ACQUISITION/ DISPOSITION
MHP Real Estate Services advises investors looking to gain a foothold in the real estate office market, or helps them diversify their assets and portfolios. For institutional investors, we consult on every aspect of buying and selling properties and portfolios, backing our recommendations with proprietary statistical research and tailored transaction solutions.
Here’s how:
MHP identifies and scrutinizes every possible consideration: due diligence, land use, zoning, entitlement, air rights, government requirements, documentation, title, engineering studies and environmental concerns. All of our clients receive:
• Access to our extensive database of buyers, sellers and capital market players
• Individually tailored action plans to meet your long-term investment objectives
• Comprehensive financial consulting on underwriting, debt, mezzanine financing, loans, recapitalization, joint ventures, equity and more
• Detailed action plans to meet your long-term objectives
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CHALLENGE: Achieve above-market returns on the purchase and sale of an asset within a limited hold period
SOLUTION: MHP acquired 530 Fifth in 2012, recognizing the value-add potential of both the physical property and its location in a burgeoning corridor of Fifth Avenue.
RESULT: After implementing a $39M capital plan and retail repositioning, MHP sold the property two years after acquisition, achieving nearly $200M in sale proceeds.
PROJECT MANAGEMENT
MHP’s best in class Project Management team directly oversees all aspects of any given project for both tenants and building owners. Whether it is a construction project — from base building application to tenant improvements — or the evaluation of a potential acquisition; MHP manages the entire process seamlessly with full transparency at every level, delivering superior results.
Our aim is to help build the client’s project team, provide unmatched quality control, and strengthen the project by maintaining team efficiency and cooperation. We deliver management solutions for all stages of a project, from pre-construction and permitting to document review, field surveys, payment administration and punch list completion, including all governmental and regulatory approvals. Our proprietary project management system provides:
• Customized strategic planning/consulting that minimizes expenses and increases efficiency and effectiveness via MHP’s carefully crafted project management system
• Representation of clients’ best interests throughout the duration of any given project, including cost, budget and quality management
• Comprehensive construction management, controlling all project details from budgeting, pre-construction preparation, permitting, scheduling, progress reports, punch lists and sign-off procedures, all viewed through the lens of stringent expense, schedule and quality controls
• As part of delivering superior results MHP’s clients gain a unique added value with an additional leveling process at the end of bid evaluation. This MHP process strips out any remaining padding from the most competitive bids, without impacting the incentive and ability of the contractors to perform the scope of work to the highest standards. The benefits that clients derive from MHP’s process distinguishes our professionals from competitive project management offerings and solidifies our best in class reputation.
CHALLENGE: Dramatically enhance and complete the stalled redevelopment plan of previous owner on a highly-expedited project schedule.
SOLUTION: The MHP Project and Asset Management teams implemented a $50M capital plan on a stringently-managed, phased renovation time line.
RESULT: Transformative renovation plan of base building and amenities completed ahead of schedule and on budget.
ASSET MANAGEMENT
We’re owners too, so understanding performance and cost management is one of MHP’s key strengths. Our best-in-class management team approaches every task from a landlord’s perspective, from an individual tenant space to a global portfolio. We oversee and manage day-to-day operations, incorporating the very highest standards, providing time-tested insight and added value to meet and exceed desired financial performance standards.
Our asset management team specializes in:
• Reporting For All Financial/Accounting Concerns
• Management of Vendor and Contract Issues
• Compliance With Leases And Governmental Regulations
• Due Diligence Cooperation
• Sustainability Issues, Compliance and Innovation
CHALLENGE: Develop and implement an ambitious value-add strategy to enhance leasing efforts and asset value in an unusable top-floor space with no windows.
SOLUTION: MHP pursued an ambitious capital plan that opened up the space to sunlight and views after installing 82 new 16-foot windows. MHP secured a top-tier tenant for the space immediately.
RESULT: The high-profile lease of an upscale restaurant exceeded expected asset performance underwriting, and added significant value in preparation for asset disposition.
