Lasting impressions attract tenants as recession ends by ProQuest

VIEWS: 21 PAGES: 5

More Info
									SPOTLIGHT: CONSTRUCTION/ARCHITECTURE

Lasting impressions attract tenants as recession ends
                BY EVELYN LEE




                                                     Christina Mazza
AS COMPETITION for tenants intensifies amid
a glut of office space in the market, proper-
ty owners are turning to architecture firms to
refresh tired, older buildings to enhance their
value and heighten their appeal for current and
prospective occupants.
      “In order to both retain and attract ten-
ants, upgrades in a recession like this are almost
mandated, whether you can afford to do them
or not,” said Matthew Jarmel, principal of
Livingston-based JarmelKizel Architects and
Engineers Inc.
      During the first quarter of 2010, the office
vacancy rate in northern and central New Jer-
sey returned to 26.2 percent — the record high
first reached during the third quarter of 2009,
according to commercial real estate brokerage
Jones Lang LaSalle. And with more distressed
office assets going back to lenders, even land-
lords with fully occupied buildings have need
to worry, Jarmel said. “If somebody’s buying a
building at a discount, they’ll have the money
and the ability to ... steal your existing tenants
away,” he said.
      “We’re trying to attract tenants in a market
that’s not particularly great,” said Jon Parker,
managing principal of J&B Realty, owner of 2572
Brunswick Pike, in Lawrence Township. “Long-
term, we’re trying to make the property more                       Marlyn Zucosky, left, director of interiors at Clarke Caton Hintz; and Jon Parker, managing principal of J&B Realty, in front of 2572 Brunswick Pike, in Lawrence Township, which is going to
            ➤➤   See UPGRADES on page 19                           be refaced and converted from a single-tenant to a multitenant building.




            We help real estate
            and construction clients
            build their businesses.                                                                                                                                     Financial Statement Audits, Reviews & Compilations
                                                                                                                                                                                            Cash Flow Analysis
                                                                                                                                                                                        Tax Structuring & Planning
                                                                                                                                                                                              Tax Compliance
                                                                                                                                                                                        Cost Segregation Studies
                                                                                                                                                                                      Structuring of Debt Financing
                                                                                                                                                                                       Audits of Lease Escalations
                                                                                                                                                                                          Due Diligence Analysis
                                                                                                                                                                                      Low Income Housing Credits
                                                                                                                                                                                  Preparation of Reports for Certiorari




                                                                                                                                                                         For more inFormation, please contact
                                                                                                                                                                            Brian Flynn, edward o’connor,
                                                                                                                                                                          christopher casini or Joseph russell
                                                                                                                                                                             (201) 712-9800 or visit odmd.com




18 April 19, 2010       u   njbiz                                                                                                                                                                                                           www.njbiz.com
                                                                                                SPOTLIGHT: CONSTRUCTION/ARCHITECTURE
UPGRADES Redesign
                                                                                New façade of building




                                                                                                                                         Courtesy of Clarke Caton Hintz
➤➤ Continued from page 18
                                                                                Address: 2572 Brunswick Pike,
valuable.” Last year, J&B hired Clarke Caton                                    Lawrence Township
Hintz, a Trenton-based architecture firm, to                                    Architecture firm: Clarke Caton Hintz
redesign a new façade for the 200,000-square-                                   Client/Owner: J&B Realty Corp.
foot office and warehouse facility, replacing the                               Originally built: 1960
existing windows and adding multiple entranc-                                   Construction time frame: Began in March
es; the company also is looking into installing a                               2010 and is scheduled to be completed in
solar-energy system in the building.                                            June 2010.                                                                                the new façade with new windows and mul-       a single-tenant to multitenanted facility.
      The 40-year-old property, which Parker                                    Description: Clarke Caton Hintz designed                                                  tiple entrances to convert the property from                                      - Evelyn Lee
and his business partner purchased in 1997, is
fully occupied, but Accumed Pharmaceutical,
which leases 125,000 square feet in the build-
ing, will be vacating its space in the next 18
months as a result of its acquisition by generic
drug maker HHP, he said. 
								
To top