Construction pricing and material pricing have started to rise as well, but haven’t quite approached the levels prior to the economic downturn. Block Construction Services (BCS) played an integral role in several significant projects in 2012. A major project of note is the TEVA Neuroscience building.
After a yearlong effort in pursuing TEVA Neuroscience for a build-to-suit project, BCS was finally successful in assisting Block Real Estate Services in negotiating and executing a lease in 2012. Construction for the new 5-Story, 154,268 GSF facility began in June of this past year. The project will also include a 3-Story parking structure to support parking requirements for the building.
In October of 2012, the steel structure for TEVA's new home was completed. Pictured below are Kenneth G. Block, President of Block Development Company and Larry Downey, CEO of TEVA Neuroscience, Inc. at the Steel topping ceremony. Read more about the ceremony.
Construction is slated to complete in the summer of 2013 with TEVA occupying the new building by October. In summary, Block Real Estate Services is excited about the potential of new development activity in 2013, the continued increase in volume of TI construction and capital improvement contracts, as well as the potential for development in the multi-family sector of the market.
See all of the BCS notable deals: Click here to sign up to receive the 2013 Block Real Estate Service Market Report.