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Environmental Due Diligence Support and Environmental Insurance Consulting - Acquisition of Bethlehem Steel Headquarters
Bethlehem, Pennsylvania
Brownfield Partners provided environmental due diligence support and environmental insurance consulting to New Jersey-based developer Freedman & Cohen Development (Freedman). Freedman, through a subsidiary, had made an offer to purchase the Martin Tower Complex of the former Bethlehem Steel Company from International Steel Group (ISG), which had acquired the assets of Bethlehem Steel out of bankruptcy. Brownfield Partners was retained by Freedman to provide environmental due diligence and risk management consulting to support the acquisition.
The Bethlehem Steel Headquarters property consists of 55 acres with four buildings and an electrical substation. The buildings include a 21-story office tower, an annex office building, the “Printery”, and a 20,000 square foot boiler house. Activities historically conducted at the facility by Bethlehem Steel included underground gasoline and heating fuel storage, significant printing operations, and automotive maintenance.
Brownfield Partners reviewed database records and retained a subcontractor to perform a comprehensive Phase I Site Assessment and limited asbestos survey of the Martin Tower facilities. One of the Firm’s Partners participated in the Phase I, and summarized the findings for the client the day after the site visit.
Brownfield Partners also consulted on environmental insurance issues, submitted insurance specifications to the broker, and obtained indications of premium for liability policies. Brownfield Partners continues to support Freedman in its lease negotiations, underwriting of environmental insurance and asbestos management plans for the property post-acquisition.
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