UNIVERSITY CLIENT Case Study
A private university engaged principals of InterRelate Group to undertake a three-year search for an east-coast campus to complement its existing campus in California. The university was expecting a significant increase in both its online and on-campus enrollment which would lead to the immediate need for expansion of its classroom, research and development, dormitory, dining hall, athletic and administration facilities.
Course of Action
We conducted a thorough survey within the New York City-Metropolitan region for potential campus opportunities. This study included properties ranging from office buildings in Manhattan to former resort properties in Sullivan County; from properties on Long Island to office parks in New Jersey. Our responsibilities included supervision of environmental, insurance, land-use and construction consultants.
Well into the search process, we discovered in a rural town in New York State the availability of a large state facility that had over one million square feet of office, medical, dormitory, dining and recreational structures in place. The owner had purchased the property from the state for re-development into a residential master plan. The residential market in the surrounding area had subsequently suffered a severe decline. The location was less than one hundred miles north of New York City and featured a Metro-North railroad station on site. The ninety-minute commute was ideal for an idyllic campus setting with convenient proximity to New York City for the university’s students.
The university purchased the property and the transaction structure was complicated by the existence of easements and existing leases with the State of New York. The university has assured itself that it can accommodate growth well into the future. Renovation work is underway.