FBI/GSA

4000 Metro Dr.

Orange, CA

OWNER:
Greenlaw/Walton/Westbrook

SIZE:
100,000 SF

TEAM
Bob Caudill
Ryan Ward

INTRODUCTION
Bob Caudill and his team were engaged to market the former headquarters of AmerisourceBergen which was 50% vacant at the time of acquisition. A multi-market and industry marketing campaign was created and executed by the team along with a full redevelopment plan for the property that resulted in attracting the FBI/GSA to the property

CHALLENGE
Secure a long-term anchor tenant for the property to drive value. Through marketing process uncovered an opportunity with the FBI/GSA. The tenant required a fully secured property with a 50’ security setback, dedicated access separate from the public and multiple other security measures to protect the occupant of the building. This required a completely new vision for the property including the construction of a new parking structure, employee bridge, freestanding vehicle facility, exterior reinforcements, relocation of an existing tenant, and the acquisition of a portion of the City Right of Way. Bob Caudill and his team needed to educate and guide the ownership through the entire process of securing a federal government tenant and the upfront expenses required to assemble the appropriate team to assist the ownership in the GSA selection process and completion of the build-to-suit within a limited timeframe.

STRATEGY/SOLUTION
Bob assembled a team of experts with a proven track record to coordinate the design and construction of the space. The team included a construction manager, project manager, architects and security specialists. The team remained deeply involved in all details of the transaction throughout the 2.5 years it took to complete. During this timeframe they worked with three different owners of the building, including a bank which foreclosed on the initial owner.

RESULT
FBI/GSA signed a 20-year lease for 100,000 square feet of space with an aggregate value of $83 million making it one of the largest lease transactions in the region. The completion of the improvements and execution of this lease dramatically increased the value of the building which recently sold for $300 per RSF.