JV24: Refurbishment -Breathing New Life into 12,000 m² of an Iconic Colonial Building

Ibervalles Socimi S.A. is currently developing the JV24 project at 24 Josefa Valcárcel Street in Madrid. Designed by Estudio Lamela, the project involves the refurbishment of an iconic Colonial-style building, currently leased to Honeywell, with a total area of nearly 12,000 m² (constructed). The development is aiming to achieve LEED Platinum, WELL Platinum, and WiredScore certifications, with completion scheduled for 2024.

In respect of this project, Ibervalles has chosen to implement Ayesa’s LPDS (Lean Project Delivery System) methodology.

Ayesa integrated key elements of its C2R Construction Project Management System into the JV24 project, enabling the following:

Collaborative Contracting: Establishment and ongoing management of a collaborative contract with risk-sharing mechanisms during the design development and construction phases. This involved close coordination between the developer, architect, and contractor.

Lean Cost Management: Adoption of Target Value Design (TVD) techniques to control costs proactively throughout the project lifecycle.

Value Engineering: Continuous implementation of value engineering processes, beginning in the conceptual design phase and continuing through to advanced stages of construction.

Integrated Communication & Planning: Deployment of a project-wide communication system and weekly planning sessions, engaging all stakeholders to ensure alignment and transparency.

BIM Integration: Development of a fully coordinated execution project in a BIM environment. The model was used to extract purchase quantities and guide execution, with the contractor applying the Last Planner® System. Progress was monitored using Ayesa’s CORE C2R system and aligned with the end client’s project milestones.

As-Built BIM Model: Creation of a comprehensive as-built BIM model during construction, which was used to validate executed quantities and support the preparation and approval of work certifications.

Using this in-house project management system will help Ibervalles’ achieve its costs and deadline objectives.