Capital work is where a commercial building's long-term value is protected or lost. Because Leasebrook holds its buildings for the long term, capital spending is planned and funded rather than deferred, and the projects that come out of the plan are managed by the owner.
Capital planning
Each building has a capital plan that inventories its major components, estimates remaining useful life and replacement cost, and schedules work across a five- to ten-year horizon. The plan is updated annually with the operating budget, so that roof, parking, elevator, HVAC and envelope work happens on a calendar rather than after a failure.
Tenant improvements
Delivering space on the date in the lease is a promise the owner made. Leasebrook scopes the work from the lease exhibit, prepares or coordinates drawings, bids the work to qualified contractors, manages permitting, schedule and inspections, controls change orders, and closes out with lien releases and as-builts. Allowances and over-allowance costs are tracked and shown to the tenant.
Building projects
Roofing, paving and parking lot work, HVAC replacement, elevator modernization, façade and storefront programs, lobby and restroom renovations, lighting retrofits and code-driven upgrades. For each project Leasebrook prepares the scope, obtains competitive bids, manages the work and its impact on operating tenants, and documents the result. Tenants are told in advance what is happening, when, and how it will affect them.
How projects are run
Leasebrook does not act as the general contractor. Work is bid to licensed general contractors and trades under written specifications, which keeps the owner's interest in the quality of the building rather than in a construction margin.
How does Leasebrook decide what capital work to do?
From the building's capital plan, updated each year, with priority given to life-safety, water intrusion, systems reliability and the items that affect tenants' daily experience.
Will tenants be told about construction in advance?
Yes. Projects are scheduled and sequenced to limit disruption, and affected tenants are notified in advance with the expected timing and impact.