Our in house services complement our significant development pipeline enhancing a fully integrated platform. With a regional presence in New York, Washington, DC and Philadelphia supported by centrally controlled and managed corporate infrastructure, we are well positioned to deliver a variety of management, construction and development services for complex urban projects, particularly large-scale multifamily, transit oriented, commercial and mixed-use properties.
We are active operating partners in joint ventures as well as third-party service providers for institutional investors and lenders, corporations, private owners and investors, and local, state and federal governments.
LCOR Residential provides third party property, portfolio and asset management services for over 60 communities encompassing over 21,000 units throughout the country. Institutions, private investors and lenders rely on our diversified skills and depth of knowledge to maximize quality for owners, deliver an enhanced quality of life for residents, secure strong investment returns for performing assets and reposition distressed properties for long-term value.
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For commercial property we provide facility and asset management services, primarily in our core markets in the Mid-Atlantic and Northeast. With a portfolio encompassing more than seven million square feet, we are among the largest managers of General Services Administration facilities in the country, both for the government as well as for third-party owners. We pride ourselves on transparency and our keen understanding of GSA processes and procedures, operating standards, and supplemental lease agreements provides both efficient daily management and long-term satisfaction. We are stringent in quality control with respect to expense accounting and are highly regarded for our reporting expertise. Beyond daily operations we supervise labor agreements, construction management and tenant fit outs.
We are well known for our expertise in urban office and large-scale, mixed-use properties. Our goal is always to generate above average investment returns while optimizing space for users and helping owners realize strategic objectives.
Sustainability, in particular, has been a priority in developing and operating more than 18+ million square feet of commercial space. As such, we are well versed in both the Environmental Protection Agency's Energy Star Program and the U.S. Green Building Council's LEED certification standards.
As markets are influenced by increasingly complex global forces, LCOR's demonstrated experience in providing internal as well as third party asset management services assures that micro market and macro economic conditions are considered in the decision making process, including buy, hold, sell, and refinance alternatives. Extensive analysis, reporting and project data provide insight into operational and development options. Comparative market values, demographics, rental rates, construction costs and pro forma financials are reviewed. Investment and operating options are routinely evaluated to determine the highest and best use of individual assets, and their singular and cumulative impact on a broader portfolio.
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For institutional investors, including a large public pension fund, we provide portfolio management services at every level - from formulating strategic plans to acquiring assets to regular reporting to daily onsite management. This broad perspective – from 30,000 feet as well as boots on-the-ground – informs decision making throughout the life cycle of the investment and supports our clients and partners in such critical areas as evaluating capital sources, structures and financing; developing and implementing capital improvement programs; evaluating acquisition and disposition timing and criteria; and developing and executing leasing strategies and transactions.
Our particular strength in institutional-quality reporting coupled with our deep knowledge and significant tenure in this area add value across every facet of this service.
Our proven methodology and a comprehensive approach to structuring and implementing development and financing partnerships underscores our success in development management. Financial structuring, engineering and design, construction management, community outreach and ongoing operations considerations all figure prominently in our work. Owing to our owner's perspective – even in instances where we are strictly a service provider – we are patient in our outlook and deliberate in our process.
For each project we assemble the team most likely to assure success including specialized expertise in land use, zoning and site planning. We subsequently identify and acquire necessary government approvals while engaging stakeholders and building consensus. Toward this end we draw upon our in-depth market knowledge and an extensive network of long-standing relationships with owners, developers, brokers, national and regional lenders. The result is an enviable track record of both generating strong investment returns and surpassing strategic expectations.
Our in-house veteran construction team oversees a broad range of activities. Recent projects include:
- comprehensive construction management at a commercial-to-residential adaptive reuse project in Manhattan's financial district;
- full-scale LEED redevelopment taking a mid-century office building down to the structural steel and installing a new glass curtain wall;
- interior tenant fit outs; and
- residential renovations to maintain market competitiveness.
For the U.S. Patent and Trademark Headquarters in Alexandria, VA we managed the development of a five-building, $910 million, five-year project that included converting a library into specialized training facilities, enhancing the campus' data center capabilities and doubling the telephone, electric and data capacity for 1,800 offices for 9,000 employees. We continue to oversee all on-site capital improvement projects.
At each step in the process for every project our ability to anticipate pitfalls coupled with a keen understanding of the industry and exacting attention to detail maintains quality, assures timing and adheres to budgets.