Situated within the highly secure Oak Ridge National Laboratory is 368,000 square feet of mission critical space consisting of a computational sciences facility, engineering technology research facility and research/headquarters offices. The $72 million project designed to promote collaborative research includes laboratory space and computational research space that serve numerous public and private stakeholders. The project houses one of the fastest super computers in the world, a Class 100 Modular clean room supporting Electro-Optics research, and first-class headquarters, office and administrative space.

One of the keys to this project’s success was the financing solution proposed by Keenan Development. The facilities are owned by a not-for-profit entity sponsored by the Managing and Operating contractor, Battelle Memorial Institute, and the state of Tennessee and are constructed on land acquired from the Department of Energy and ground leased from the not-for-profit entity. In return, Keenan Development provides leased assets for the laboratory operator that exceeds the property’s fair market value. Keenan Development also secured external funding from five major institutional investors.

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Keenan Development took on the role of at-risk developer for a guaranteed day certain, dollar certain delivery. As is the case with all Keenan Development projects, these first three-of-five Oak Ridge National Laboratory East Campus Research Facilities were completed on time and within budget.