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Exterior Photos: James Oesch Photography
Photo montage of 4-building complex:
Brackett-Zimmerman, LLC |
Plaza America
Reston, VA
Karchem's Role: Owner's Representative
For: Intertech Corporation
Description: 27-acre site, 2.4 million GSF - 4 Class A office towers and shopping center
Budget: Total $225 million including land
Phase 1 $25 million, Phase 2 $100 million, Phase 3 $100 million
Schedule: Phase 1 Shopping center delivered in 1995, Phase 2 Towers I and II delivered in 2000, Phase 3 Towers III and IV delivered 2002
Winner Greater Washington Commercial Association of Realtors® New Project of the Year - 1999
Finalist Washington Business Journal Best Real Estate Deals of 1999 - Best New Office Development
Finalist Washington Business Journal Best Real Estate Deals of 1998 - Best New Office Development
Karchem Properties was retained by Intertech Corporation, an international investment company, to review the status of the development relative to market and budget matters. Karchem sorted out the project proforma and continued to act as the owner's representative, approving the monthly application for payment and co-signing checks with the CFO and developer, attending owner and construction progress meetings on behalf of Intertech, and assisting in negotiating major contracts and leases.
Following the completion of the shopping center, Karchem Properties evaluated the market to determine whether going forward with the office phase on a speculative basis was advisable. It was agreed that the office phase would proceed on a spec basis.
Phase 1
167,000 SF shopping center anchored by Fresh Fields, CVS/Pharmacy, Michael's, and Champps Restaurant
In Phase 2
530,000 GSF in 2 office buildings
Tower I : Cable & Wireless USA
Tower II : DynCorp
In Phase 3
660,000 GSF in 2 office buildings
Tower III : Cable & Wireless
Tower IV : Multiple tenants
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