Built to Suit is an innovative way of leasing commercial property, in which the developer or landlord builds to a tenant’s specifications. The landowner pays for the construction to the specifications of the tenant, and the tenant then leases the land and building from the landowner, who retains ownership. Benefits for the tenant/occupier are:
- The tenant occupies a building built exactly to his specification;
- Usually the tenant is a single occupier and enjoys the luxury of a design that suits to his corporate concept and/or management vision;
- The tenant does not have to invest huge amounts of capital for ownership of real estate and yet he enjoys full occupation of the building;
- The tenant can benefit from a long-term use of a building built specifically for his specific needs – he would not depend on the market fluctuations;
- Reliable and experienced developer with excellent track record of servicing first class tenants;
- Choice of location – the tenant can lead the process rather than choose between locations already predetermined by different developers;
- Market rental level reflecting the specifications of the building, location, length of contract, guarantees provided.
Development and construction management is also part of the services portfolio of the company. Tailoring services to clients’ exact needs allows for a cost effective and focused approach to achieving specific project goals.
With a highly qualified team of construction managers, document & project administrators, and accounting staff, we provide complete project support from acquisition to occupancy. Our team is engaged during the entire project’s lifecycle. PLD’s approach to construction management focuses on lowering costs, delivering on schedule, improving quality and minimizing claims.