This is Robert Kim, CFO of Franklin Templeton, recording notes from our meeting with the property management team on January 9th.
We discussed our planned office renovation for the 26th floor. Here are the key points:
Budget: We have allocated USD 500,000 for the renovation. This needs to cover new flooring, lighting upgrades, and reconfiguration of the open office space. Property management confirmed this is a reasonable budget for the scope we're considering.
Timeline: We're looking at a 6-week renovation period, ideally starting in late March to minimize disruption. Property management mentioned that March-April is actually a good time as several other tenants are also doing renovations, so they can coordinate contractors and building access more efficiently.
Concerns: We need to ensure minimal noise during business hours. Property management suggested that major demolition and construction work can be done on weekends and after 6 PM on weekdays. This works for us as most of our team leaves by 5:30 PM.
Approvals: We need to submit our renovation plans to the building management committee by February 15th. Property management will provide us with the submission guidelines and requirements.
Next Steps:
1. Finalize design plans with our architect by end of January
2. Submit plans to building management by February 15th
3. Await approval (typically 2-3 weeks)
4. Begin renovation in late March
Property management has been very cooperative and helpful throughout this process. They've offered to connect us with their preferred contractors who are familiar with the building's systems and requirements.
Overall, I'm confident we can complete this renovation on time and within budget. I'll schedule a follow-up meeting with property management in two weeks to review our finalized plans.