In June of this year, Ramtech Leasing Ltd sold its final asset; a 10,500SF office on 4.55 acres in north Fort Worth that has been home to the National Weather Service’s Forecast Office for all of north central Texas.
The National Oceanographic and Atmospheric Administration (NOAA) entered into a ten year lease including a ten year option period with Ramtech in 1993. In 2014 a fifteen year lease renewal was successfully negotiated with the GSA (retroactive to 2013). With the property and building generating income through 2028 from a tenant that is highly unlikely to relocate, the property became very attractive to investors and sold within 75 days after being placed on the market.
Much has been made recently about the virtues of permanent modular construction (PMC), and rightfully so. This is nothing new to Ramtech. Over our 33 year history Ramtech has been an industry advocate through our successful execution of PMC projects throughout the southwest. NOAA’s Fort Worth WFO is a great example. The building was constructed using (12) type V conventional wood framed modules placed atop a poured concrete spread footing foundation. The building’s exterior cladding is 100% masonry with a low-slope single ply membrane roof. Over its first 21-years the building had nothing more than routine maintenance performed. In late 2014 in conjunction with the lease renewal, Ramtech undertook a capital improvement of the property consisting of new paint, carpeting, roofing material and HVAC equipment. A 22 year life cycle on these building components is outstanding regardless the type of construction utilized for the building.
When it comes to office, educational or healthcare space, PMC can truly stand shoulder to shoulder with any form of conventional construction. The fact that this particular building will likely be generating income for its owners over 35 plus years, attests to the longevity of PMC, which has been a question with this form of construction. New buildings utilizing PMC that are constructed to applicable model codes set atop an appropriately designed foundation are real buildings that generate significant real ROI. If you’re intrigued by PMC and would like to explore the options PMC offers for your next building project, please contact Ramtech where a helpful sales representative will listen to your needs and work with our team to develop workable plans that meet your schedule and budget.
