MINNETONKA, MN-Opus Design Build LLC, a subsidiary of Opus Holding LLC, has acquired $300 million in construction and design-build assets of Opus Northwest LLC and Opus Northwest Construction LLC. The deal does not include three million square feet of projects or land being developed by the Northwest entities. There’s a bidder for the remaining properties, but Opus officials would not comment on the interested firm.
Northwest had offices in Denver, Kansas City, MO, Portland, WA, Seattle and St. Louis. The division was restructured last year to act on emerging opportunities such as completing or redeveloping distressed properties, third-party construction and build-to-suit projects, shifting its focus to fee-based engagements and project workouts and away from spec buildings and large-scale projects
Opus has already seen massive downsizing, with the liquidation of its Washington, DC-based Opus East arm, and Opus South and Opus West going through bankruptcy. Opus North and Opus Design-Build are owned by the Rauenhorst Family Trusts, which are governed by a board of trustees comprised of three independent trustees. For governance, insurance, capitalization and taxation purposes, the trusts created two independent legal entities, Opus Holding, Inc., which serves as the parent company of Opus North Corp., and Opus Holding LLC, which serves as the parent company of Opus Design Build LLC.
Opus Holding had been looking at ways to recapitalize the Northwest entity, with even selling the group as an option. This option seemed the best method, said Keith Bednarowski, president of Opus Holding. Opus is now well positioned to pursue targeted real estate development and design-build construction opportunities nationally, he said in a statement. “Opus has made solid progress in streamlining the functions of design-build construction and real estate development to meet the needs of clients nationwide; no longer will there be separate regional operating companies.”
Opus North Corp. will operate nationally as a full-service commercial real estate development company, under the direction of Tom Shaver, president and CEO, who had at one time been VP for development for the Northwest entities. Opus Design Build LLC will complete various Northwest construction projects currently in progress, and together with Opus North Corp. will pursue new engagements, with a particular focus on build-to-suit, third-party construction and tenant improvement projects.
Opus Design Build LLC will be headquartered here and will maintain offices in Denver and Kansas City. It will be headed by Dave Bangasser, president and CEO, who previously served as VP, project management for Opus Northwest. Bangasser has been engaged in design-build project management with Opus since 1981, with responsibility for projects including the UnitedHealth Group headquarters expansion, the University of St. Thomas, the Cargill offices at Excelsior Crossings and the Armed Forces Reserve Center Complex in Cedar Rapids, IA.