Adaptive Re-use
The Rouse Company Building – Whole Foods
- Assist ownership in determining the highest and best of use of this deteriorating, antiquated and virtually empty, but also iconic, Frank Gehry building.
- Assist ownership with retail lease negotiations.
- Minimize the risk at every phase of this complex 150,000m square foot renovation.
OUR ROLE: Fee Developer
PROJECT TYPE: Adaptive Re-use
Protecting Interests
- One of 12 projects that Garver has worked on since 2010 on behalf of the Howard Hughes Corporation
- We performed a Feasibility Analysis that allowed ownership to systematically consider and evaluate alternative scenarios.
- The analysis suggested that a mixed-use space, including offices and retail, would enable the owners to retain the integrity of the Gehry building, while also maximizing profitability.
- Garver was then responsible for minimizing the risk involved in this complex renovation at every juncture. Work performed included:
- Integral participant in the lease negotiations with Whole Foods Markets and other businesses.
- Identified and retained the best design and construction team for this high-profile project.
- Hired and managed the design, construction and project closeout.
Value Creation
- Successful project fully leased to credit tenants, which positions owners to realize a considerable profit upon a disposition.
- Leases signed for all three tenant spaces early in the development cycle.
- The core and shell renovation delivered early and below budget to first key tenant Whole Foods in spite of significant challenges during construction.
- The building is fully stabilized and the owners are successfully marketing it.
Client Response
Garver was an integral part of our success at bringing Whole Foods to the adaptive re-use of the former Rouse Company headquarters. Peter helped us figure out how best to re-position this building. He understands both the big-picture business points as well as the technical details, and pivots from one to the other.
