Case Study: Cost Management
International Investment Bank
This approximately 915,000 commercial s.f. new build (building within a building) was a full interior renovation to serve as a the front office for a major multinational investment bank and financial services company. Work included installation of independent critical systems infrastructure; build out of executive spaces, new trading floors, office floors and data centers. It also included adding amenities spaces such as a cafeteria, conference centers, public assembly spaces, health facilities and pantries. MEP infrastructure work included installation of generators, UPS and a chiller plant. The building was completely occupied during the duration of the project.
JLS performed cost estimating during conceptual and schematic design for budgeting during the planning phase. The budget breakdown structure was such that scope line items could be tracked during selection of architectural elements and MEP equipment for comparative decision-making. JLS’s work enabled early cost benchmarking of design package and budget updating of design items which were refined and/or value engineered. JLS provided pre-bid estimate at construction documents phase for analysis of submitted GC bids. After award, JLS was responsible for tracking the estimated final cost of the project with a robust cost reporting approach.
JLS worked with Project Managers to identify anticipated future risks as well as reviewing and recommending actions relative to submitted change orders. In addition to accounting for change order commitments for reporting, the JLS cost manager maintained a change order status log for managerial use to bolster cost savings negotiations, avoid lengthy reviews, and deter unexpected claims. At closeout, the comprehensive JLS tracking documentation facilitated a swift final accounting of award contracts.