AccuVal Proves Special Improvements Have Substantial Value, Driving $50 Million Increase in Settlement Offer
Client: Money Center Bank
Challenge: Evaluate Specialized Trade Fixtures in Wall Street Landmark High-Rise
One of the world's largest money center banks engaged AccuVal to provide assistance with a contentious and highly visible Wall Street condemnation. The challenge was to provide litigation support, determine the compensable damages for the trade fixtures and provide expert testimony.
Single-sourced for this project, AccuVal immediately began work differentiating the trade fixtures that supported the recently renovated global training facility from the ordinary bricks and mortar of a high-rise office building. These improvements included high-tech audiovisual communication systems; backup power generation systems; redundant elevators, HVAC and fire suppression systems; and customized amphitheaters, meeting rooms, cafeteria facilities and offices.
AccuVal Approach
AccuVal pored over construction blueprints, architectural specification manuals, construction change orders and invoices to establish historical cost, hypothetically rebuilding this Wall Street landmark brick-by-brick. AccuVal also estimated the current cost of constructing the facility by re-bidding the project by construction phase, per the original project specifications, for all construction, professional services, permits, equipment and furniture costs. Finally, the construction characteristics of other worldwide training centers were also considered to develop relevant market comparables, and a site study was commissioned to determine the availability of comparably improved properties in lower Manhattan. AccuVal spent several months onsite reviewing construction documents and appropriately supporting its findings.
Bottom Line: Settlement Offer Increases by $50 Million
The evidence presented by AccuVal was so compelling that settlement negotiations became instantly serious, and the offer on the table increased by approximately $50 million.
The AccuVal AdVantage™
The unique ability to undertake highly complex projects and formulate winning strategies. Integrated understanding of architecture, construction management, real and personal property valuation and condemnation. The talent to skillfully communicate compelling valuation arguments and back conclusions with hard facts. That's The AccuVal AdVantage™ at work.
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