Unico eliminated financial risk in the project by signing a deal with the County prior to the acquisition, and then planned and delivered a $9 million development on deadline
The two-building 125,000 square foot Earlington Business Center was a 30% leased asset with no investor interest amidst the frenzied 2007 market due to its high vacancy, challenges with existing tenants, and potential partial governmental condemnation for freeway widening. Programming and obtaining consensus of 13 public departments required careful consideration, as did coordinating the phased relocation from an urban office to a new facility.
The building’s redevelopment necessitated high security systems, a separate viewing area, and a replacement for the existing elevator. Finally, the project terms included a $50,000/day fee in the event of delays.