MBIA Inc. Headquarters Relocation

Faithful+Gould provided project management services for the 85,000-square-foot corporate interiors fit-out of MBIA’s new headquarters in Purchase, NY. MBIA consolidated and relocated into leased premises after being in their existing, 325,000 rentable square feet owned premises for 20 years. MBIA launched their project in Q4 2013 and required a fast-track site selection and project schedule in order to accommodate their normal business cycle objectives for Q3 2014. The project required Faithful+Gould to provide effective site assessment and landlord lease and workletter terms review that allowed for the selection of best options for fit and project procurement.

A challenge MBIA experienced was a material change in their space occupancy program to eliminate an entire division from their space program as a result of a decision to sell the business. The construction permit had already been obtained, construction was underway and the Furniture Fixture & Equipment program already procured per the original design.

A solution Faithful+Gould suggested was to rapidly alter the plans and re-file with an agreement to release acceleration funds being held as an allowance in the construction manager contract in order for the full scope of program changes to be incorporated into the construction program, aligning with the original construction milestone Certificate of Occupancy inspection dates, and ultimately made the decision to extend the schedule as well.

In addition, Faithful+Gould’s cost estimating team kept a keen eye on all change orders as the risk belongs to the constructor once the conversion is complete. The project ended up being $1 million under budget after negotiations, value engineering and bid leveling.