In the wake of Keenan
Development�s previous success for
and with Oak Ridge National
Laboratory and the laboratory�s
managing and operating contractor,
Battelle Memorial Institute, Keenan
Development recently financed and
structured a new, 227,000-square-foot,
multi-purpose research laboratory.
The financing, consisting of
investment grade, AAA-rated revenue
bonds, is based in part on project rent
customized according to the National
Laboratory�s needs. Had the project
been financed with governmentally
appropriated funds, the actual project
cost would have been approximately
30 percent higher. |
| |
Within this $42.8 million, multi-purpose
research facility, research vital to the nation
takes place.
The Multi-Purpose Research Facility (MRF) was
completed on time and within budget. Timing
was essential due to unique features within the
facility, as well as meeting the Laboratory�s
desire to enjoy immediate access to those
facilities. The building was constructed within
a secure environment, fully satisfying the
Laboratory�s security needs and requirements.
The MRF was delivered and accepted under a
design-build process, allowing overlap of the
design and construction activities to minimize
the overall time frame of the project. This
approach achieved a remarkable degree of
value for the Department of Energy (DOE). |
As a Leadership in Energy and Environmental
Design (LEED) Silver facility, the MRF is
environmentally sound and includes a host of
high efficiency water, lighting and indoor air
quality features.
One of the keys to the project�s financing
was a unique solution proposed by Keenan
Development in the first phase of work. The
facility is owned by a not-for-profit entity
sponsored by the Battelle Memorial Institute
and the state of Tennessee, as well as constructed
on land acquired from the DOE and ground
leased from the not-for-profit entity. Keenan
Development also provides leased assets for the
laboratory operator that exceeds the property�s
fair market value. |
| |
|
| |
|
| |
|
|
