On January 22, 2009, CNBC’s Charlie Gasparino broke the story that Merrill Lynch spent $1.2 million in office renovations and decor for John Thain’s executive suite.  The news shocked corporate governance hawks and everyday Americans.  But for savvy corporate real estate professionals, the profligacy is amplified by understanding the modest scope-of-work and complete lack of project controls, both evidenced by the ML internal documents obtained by CNBC.
Among the plain excesses are:

While it doesn’t seem to be hitting the mainstream media quite yet, word on the street is that large layoffs have actually occured within the past week at several construction firms.  Details are scant, but rumors include the completion of cuts totaling 600 at Bovis Lend Lease 

The 2008 World Architecture Festival considered award entries for 700+ office building projects. We highlight a few that are clearly corporate tenant-driven.