Covering the total cycle of the real estate service, PIX employs management tools to control the design and construction of buildings and fit-outs of interior spaces.
Our work includes the definition of scope, risk management for the project, and control of time, costs and quality.
PIX employs management tools to control the design, construction, and receipt of buildings or fit-outs.
These tools are combined with a professional team´s technical and managerial experience that represents the interests of the owner, the investor or the end user.
Our work includes the following activities:
- Definition of the Scope of the Project: Definition of components and owner´s requirements to ensure the delivery of an optimal product adjusted to the needs.
- Design Coordination: Review to ensure that the designs meet the criteria and requirements established by the client.
- Financial Control: Control of investment, cash flow, and schedule within the approved budget to meet established goals.
- Risk Management: Implementation of a risk management program for the design and construction project.
WPP / 6.036 m2 / Tenant Representation & Project Management
Customer Requirements and Challenges
Tenant representation of 6,000 m2 of office space, to consolidate the operation of seven companies of the WPP advertising group in one single location. The project required to align the operational and commercial needs of the companies involved, and comply with corporate policies and standards. Project Management challenge was to respect corporate image of each company and ensure shared services and infrastructure.
Project activities were carried out in coordination with client’s Real Estate area and local team. Once the need of each company was defined, 100% of the alternatives that met the need were identified within the preferred area. Pros and cons of each option were evaluated, which concluded in a list of preferred alternatives. PIX analyzed with the local teams the technical and life & safety aspects required by the client. PIX followed its standardized process of RFPs and Letters of Understanding with the finalist options, and negotiated the terms and conditions with the selected option, in coordination with the client’s legal advisor. Preparation, review and execution of the lease agreement was of high complexity. PIX managed the project of subsequent fit-outs.
The client consolidated the operation of 7 companies in a single location, in an A+ building that meets the requirements of the parent company, is located close to its main customers and related agents, as well as the housing of most of the employees. The selected building has the highest standards for offices in Bogotá, including LEED Gold certification. In the negotiation process, favorable terms and conditions were achieved in comparison with the market standard. The subsequent adaptation managed by PIX was successful in its scope and control, giving rise to the second co-location project of WPP in Latin America, under its new Activity-Based Working (ABW) strategy.
GROUP M / 2.575 m2 / Tenant Representation & Project Management
Customer Requirements and Challenges
Tenant representation for 2,500 m2 of office space, to integrate the operation of five companies and back office of GroupM in Bogotá. The main challenge was to find a project in which the operation could be consolidated, while it was possible to maintain the independence of the companies, all this complying with the policies and standards of the parent company.
PIX made a diagnosis of the real estate situation of the companies involved, as well as their own needs. The options available in the market that met the requirements of both the local team and the parent company were identified. The options were evaluated in detail from a financial, technical and operational point of view, and the standard PIX negotiation process – RFP, LOI and lease agreement was developed. PIX carried out the activities coordinating the needs and processes of the Real Estate area of the client and the local team.
The client managed to implement his operation in a joint building in the preferred area, very close to his main clients and the residence of the employees. The independent operation of each company, and the use of common areas such as meetings rooms, cafeteria and wellness spaces, achieved great efficiency in the management of resources. In the negotiation process terms and conditions were agreed according to the current market practice.
Midpoint 19 / 5,500 m2 / Redevelopment, Leasing, Project Mngt
Midpoint 19 consists of the acquisition of an abandoned industrial facility of 5,500 m2 and its conversion to a state-of-the-art office building. As the name of the project suggests, the building is located at the midpoint of Bogotá, near the main roads and public transportation lines, the city center, government entities, and universities. The location is also considered Up-and-Coming on Calle 19 with Carrera 33 with a major urban renovation undergoing.
PIX identified the asset as a potential high yield investment opportunity. Through his private investment fund, PIX developed the technical and architectural studies for its rehabilitation. Once the technical, financial and legal feasibility was achieved, it structured the vehicle for the acquisition and development of the project, attracting private capital. PIX represented the investment group in the acquisition of the property, aligned the interests of the investor group with the builder, and developed the first LEED Gold certified conversion project in Colombia. The reconstruction involved the structural reinforcement of the building to comply with the Seismic code, the modernization of the façade, the total replacement of the technical installations and equipment, vertical transportation, and installation of the fire protection system. The building was LEED Gold certified by the USGBC.
PIX actively sought the ideal tenant from the beginning of the remodeling following a direct and personalized market strategy. The strategy led to a fully-furnished-office lease contract signed with a government entity once the renovation was completed.