National Association of
Insurance Financial Advisors
Falls Church, VA
Karchem's Role: Owner's Representative
Size: 6 stories, 75,000 SF
Year Built: 2000
Budget: $17.5 million
Schedule: 12 months
Karchem Properties evaluated the prospective purchase of a spec property then under construction. Karchem Properties conducted acquisition due diligence and assisted the attorney and broker in negotiating the Purchase Agreement.
After closing, Karchem Properties directed the Request For Proposal process for selecting an architect and property manager. Karchem also assisted in the lease negotiations with BroadBand to occupy the balance of the building.
Karchem monitored the performance of the developer and constructor to ensure that the budget and schedule agreed to was achieved. Simultaneously, Karchem managed the design and construction of NAIFA's build-out and its affiliates.
Karchem Properties was successful in completing NAIFA's new space in time to vacate their old site, thereby avoiding a $750,000 penalty. After the move, Karchem Properties coordinated the "clean up" of 1922 F Street, NW in accordance with the Purchase and Sale Agreement with the George Washington University.
Daniel's experience was invaluable in negotiating the purchase agreement, and his due diligence efforts (in a very compressed time period) identified problems with the building that NAIFA was able to use in the final contract negotiations. As a direct result of Daniel's efforts, NAIFA was able to save at least $50,000 in this phase alone. Kevin Madden, VP - Finance & Administration