EQUITABLE
rEAL ESTATE SOLUTIONS
The Mayo Clinic, based in Rochester, Minnesota, is considered one of the world’s most prestigious hospitals. Mayo Medical Laboratories, its for-profit arm, was growing quickly and needed the space to accommodate the growth. As a diagnostic reference laboratory specializing in esoteric laboratory testing for health care organizations throughout New England, the United States and around the world, they could not be off line for even one moment. Equitable’s consulting and project management teams collaborated with Mayo to determine both current and future needs.
Case STUDY - The MAYO CLINIC
Of those eight, three were determined suitable. Equitable’s team ensured that all three were distinct owners represented by three different brokers and engaged all in a blind reverse auction. Equitable took full advantage of Mayo’s clout and balance sheet. The resulting negotiated lease for 55,000 square feet specified a $9.3 million base building renovation, no security deposit and aggressive options to grow at fixed rates. Despite Mayo’s financial strength the project was to be done on a very tight budget. Equitable’s project managers worked closely with the architect, contractors, building owner and other vendors in multiple value engineering meetings.
Together, it was determined that expanding the existing location at 265 Ballardvale Street in Wilmington, MA would not be an option and a search began. The geography was severely limited by regulatory agency specifications, employee commutes, government incentives and proximity to both Logan International Airport and Mayo’s client base. An initial building survey of 56 buildings was presented and eight were chosen as suitable options to pursue.
The project managers also engaged multiple departments of the vast Mayo organization in an effort to reuse mothballed furniture and equipment (like walk in freezers and refrigerators) in an attempt to keep costs down.
The result was a cutting edge facility that was delivered on time, on budget, with superb contractual flexibility and the new landlord paying the last nine months of Mayo’s rent in their old facility.
Please contact Jim Caturano, Operations Manager at 978-988-0408 for additional information.