"There are some TI dollars involved, but the majority is our money," Stephen A. McNeely, CEO for the Dallas-based business centers operator, tell GlobeSt.com. Of the ticketed changes at 70 locations, 25 business centers are in line for full makeovers, each costing upward of $200,000, he says, noting the initiative is "the biggest reinvestment program in our industry."
The capital expenditure is a clear sign that HQ Global Workplaces has cleared all hurdles from last year's Chapter 11 bankruptcy. McNeely was brought on board in January to lead the newly structured operation with a "right-sized" five-million-sf portfolio in 40 US markets. The $20 million of improvements is the first major initiative to be announced by the new leader. "We are continuing to raise the bar," he says of a plan that is aimed at being ready to meet upticks in cities with rebounding office markets. And, he says, "activity is up."
HQ Global's in-house architect is directing the cap-ex program, which includes centers in Atlanta, Boston, Chicago, Dallas, Denver, Detroit, Los Angeles, New York City, San Diego, San Francisco/San Jose, Seattle and Washington, DC. Changes will include upgrades for telecommunications, technology and videoconferencing as well as common area or "village green" improvements.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.