Subject: Re: Gibraltar -
From: "Robert Buccini" <[email-masked]>
To: "R. Hunter Biden" <[email-masked]>
Date: Mon, 13 Feb 2017 14:28:15 +0000

Hunt- See the below outline regarding Gibraltar.  Call me after your review.  Depending how much space you need and your level of interest, I would have them renovate the existing building and enter into a lease with a purchase option.  Best, Bucc

> On Feb 13, 2017, at 9:13 AM, Vari, Jamie <[email-masked]> wrote:
> 
> Rob,
> 
> Thanks for taking the time on Friday to discuss Gibraltar.  Please see the following highlights/ breakdowns for the Property renovations and construction.  I’ve also attached supplemental information providing further color.  We’re happy to schedule a meeting to discuss further details with Drake and contractors, if you’d prefer.
> 
> Gibraltar Main House Construction:
> 
> The original estimation was based on a high-end fit out for a financial institution, including construction of a 6,500+/- SF addition attached to the north end of the Main House.  The main house renovations (17,500+/- SF), along with the addition (6,500+/- SF)  would provide roughly 24,000 +/- SF of leasable space.  The renovations, construction, refurbishing, and high end build out specifications were approximately $4,500,000.00 overall.  This also includes some variable costs such as management fees, preferred parking configurations, new entrances, etc.
> 
> Addition Construction - We’ve allocated $1.1m - $1.2m for the construction of the addition (to be further confirmed by construction arm), and we estimate $15.00+/- per SF of upgrades / “above building standard” materials for a higher end build out ($360,000.00).  In the event the addition was not constructed, and the upgraded high end financial institution finishes were not included, to our estimations you would be saving $1.4m - $1.6m on the total construction breakdown for the Main House.  Therefore leaving $3m - $3.2m for overall renovation cost for the Main House.  Keep in mind this is rough estimations depending on specific needs of the new owner or occupant.
> 
> Side Note:  There are Four (4) conference room areas on the main level of the home that need to be kept alone (or refurbished).  Which exception to these four rooms / areas, the rest of the Main House interiors can be demo’d.  Additionally the breakdown of construction includes years of Drake and team researching / refining the most cost effective refurbishments for the Property.
> 
> Garage:
> 
> The garage renovation breakdown is also attached (Gibraltar Garage Core and Rendering).  Depending on your in house management costs, this estimated number of $1.15m to renovate the Garage would not fluctuate all that much.
> 
> I am happy to go into more detail when convenient.  For simplicity, I’ll memorialize the above:
> 
> 
> -        Main House with addition constructed (24,000 +/-SF)
> 
> o   $4.5m including high end finishes for financial institution
> 
> -        Garage renovation and office build out
> 
> o   $1.15m
> _______
> 
> -        Main House without addition ($17,500 +/-SF)
> 
> o   $3.0m-$3.2m renovation / standard build out cost
> 
> Purchase Price:
> Our asking price for the Property is $2,500,000.00.  But as discussed, as long as the number has a $2m in front of it, Drake and partners will consider it.
> 
> http://www3.nccde.org/parcel/Details/Default.aspx?ParcelKey=156805
> 
> The property is two separate parcels.  4.58 acres for the main house, garage, entrances, etc.  The gardens are 1.51 acres owned by Preservation Delaware Inc., technically not included in the transaction.  The costs to assist Preservation Delaware in garden upkeep is minimal.
> 
> As you know it is hard to establish a Lease structure without understanding specifics on build out, Term, etc.  However I would anticipate a $22.00psf NNN - $27.00psf NNN structure for the privacy and campus style setting that Gibraltar provides.
> 
> I hope this helps!  Again, we’re happy to schedule a meeting / coffee to discuss.
> I look forward to catching up.
> 
> Jamie V. Vari
> Jones Lang LaSalle
> 222 Delaware Avenue, Suite 1610 | Wilmington, DE 19801
> tel +1 302 356 2862 | mobile +1 302 750 1404
> [email-masked]<mailto:[email-masked]> | www.jll.com<http://www.jll.com/>
> [https://delphilil.am.joneslanglasalle.com/resources/DelphiNews/ThisWeek/2014/News/Images/140318_JLL.jpg]
> 
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> <GibraltarGarageCore.pdf>
> <Gibraltar construction estimates 1.2016.xlsx>
> <gibraltar rendering.pdf