Garfield Traub Development

Garfield Traub Delivers New York Department of Transportation in Schenectady On Time and Under Budget

Ribbon will be cut by NY Governor George Pataki

DALLAS (April 7, 2003) — Garfield Traub Development today announced the completion of the new state-of–the–art New York Department of Transportation facility in Schenectady, New York. The 125,000 squarefoot, four–story structure was completed on time and $1 million under budget. New York Gov. George Pataki will lead today’s ribbon–cutting ceremony.

Garfield Traub Development is a national real estate development firm utilizing innovative and cost–effective financing methods to develop essential facilities for public sector and institutional clients

Garfield Traub developed the facility with Turner Construction, the leading general builder in the U.S., Synthesis Architect of Schenectady and investment banker JP Morgan. The facility, which will house more than 620 employees, is the keystone of Governor Pataki’s plan for the revitalization and economic development of downtown Schenectady.

The developers scope of services included financing, permitting and approvals, oversight of design and construction, management and lease to the State. Of six competitors in the developer selection process, only Garfield Traub was able to resolve how to streamline the procurement process and deliver the facility in the required timeframe.

“We secured the financing in September 2001, broke ground two months later and completed the project in March 2003,” said Garfield Traub Founder Ray Garfield. “This beautiful new facility demonstrates how Garfield Traub works with city governments, struggling with diminished budgets, to create innovative solutions to develop and deliver much–needed facilities under budget and on schedule. The New York Department of Transportation facility will bring new jobs to the Schenectady area — and we’re proud to be a part of the revitalization process.”

About Garfield Traub
Founded in 1997, Dallas–based Garfield Traub Development is a national real estate development firm that uses innovative and cost–effective financing methods to offer turnkey solutions tailored towards the requirements of the public sector and institutional clients. The company’s offices are organized to offer a complete development solution that includes site identification and acquisition, zoning and entitlement, financing, design and construction, leasing and management. The principals of Garfield Traub each boast over 30 years of development experience in which they have developed more than 11 million square feet of property and financed more than $7 billion in debt and equity for public and private sector clients around the globe. For more information on Garfield Traub Development, please see www.garfieldco.com