chAMBEr A sense of belonging
➤➤ Continued from page 5 N.J. consolidates Newark office space
State will occupy a smaller footprint in Essex County city take further action regarding the awards.
chamber. His chamber’s members are mostly small to midsized
Officials told the bidders that they
businesses, but they also include larger entities like Beneficial Sav-
By AnDrEW KITchEnMAn building, owned by Broad-Atlantic aimed to consolidate space in a variety of
ings Bank, where he is an assistant vice president, and TD Bank.
THE STATE GOVERNMENT announced Associates LLC, has a total of 484,000 offices to a smaller amount of space, with
Rowe said he feels a bigger entity would also find it easier to
plans to lease two Broad Street office square feet, while 765 Broad, owned by the goal of saving on rent, Kolodkin said.
attract new members. “If we say it’s a Camden County chamber,
buildings in one of the largest New Jersey 765 Henry Investors LLC, has 103,000 “The negative will be, there’s going
people would be more interested in joining the chamber,” he
real estate deals in recent years. square feet. to be a lot of space that is coming onto
said. At the same time, the smaller chambers get to retain their
Under the lease awards, which were The amount of space the state leas- the market,” Kolodkin said. “It has a
identity, ensuring that “it still gives us a local feel,” he said.
announced in letters of intent issued Jan. es in Newark would be reduced from trickle-down effect.”
Michael Diemer, chairman of the Camden Chamber of Com-
29, the state would rent the former IDT 620,000 square feet to roughly 580,000 Kolodkin praised state procurement
merce, said his members now feel “a stronger sense of belonging,”
building at 520 Broad St., as well as a square feet, according to Treasury officials for their thoroughness during
under the umbrella of the Camden County chamber. That was not
smaller building at 765 Broad St., accord- spokesman Thomas Vincz. The leases the process, adding that the awards were
the case as a standalone association, because “in New Jersey, we
ing to officials. expire near the end of 2010. made quickly for a public agency. The
are very provincial; we stick to our own town,” he said.
The losing bidders have 12 days to “The procurement followed an request for proposal from the state was
Diemer said the city needs more development projects like
object or ask for more information before extensive master planning effort cover- issued in October.
those at Cooper University Hospital and Rutgers University’s
the leases become official, according to ing the last several years to maximize Commercial real estate broker
Camden expansion — and businesses have the required appetite.
Jeff Kolodkin, a senior vice president space efficiency, reduce space and trim Christian Benedetto Jr., who works for
“Camden really needs some sort of industrial park,” he said. “We
with Grubb & Ellis, a real estate services leasing costs,” Vincz said. Newark-based Hopkins, Sampson &
have businesses that need to expand, and they leave the city.”
firm in Fairfield. Kolodkin represented 540 Broad St. Brown Real Estate Advisory Services,
Locals such as CTB Systems, an information technol-
The state advertised for between owner Verizon New Jersey, which was said the deal is one of the largest in recent
ogy consulting firm in Cherry Hill, will benefit from the new
100,000 and 525,000 square feet of not successful in its bid for a lease. He said history for the Essex County city. u
chamber, said David P. Mickelson, a partner at the firm, which
office space last year. The former IDT he is not sure whether the company will E-mail to aki