Engagement Highlights

Strategic Planning

Jurisdictional Incentives

Historic Tax Credits

Financing Structure

Adaptive Reuse

Pre-Construction Planning

Design Process Management


Bid Process and Analysis

Construction Project Management

CFA Institute, the organization governing the Chartered Financial Analysts, engaged JM Zell to assist with acquisition of its new Global Operations Center in Charlottesville, VA. 

CFA entered into an agreement to purchase a portion of the historic Martha Jefferson Hospital in downtown Charlottesville, VA on a “turn-key” basis after the developer had finished construction of the facility.  JM Zell advised CFA on the acquisition of the property, oversaw negotiations with the developer, and supported selection of a design team. 

Midway through the design process, CFA decided to purchase the facility outright and took over development with JM Zell stepping in as development advisor.  JM Zell negotiated the transaction and procured project financing on behalf of CFA. 

With the advice of JM Zell and other experts, CFA structured the transaction so it could apply for and receive Historic Tax Credits.  JM Zell ensured that the design team adhered to the Secretary of the Interior’s Standard for Historic Rehabilitation and Local Board of Architectural Review, Virginia Department of Historic Resources and National Park Service approval.  JM Zell also negotiated with an investor to syndicate the Historic Tax Credits. 

JM Zell issued a request for proposal to pre-qualified general contractors, advised CFA on selection, and negotiated contracts.  As owner representative, we assured build out to specifications and adherence to budget and schedule.

CFA's adaptive reuse of the building involved significant challenges including fireproofing, electrical and HVAC issues, incorporating a monumental connecting stair, window replacement and even saving a massive historic tree.  The conversion incorporated green demolition/recycling practices as part of securing LEED certification.

JM Zell also orchestrated the alignment of dependent activities with the simultaneous third-party renovation of the adjacent buildings to ensure that neither interfered with the other's construction.

JM Zell worked closely with CFA to align the project schedule with its three expiring leases for consolidation of its 450-person staff. 

The original hospital facilities were successfully converted to 143,000 square feet of modern, sustainable office space. The $33 million project was completed on budget and within the 14- month schedule limitation.  The project achieved LEED Gold certification with a design that also reflects the CFA’s values of transparency and ethical behavior.