Time Life HQ
Project Type: HQ Development
Space Use: Office, Meeting, Event
Location: Alexandria, VA
Project Size: 220,000 SF
Services Provided: Fee-Based Development, Zoning & Entitlements, Design & Construction Project Management
When Time Life Inc. needed to expand its national headquarters, it retained JM Zell to examine its options. JM Zell orchestrated a 12-month situational analysis and evaluation process, which included a space utilization study and analysis of needs and preferences regarding issues such as image, flexibility, space programming, layout and special operating requirements.
Based upon JM Zell’s comprehensive needs analysis, an extensive market search, and thorough evaluation of various relocation options, Time Life decided that owning and developing a tract of land with room for growth provided the optimal solution.
Time Life, in the role of developer, outsourced the project management of the 220,000 gross square foot building to JM Zell. In addition, JM Zell managed the due diligence of the site, the day-to-day construction of the building, and arranged off-balance sheet financing for the construction, and permanent financing for the $31.4 million project.
The construction of the build-to-suit facility presented an opportunity to design Time Life’s national headquarters to meet its current and future needs. JM Zell helped Time Life fully benefit from this situation by working closely with Time Life’s executive management team to capture corporate identity in the design plans, analyze current and future spatial needs, and design customized facilities. These then state of the art features included an open-space layout, 14-foot high ceilings, a ceremonial stair case linking all five floors, 2 ½ levels of below-grade parking, and nine-foot high windows overlooking Washington, D.C.’s skyline.
As project manager, JM Zell relied on the skills of our construction and financing experts to evaluate all plans and costs related to building the facility. JM Zell managed the competitive bidding process to hire contractors, engineers and architects; drafted the requests for proposals; evaluated the responses; and identified architects and designers compatible with Time Life’s corporate culture and image. JM Zell construction management professionals worked on-site to keep project tasks on schedule, while our financial experts balanced project costs and project funding within budgetary guidelines.
As construction began, JM Zell’s marketing department began an internal communications campaign to promote employee acceptance of the new location. JM Zell distributed maps of the area to acquaint employees with their new environment and conducted employee orientation tours of the facility prior to move-in. We arranged the details of the office move, planned the logistics of the phased relocation, and were on site to answer questions and provide guidance in the new facility.
JM Zell’s consulting services enabled Time Life to have total control of every aspect of their new headquarters. From ownership and building design to controlling costs and schedule, Time Life enjoyed the benefits of constructing their headquarters to fit its exact needs. Years later, the project is a testament to good planning and design, effectuated through collaborative execution by JM Zell and its client.
If you are interested in learning more about how JM Zell can assist you in achieving your business and operations goals through real estate, please contact us here.