South Burlington, Vermont.
Albany College of Pharmacy and Health Sciences
106 New Scotland Avenue, Albany, New York 12208-3492
Founded in 1881, ACPHS maintains a reputation as one of the finest pharmacy institutions in the world. With more than 80 full-time faculty teaching over 1,500 students, the school offers four and six year Doctor of Pharmacy programs, Bachelor of Science in Pharmaceutical Services, clinical and biomedical technology programs, Bachelor of Science and Health and Human Services, laboratory medicine, and physicians assistants.
ACPHS contacted V/T Commercial through a regional brokerage relationship, seeking market knowledge about the establishment of a possible satellite campus in the Greater Burlington Vermont Area. The college was seeking to establish a presence close to a medical school (University of Vermont), teaching hospital (Fletcher Allen Health Care), near the untapped Canadian market, and in an area that would be attractive to its faculty, staff, and student base. ACPHS desired an academic campus of approximately 60,000 square feet for classrooms, administrative services, and laboratories, and with the ability to house its students (projected to be around 250) in a near-by residential rental complex. It needed excellent access to transportation and hotels, as well as good permanent housing for its faculty and staff. It also sought State of Vermont certification as well as economic assistance. The goal was to enroll its freshman class for the fall of 2009.
V/T Commercial compiled a comprehensive market survey of possible facilities and locations to meet ACPHS’ stringent needs. After a market tour, a detailed Request for Proposal was established and circulated to five selected locations/properties. V/T Commercial collected and analyzed the responses in a compact yet detailed format. Final negotiations, via a Memorandum of Understanding, were undertaken with the chosen property. Simultaneously, V/T Commercial made proper introductions to authorities in the State of Vermont Economic Development Office and successfully assisted in gaining close to $1,000,000 in tax incentives. Additional assistance and negotiations took place regarding student housing, and residential housing for faculty and staff. Throughout the process, V/T worked closely with ACPHS’ facilities coordinators, architects, Dean of Students, Chief Financial Officer, and President.
After approximately ten months of due diligence, the assistance of V/T Commercial and its team of professionals resulted in the successful execution of a long-term lease agreement, with an option to purchase, for a beautiful site for the ACPHS Vermont campus. The campus is located at 261 Water Tower Circle, Colchester, Vermont.