JLM Advisory LLC

Five decades of unique
real estate solutions for more than 300 clients

I proudly served these clients representing them in developing millions of square feet representing billions in real estate investment.

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Intro

Experience from planning to operations leading to client focused solutions

I offered a broad range of real estate services including strategic planning, entitlements, design, construction, operations, acquisition and disposition, leasing, program development, project management, and dispute resolution.  Completed projects range in size of more than US$2B.

Strategic Real Estate Planning

Whether an organization’s real estate needs are growing, shrinking, or simply changing, I have experienced it and helped manage that change.  I understand and have extensive experience in developing both quantitative and qualitative needs, developing alternative directions, and leading the organization to the best path for them.  The key phrase here is them.  Because one size does not fit all.  My experience is in both the public and private sectors, domestic and international, and large (10MSF) and small (100kSF).

Case Study

Program Development

Once an institution has chosen a strategic direction, I am experienced in developing program solutions including obtaining entitlements, developing schedules, budgets, team structure, establishing key milestones, contingencies, and strategic checkpoints, and escape plans. My program development experience is in both renovations of existing sites as well as greenfield site development. Budgets include as much as US$2B.

Case Study

Program Management

Once direction, budgets and schedules are set, the opportunity for bad things begin. Two words come to mind – focus and discipline. Stay focused on the program, yet fully vet potentially beneficial opportunities and avoid the land mines. And, have the discipline to walk away when even the best opportunity cannot be substantiated.

My program management experience is in all types of programs in renovations of existing sites as well as greenfield site management. Budgets include as much as US$2B.

Case Study

Space Acquisition and Disposition

Organizational change often requires either more space or less. More or less, my job is to work with you to determine what direction is best for you. Again, for you.

If one needs more space, the options are simple – you can build, buy or borrow. You can use your money to build or buy, or you can use someone else’s money for all three. If you have too much space, my goal is to position the excess properly to optimize its disposition.

Case Study

Dispute Resolution

In spite of one’s best efforts, disputes often develop on real estate projects. The cause is often because every project is a one-off, and every building is a Frankenstein. As such, every project is subject to every human failing, a short learning curve, poor judgement, bad decisions, mistakes, misunderstandings, and lost time – all followed by lost money. People get mad. And then they sue.

My approach, whether working for the plaintiff or the defendant, is to get to the truth. And get there quickly. Disputes are distracting and costly. Resolving disputes quickly is best for all parties. Bad information and heightened emotion are the enemy of a settlement. My approach is to move fast, avoid symptoms, and search for the underlying cause – the truth, and get to a speedy resolution.

Case Study

Case Study – Strategic Planning

A Fortune 50 client was growing rapidly due to technological integration into its work process. This growth was expected to continue. Its real estate holdings comprised of both owned and leased locations. Stopgap measures required multiple, expensive, short-term leases. My study developed long-term requirements, evaluated its existing inventory, and developed alternative planning strategies. We recommended optimizing the existing platform, disposing of smaller, less efficient properties, and entering into more cost-effective long-term lease in more efficient buildings. Growth was accommodated, occupancy costs were reduced, and capital outlays for additional construction was avoided.

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Case Study – Program Development

An international organization occupied a large, multi-building complex. While allegedly at the end of its useful life, the structure was sound, the building’s skin also in good condition, and the column and slab/slab configuration was acceptable for contemporary occupancy use. But that was it.  The balance of the infrastructure - water, power, environmental, and life safety systems needed full replacement. The question was – what, exactly needs to be done, how much will it cost, and how long will it take.

To answer these questions, I assembled a team of architects, engineers, cost estimators, project managers and other specialty consultants.  It took us nearly six months to study the building and answer these questions. In the end, we had a conceptual design direction, a budget and a schedule.  We also provided a substantial contingency for project “unknowns” and added funds should cost-effective opportunities be discovered in the design process.

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Case Study – Program Management

Effective program management begins with a realistic, program-based budget and schedule. This is followed by the discipline to remain true to those defined parameters. Projects do not fail due to money or time; they fail from unmet expectations.

I was managing a 1MSF project with a conservative client with a realistic budget and schedule. At a critical point in the project the client’s program changed. While this is typically disruptive, our team quickly developed an even more cost-effective solution than the original design. We quickly gathered cost and schedule implications and presented them to the client.  If the answer was “no”, we could finish the job as planned on schedule and budget. However, if they opted for the new direction, the budget and schedule would be impacted but (in our opinion) the adjusted product would best meet the new requirements.

Presented with the options, the client chose the alternate direction. The project proceeded accordingly. It was a smart move. They received a better project. My experience informs me that clients simply want to have the choice before the changes are made. Not surprisingly, clients want to decide how to invest their dollars. I respect that.

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Case Study – Space Acquisition & Disposition

If you need more space, there are only three options; build it, buy it, or borrow it. Working with a Fortune 100 client, we decided to do all three. Why? It was the best option for them. The “build” was a renovation to their existing headquarters.  The building had great infrastructure making it an ideal candidate for a “fix-it” solution. The “buy” was that of an adjacent obsolete building. The building was demolished and the land used for surface parking avoiding structured parking. That was a no-brainer. And last, we “borrowed” (leased) about a third of the short-term requirement thereby allowing flexibility to efficiently dispose of the space when the need was gone. These guys were smart.

Dispositions can be tough. You can create incentives, but you cannot create demand. That was the case with another Fortune 100 client. They were about 50% through the construction of a special purpose, very costly building when the industry changed and the need for the facility disappeared. This was a $100M investment that became virtually worthless.  They asked for our opinion. After some study, we recommended they keep it and wait for the market to improve. They did, it did, and the loss was significantly mitigated. This client was also smart. They listened.

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Case Study – Dispute Resolution

When you’ve been in an industry for five decades and participated in many projects in many different roles, you’ve seen just about everything. Real estate is unique in that every project is a one-off.  No two projects are alike. Things frequently go wrong, people get mad, and then they fight.

I get involved when the fighting hits the court system. And frankly, when I am engaged, I really don’t care what happened. I just want to get to the truth. There is also nothing particularly special about my approach. But with my experience, I can sort fact from fiction, cause and symptom, relevant from irrelevant very quickly.

I was recently engaged in a dispute between two parties. There were many items disputed that when totaled, equaled a lot of money. I started with the contracts. And as is often the case, the contracts were part of the problem. They were ambiguous in critical areas and absent of remedies in others.

I broke the disputed items into categories.  As is usually the case, about 20% of the claims represented about 80% of the disputed amounts. I sorted those into categories of what side had the better argument and what was a toss-up. And then I further focused on the bigger items in more granularity. I’m condensing this here, but this “sorting” process became the basis of a global agreement that ended the case in a settlement.

Less than 2% of lawsuits go to court. The goal therefor, my goal, is to get to a settlement as quickly as possible.

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