| The Department of Veterans Affairs
Regional Headquarters, once located
in leased space in downtown Atlanta,
is now located adjacent to the VA
hospital on land owned by the VA,
making it easier for veterans to
receive services and benefits. The VA
now has Class A office space at a
lower cost than the Class B office
space it occupied previously. |
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Thanks to a unique and creative approach
structured by Keenan Development, the
Department of Veterans Affairs (VA) now has a
regional headquarters facility that anchors a
“one-stop shopping” campus for veterans’
medical and social services needs in Atlanta, Ga.
The Atlanta VA regional headquarters was,
like many government entities, sorely in need
of new administrative facilities, but had no
funding source to meet the needs. Keenan
Development tailored a solution to the VA’s
needs by bringing together its principals and
the DeKalb County Development Authority to
structure a financing transaction that significantly
lowered the VA’s rental rate and allowed
the financing of a short-term, three-year
Facilities Use Agreement. The facilities are |
located on VA-owned land through a long-term
Ground Lease. Through this lease, Keenan
Development successfully developed a $32
million, 344,000-square-foot facility under
the auspices of Federal Enhanced Use Leasing
authority. The facility combines first-class
office space, computer room facilities, open
office areas and food service space, along with
a 437-car, multi-story parking garage.
For this project, Keenan Development assumed
the role of at-risk developer and long-term
facilities property manager. The Department of
Veterans Affairs Regional Headquarters was
completed on time and under budget, with the
owner enjoying the net difference in the project’s
budget and its ultimate cost.
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