Oak Ridge National Laboratory
Multi-Purpose Research Facility
Oak Ridge, Tennessee
 
 
Project Type
 
 
Cost/Financing
 
 
 
Size
 
 
 
 
 
 
 
 
 
 
 
 
Multi-purpose research facility
 
$42.8 million Alternative financing via a not-for-profit entity
 
227,000 square feet
 
 
 
    Oak Ridge National Laboratory
Multi-Purpose Research Facility
Oak Ridge, Tennessee
In the wake of Keenan Development’s previous success for and with Oak Ridge National Laboratory and the laboratory’s managing and operating contractor, Battelle Memorial Institute, Keenan Development recently financed and structured a new, 227,000-square-foot, multi-purpose research laboratory. The financing, consisting of investment grade, AAA-rated revenue bonds, is based in part on project rent customized according to the National Laboratory’s needs. Had the project been financed with governmentally appropriated funds, the actual project cost would have been approximately 30 percent higher.
 

Within this $42.8 million, multi-purpose research facility, research vital to the nation takes place.

The Multi-Purpose Research Facility (MRF) was completed on time and within budget. Timing was essential due to unique features within the facility, as well as meeting the Laboratory’s desire to enjoy immediate access to those facilities. The building was constructed within a secure environment, fully satisfying the Laboratory’s security needs and requirements.

The MRF was delivered and accepted under a design-build process, allowing overlap of the design and construction activities to minimize the overall time frame of the project. This approach achieved a remarkable degree of value for the Department of Energy (DOE).

 

           

 

 

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As a Leadership in Energy and Environmental Design (LEED) Silver facility, the MRF is environmentally sound and includes a host of high efficiency water, lighting and indoor air quality features.

One of the keys to the project’s financing was a unique solution proposed by Keenan Development in the first phase of work. The facility is owned by a not-for-profit entity sponsored by the Battelle Memorial Institute and the state of Tennessee, as well as constructed on land acquired from the DOE and ground leased from the not-for-profit entity. Keenan Development also provides leased assets for the laboratory operator that exceeds the property’s fair market value.

 

   
 
 
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2007 Keenan Development Associates, LLC

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