APRIL 2024
Foundry & Lux was a flurry of activity in April. The team added delicious new spring menu specials and hosted 14 onsite events, including two full buyouts. The highlight of the month was the Cove Earth Day celebration, which was the highest-attended event the Cove has ever held. Over 600 tenants and Healthpeak partners came to enjoy the experience.
The high revenue events significantly helped our financials and allowed us to finish under budget for the month.
tomato sauce, mozzarella, asparagus, english peas, bell pepper, eggplant, arugula salsa verde
Total sold: 24
roasted chicken, scallions, jalapenos, corn, mozzarella, bbq sauce
Total sold:60
sliced tomato, pesto, fresh mozzarella, arugula, balsamic glaze, country italian bun
Total sold: 82
rosemary roasted potatoes, grilled asparagus, arugula salsa verde, cauliflower-olive relish, turmeric olive oil
Total sold: 283
silver rum, ube-coconut rum, ube-jam, coconut milk, lime
Total sold: 97
gin, raspberry, lemon, sparkling water, rosemary
Total sold: 85
chocolate infused bourbon, sweet vermouth, campari, chocolate bitters, maraschino cherry
Total sold: 19
Mon, 04/01
Wed, 04/03
Wed, 04/03
Wed, 04/10
Thu, 04/11
Mon, 04/15
Tue, 04/16
Thu, 04/18
Tue, 04/23
Wed, 04/24
Thu, 04/25
Fri, 04/26
Tue, 04/30
Tue, 04/30
University of NC Alumni Reception
Atomic AI Happy Hour
Asher Bio Celebration
Culture Biosciences Happy Hour
Genentech Happy Hour
Genentech Happy Hour
McMcarthy Site Milestone
Genentech Happy Hour
AbbVie Symposium Buyout
Cove Earth Day Celebration
Sartoroius Customer Event Buyout
CytomX Birkman Meeing
Genentech Happy Hour
Mytos Customer Event
DATE # PPL GROUP NAME 20 25 25 50 15 25 30 40 200 600 200 5 12 20
The 4th annual Cove Earth Day celebration was a smashing success and was attended by over 600 tenants. This year Healthpeak pulled out all the stops to make it an event the tenants will never forget. Participating vendors included Firebrand Bread, Nicasio Valley Cheese, Kola Goodies Tea, Progeny Coffee, Feed Sonoma farmer boxes, Capay Organics farmers market, Otherwise Brewing, Original Pattern Brewing, Respectable Bird fried chicken, Succulence Terrariums, Alvéole Urban Bee-Keepers, Arbor MD, TDM Specialists, SSF Scavenger, and Perform for Life.
The Foundry team offered a special menu featuring plant-forward appetizers and garden-inspired cocktails. Tenants received special giveaways, including branded canvas bags, wildflower seeds, honey, soap, and lip balm made from the Cove Bees. The tenants were thrilled with such an incredible experience and are looking forward to more events in the future.
AbbVie hosted its 2024 West Coast Partner Day meeting and networking receptions at Foundry this month. Over 200 guests attended the event, which was a great opportunity to showcase a higher-end menu to new clients and guests who had not visited Foundry before.
The event took full advantage of Foundry’s flexible space to hold a meeting complete with large AV integrations and a networking reception for the guests to unwind afterward.
Foundry finished the month on a high note with the Sartorius buyout. The event was a technology and product showcase. Over 200 attendees were invited to mix and mingle with refreshments and appetizers while seeing new technology demonstrations for the Sartorius portfolio.
The culinary team crafted delicious appetizers and grazing boards to delight the guests. The client was thrilled with the versatility of the space and offerings available. They’re looking forward to hosting more events at Foundry in the future.
F&L NOW AT 1618 followers! The team continues to use social media to promote fun specials, new and exciting happy hour cocktails and catering opportunities to our followers.
the kitchen and try their hand at making empanadas and micheladas from scratch.
We love the opportunity to connect directly with our tenants in a relaxed and fun filled environment where we can answer questions and give helpful advice about our
cucumber, grapes, tomato. It’s the perfect light bite to fill you up without leaving you wanting to take a nap. Come by and
arugula salsa verde, cauliflower-olive relish and turmeric oil combine to make the perfect combination of rich tantalizing flavors.
@performforli fe
ern @thesucculence
@capay_organic @respectablebird
@ssfscavenger @arbor_md_tree_care @thermacorp @otherwisebrewing @originalpatt
Sales: Sales for the four-week period totaled ~$270.4k, with a weekly average of ~$67.6k.
Event sales contributed $132k of the total revenue generated for the month.
COGS: The cost of goods was 17.5%, compared to the budgeted 22%. Moreover, we spent $8.2K less than budgeted. The primary reason for the lower-than-anticipated cogs was the larger events in week 4, which allowed for efficiencies in ordering and production.
LABOR: Total labor costs were $153.6K compared to the budgeted $161.4K. Management closely monitored labor costs and made reductions, when possible, without impacting service.
Other Expenses: Total other expenses were 32.9% against the budgeted 21.5%. The primary reason for the increase was the costs associated with the buyouts and the vendors for the Cove Earth Day event. These account for $39.5K of total expenses. Notable expenses included event rentals, client employee discount, culinary garden upkeep, insurance, armored car services, safety equipment, and computer and telephone expenses.
Bottom Line: We came in under budget this month with total losses of $19.7k against the budgeted losses of $22.8K. The primary reason for the lower losses was the added revenue from the buyouts, and increased sales in week 4.
ASSUMPTIONS FOR FOUNDRY & LUX:
May – Five-week period, and business is expected to be strong in weeks 1-4. We expect a significant slowdown in week 5 due to the Memorial Day holiday.
JUNE – Four-week period, and business is expected to slow down with the summer break, but we are several larger events in the works throughout the month, which should positively impact revenue.
JULY – Four-week period, and business is expected to be slow in week 1 and 2 due to the July 4th holiday. There is a buyout in week 3 and another larger event that should increase revenue in the latter half of the month.
CHANDLERY RECAP
April 2024
In April, Chandlery focused on hosting onsite events, introducing new happy hour specials, and continuing services to the Shore tenant community.
The team hosted their 4th monthly tenant engagement event focusing on spring rolls and cider pairing.
Event business continues to improve at Chandlery, but lunch and happy hour are significantly slower due to JNJ leaving the campus. As a result, we finished over our budgeted losses for the month.
grilled sea bass, chandlery garden herb tahini, jasmine rice, sauteed onion, sesame seeds, parsley
sauteed shrimp, creamy navy beans, hobb's bacon, parsley
house-made tortilla chips, nacho cheese, black beans, pico de gallo, cilantro, crema, iceberg lettuce
sauteed shrimp, andouille sausage, bell pepper, onion, tomato, celery, jasmine rice, parsley, scallion
mary's chicken breast, garbanzo beans, cucumber, tomato, red onion, lemon, parsley, red wine vinaigrette
grilled portobello mushroom, roasted peppers, pepper jack cheese, onion rings, chimichurri aioli, brioche bun, served with mixed green salad
halal chicken meatballs, cucumber, carrot, mizuna greens, house-made kimchi, served mixed green salad
rice noodles, shrimp, tamarind, scallion, egg, peanuts, fish sauce, shallot, garlic chive
6 oz. niman ranch flank steak, grilled torpedo onions, fries, chimichurri
vanilla, butterfly tea, matcha, choice of milk
lemon, simple, strawberry, aromatic bitters, ginger beer, whiskey
The Chandlery team organized another engagement event for the Shore tenant community this month. The class began with a hands-on demonstration where the tenants could craft their own spring rolls from scratch using garden ingredients. Afterwards they were treated to a cider tasting and pairing session lead by Golden Gate Cider. The tenants were thrilled to participate in a fun afternoon activity and are looking forward to more classes in the future.
Thu, 04/04
Thu, 04/04
Mon, 04/08
Thu, 04/11
Tue, 04/23 Wed, 04/24
EVENT DATE GROUP NAME # PPL
Lab Ops Meeting Lab Ops Happy Hour Celebration of Life Happy Hour - Novotech x Tempest Care Dx Meeting + Lunch AME Happy Hour 35 70 50 20 30 50
Chandlery has 175 followers! The team continues to leverage social media and direct tenant outreach to promote hosting events, new lunch menu offerings, and drive happy hour revenue.
designed to exceed your expectations. ���� Here's what sets us apart: �� Stunning Waterfront View: Immerse yourself in the beauty of the waterfront as you enjoy your event against a backdrop of serene waters and vibrant sunsets. �� Outdoor Patio: Take advantage of our spacious outdoor patio, perfect for networking, mingling, or simply soaking in the fresh air. ��️ Fully Catered Services: Sit back, relax, and let our expert culinary team take care of every detail. From delectable appetizers to gourmet entrees, we'll ensure your guests are treated to an unforgettable dining experience. Don't miss out on the opportunity to create cherished memories in a truly exceptional setting. Contact us today to reserve our private dining room for your next event! ��✨
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Happy Hour offerings! �� Introducing our all hands on deck format of offerings, guaranteed to make waves of excitement! Starting next Wednesday, April 24th! �� �� Classic Cocktails for just $10! �� Hoist your glasses and toast to tradition with timeless favorites served up at a steal! From the smooth sails of a Martini to the refreshing breeze of a Margarita, or the sturdy hull of an Old Fashioned, our crew has crafted them all. Drop anchor at our restaurant and enjoy the seafaring spirit of mixology without plundering your pockets! ⚓ Happy hour Wednesdays & Thursdays from 3 pm - 6 pm Join us as we navigate the waters of happiness and raise a toast to smooth sailing! See you aboard! �� ��✨ �� Sip sustainably & indulge in the goodness of nature at Chandlery! Available during Chandlery's cafe hours 8 am - 2 pm. ���� elevate your next social gathering or business event? Look no further! �� Our private dining room offers an unparalleled experience with a breathtaking waterfront view and an inviting outdoor patio. ��✨ Whether you're hosting a business meeting, a social networking event, or celebrating a special occasion, our versatile space is
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Lemons
- a salty breeze of freshness!
Garlic-Parmesan French Fries - a savory bounty fit for any seafarer!
�� Chandlery's Cocktail Shrimp - succulent jewels from the
depths!
Swing by every Wednesday & Thursday from 3 (pm) bells 'til 6 (pm) to partake in the feast! Don't let these treats slip through yer grasp, me hearties!
Sales: Sales for the four-week period amounted to $36.4k, with a weekly average of $9.1k. We are seeing a significant reduction in lunch and happy hour sales now that JNJ has left the campus. We had strong event revenue throughout the month which generated $15.4K of our total sales.
COGS: The cost of goods sold (COGS) was 25.2% against the budgeted 27%, resulting in a savings of $12.2k. Management continues to work diligently to reduce purchases where possible to minimize COGs.
Labor: Labor came in at $65.8K against the budgeted $77.8K. Management aggressively cuts labor whenever possible while continuing to provide all tenant services. Currently, Chandlery has one chef and one manager dedicated to the unit to minimize costs.
Other Expenses: Total other expenses amounted to $15.1K against budgeted $22K. Other notable expenditures included event rentals, monthly POS charges, insurance, culinary garden upkeep, marketing efforts, and computer and telephone expenses.
Total Losses: Total losses were ~$53.8k against budgeted losses of ~$42.7k. The main contributing factor to the higher losses is the reduced tenant population caused by the JNJ office closure. Management is reducing labor and actively marketing Chandlery with aggressive event promotions and happy hour specials to help drive additional sales during this unexpectedly slower period.
ASSUMPTIONS FOR CHANDLERY:
MAY – Five-week period, we anticipate event business will continue to improve, but anticipate higher losses due to the lower tenant campus population due to the JNJ office closure. We will reduce staffing and run aggressive event promotions and happy hour specials to combat the higher losses.
JUNE – Four-week period, and we expect business to slow down slightly with the summer holiday, but are looking forward to the Shore Tenant event in week 2. We expect event business to remain steady this month but anticipate continued losses due to the lower campus population. We will reduce staffing and run aggressive event promotions and happy hour specials to combat the higher losses.
JULY – Four-week period, and we expect business to slow down in weeks 1 and 2 dur to the July 4th holiday. We will reduce staffing and run aggressive event promotions and happy hour specials to combat the higher losses.
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