N.J. consolidates Newark office space

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					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
Description: Commercial real estate broker Christian Benedetto Jr., who works for Newark-based Hopkins, Sampson & Brown Real Estate Advisory Services, said the deal is one of the largest in recent history for the Essex County city.
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