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					MAREjournal.com   Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 13 - March 12, 2009 — Section G




        Mid Atlantic R                                                   EAL      ESTATE JOURNAL’S ANNUAL


                                           COMMERCIAL
                                               OFFICE
                                                                                                      Spotlight




                                                                        INSIDE

                                                                        GVA Smith Mack ..................................................... 2G
                                                                        David T. Houston, Jr., SIOR, CRE, FRICS,
                                                                        Colliers Houston & Co. ............................................ 5G
                                                                        THOMAS T. POSAVEC, SIOR,
                                                                        LANDMARK COMMERCIAL REALTY, INC.......................... 6G
                                                                        GARRY BRINTON, CFM,
                                                                        FACILITIES PLANNERS + ARCHITECTS, INC. ................... 7G
                                                                        DAVID E. THURSTON, MARCUS & MILLLICHAP ............. 8G
                                                                        NAI GLOBAL SPOTLIGHT .......................................9-20G
                                                                        2008 OFFICE SALES & LEASES ..............................24-28G
G Inside Cover — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid   Atlantic Real Estate Journal       MAREjournal.com




                              PRESENTS

             500 PLAZA DRIVE
             SECAUCUS, NJ
             AVAILABLE FOR LEASE
             212,000 CONTIGUOUS SF




                       Miles
                Just 6Manhattan
                  from


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MAREjournal.com                                 Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 13 - March 12, 2009 — 1G




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2G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid   Atlantic Real Estate Journal                        MAREjournal.com


                                   COMMERCIAL OFFICE PROPERTIES
                                                            GVA Smith Mack
       Camden Cty., NJ submarket jumps in
   overall total vacancy including sublease space
S
      outhern New Jersey                                                                  absorption of 10,800 s/f, illus-   $22.52 in 2007 to $23.35 at
        Southern NJ saw an                                                                trating that the Southern NJ       year end 2008, which indicates
      increase in their vacancy                                                           market experienced the major-      that there is strong demand
by 3.9% at the close of 2008 in                                                           ity of their negative absorption   for Class A space in the Cam-
comparison to the end of 2007,                                                            during the first three quarters     den County submarket.
which reported 16.5% and                                                                  of this year.                         The 3M submarket also
12.6%, respectively. Despite                                                                The Camden County sub-           saw an increase in their total
an increase in space available,                                                           market saw a jump in their         vacancy from 12.3% in 2007
the market saw a slight in-                                                               overall total vacancy including    to 16% for 2008, mostly due
crease in asking rent overall in                                                          sublease space from 13% in         to the delivery of two (2) new
the Southern NJ market, i.e.                                                              2007 to 17.5% to close out this    class A office buildings in
from $20.66 in 2007 to $20.87                                                             year. The Camden County sub-       Mount Laurel. Even with the
to close out 2008. Despite a                                                              market also saw a downturn in      big escalation in the vacancy,
year-to-date negative absorp-                                                             their overall asking rent from     the asking rent for class A, B
tion of 267,000 s/f, Southern                                                             $19.56 in 2007 to $19.43 to        and single story all increased
NJ has actually closed out                                                                close 2008. Class A buildings      slightly.
the year on a positive note,                                                              went against the trend with           Class A space in 3M seems to
with a positive 4th quarter net                     Lake Center IV                        an uptick in asking rent from      be holding its own with a posi-
                                                                                                                             tive 4th quarter absorption of
                                                                                                                             73,800 s/f which is remarkable
                                                                                                                             considering the fact that class
                                                                                                                             B and single story both posted
                                                                                                                             negative absorption. Contrib-
                                                                                                                             uting to the class A positive
                                                                                                                             absorption was Merrill Lynch
                                                                                                                             which leased 52,000 s/f and
                                                                                                                             The Shaw Group, Inc., who
                                                                                                                             leased 74,300 s/f at the Moore-
                                                                                                                             stown Corporate Center 2. The
                                                                                                                             negative absorption experi-
                                                                                                                             enced was largely contributed
                                                                                                                             by 6000 and 8000 Midlantic
                                                                                                                             with a total of 43,700 coming
                                                                                                                             onto the market.
                                                                                                                                Overall the Southern NJ
                                                                                                                             market has seen a large swing
                                                                                                                             in increased vacancies along
                                                                                                                             with an increase in rental
                                                                                                                             rates which doesn’t necessar-

                                    Personal Service.                                                                        ily go hand-in-hand. With loca-
                                                                                                                             tion always a top priority for a
                                                                                                                             company, Southern NJ seems
                                                                                                                                 continued on page 4G
                                    Outstanding Results. Sophisticated Solutions.
                                                                                                                                Commercial Office
                                                                                                                                Property Spotlight
                                    90% of our clients chose GVA Smith Mack                                                            a section of the
                                    for our Personal Service.                                                                       MARE Journal
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                 215.864.0600       It’s our success that separates us.                                                               fax 781-871-5299
                                                                                                                                     MAREjournal.com

        Philadelphia Suburbs
                                    Offering specialized competency in the full range of Real Estate services:                        Publisher/CEO
               610.265.0600                                                                                                           Linda Christman
                                     • Tenant Representation              • Corporate Real Estate Services                     lchristman@marejournal.com
                     Delaware
                 302.655.0600        • Project Management                 • Lease Administration                                      Co-Publishers
                                     • Property Management                • Real Estate Capital Markets
        Southern New Jersey                                                                                                          Dianna Mallozzi
              856.702.6600           • Landlord Representation            • Consulting                                         dmallozzi@marejournal.com
                                                                                                                                      Elaine Fanning
                                                                                                                               efanning@marejournal.com
                                                                                                                                      Section Editor
   www.gvasmithmack.com
                                                                                                                                      Karen Vachon
                                                                                                                                 editor@marejournal.com
MAREjournal.com                     Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 13 - March 12, 2009 — 3G

                                                                The SOCIETY OF INDUSTRIAL AND OFFICE REALTORS® is the leading pro-
                                                                fessional commercial and industrial real estate association. With more than 3,200
                                                                members in more than 590 cities in 25 countries, SIOR represents today’s most
                                                                knowledgeable, experienced, and successful commercial real estate brokerage
                                                                specialists.

                                                                SIOR has certified more than 2,800 of its members with the prestigious SIOR
                                                                designation, a professional symbol of the highest level of knowledge, production,
                                                                and ethics in the real estate industry. Real estate professionals who have earned
                                                                the SIOR designation are recognized by corporate real estate executives, com-
                                                                mercial real estate brokers, agents, lenders, and other real estate professionals
                                                                as the most capable and experienced brokerage practitioners in any market. SIOR
                                                                designees can hold the following specialty designations: industrial, office, sales
                                                                manager, executive manager, or advisory service.

  SIOR also includes associate members who include corporate executives, developers, educators, and other involved in the commercial real
  estate industry.

  A professional affiliate of the NATIONAL ASSOCIATION OF REALTORS®, SIOR is dedicated to the practice and maintenance of the highest
  professional and ethical standards. SIOR maintains a commitment to business and industry by providing outstanding professional services,
  publications, and educational programs.

  Transaction Data shows the success of SIOR members:
  Extrapolated data shows that in 2007 SIOR members estimated that they leased or sold an average of 1.2 million SF of space for a total dollar
  volume of $46,725,400 in 31.8 transactions.

  As a group, SIOR designees sold or leased more than 3.3 billion SF of space in 83,539 transactions with a total dollar volume consideration
  of more than $122.747 billion dollars.

  SIOR welcomes as members those real estate practitioners who meet its significant qualifications for membership. Membership requirements
  and procedures are determined by the SIOR’s Bylaws.

  The SIOR designation is a personal achievement for those individuals who are highly qualified commercial real estate practitioners with a
  strong transactional history in brokerage, fee-based services, or executive management.

                                                      For more information visit www.sior.com




  NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals
  in office, industrial and mixed-use real estate. NAIOP provides unparalleled industry networking and education, and advocates for effective
  legislation on behalf of our members. NAIOP advances responsible, sustainable development that creates jobs and benefits the communities
  in which our members work and live.


  NAIOP’s Four-Point Promise outlines the steps NAIOP will undertake to see its members through the current uncertain economic times.
  Today, NAIOP members need their association more than ever. Read more about NAIOP’s Four-Point Promise and discover how NAIOP will
  support its members in 2009 and beyond.


  NAIOP provides communication, networking and business opportunities for all real estate related professionals; provides a forum for continuing
  education; and promotes effective public policy, through its grassroots network, to create, protect and enhance property values.
  NAIOP chapters members have great opportunities at the local level to enhance their business through educational programs, networking and
  government affairs. Members can also get involved at the national level — by attending conferences for continuing education, participating in
  National Forums for professional development and working to advance legislative initiatives like real estate taxation issues on Capitol Hill.
  The forum for commercial real estate both locally and nationally, NAIOP promotes effective public policy through its grassroots network to
  create, protect and enhance property values. It offers education programs, research on trends
  and innovations, networking opportunities and strong legislative representation. NAIOP members
  are the principal players who shape the industry.


                                 To become a member of NAIOP,
   please contact the Membership Department at 1-800-456-4144 or membership@naiop.org
4G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid                 Atlantic Real Estate Journal                         MAREjournal.com


                                   OFFICE PROPERTIES SPOTLIGHT
                                                                     CB Richard Ellis
                             The Greater Philly office market
                              has solid market fundamentals
2    008 Year in Review
       Encompassing over 144
     million s/f within Dela-
ware, New Jersey and Penn-          SUBMARKET
                                                           PHILADELPHIA METRO OFFICE MARKET STATISTICS 4Q 2008

                                                              NET RENTABLE AREA (SF)    DIRECT VACANCY    2008 YTD NET      UNDER          AVG. CLASS A        OVERALL
sylvania, the Greater Philadel-                                                                 RATE      ABSORPTION (SF)   CONSTRUCTION   ASKING LEASE RATE   AVAILABILITY
phia office market experienced                                                                                                              ($FSG/PSF/YR)       RATE
robust sales and leasing activ-     Downtown Philadelphia Subtotal        44,029,891          10.02%      876,042                0         $27.99              12.18%

ity from 2006 throughout the
                                    Suburban Philadelphia Subtotal        57,965,398           14.86%     (106,697)         380,379        $27.16              19.10%
first half of 2007. Benefiting
from a significant presence of       Southern New Jersey Subtotal          17,272,714           14.57%     (128,104)              0         $23.19              17.82%
healthcare, education and life
science sectors, the Greater        Northern Delaware Subtotal            15,897,943           18.64%     (263,385)          10,000        $25.00              20.03%
Philadelphia office market has
                                    Lehigh Valley Totals                   8,882,394           15.88%     98,725             83,056        $22.06              17.53%
been able to effectively with-
                                    GRAND TOTAL                           144,048,340          13.83%     476,581           473,435        $26.55              16.83%
stand the current economic re-
cession. While 2008 witnessed
a drop in leasing velocity along
with fewer property trades,                                                                                                                                C    h   d ll




                                                                                                                                           the office market proved it has
                                                                                                                                           solid market fundamentals
                                                                                                                                           and was one of only a few ar-
                                                                                                                                           eas nationwide to experience
                                                                                                                                           both positive absorption and
                                                                                                                                           an increase in class A average
                                                                                                                                           asking lease rates in 2008.
                                                                                                                                              2009 Market Forecast
                                                                                                                                             The leasing and sales land-
                                                                                                                                           scape in the first half of 2009
                                                                                                                                           will continue where 2008 left
                                                                                                                                           off. Rental rates will stabilize,
                                                                                                                                           vacancy rates will increase,
                                                                                                                                           albeit slightly, and absorption
                                                                                                                                           will more than likely be flat to
                                                                                                                                           negative due to a reduction in
                                                                                                                                           leasing volume in 2008. Many
                                                                                                                                           tenants, who are unsure of
                                                                                                                                           their business strategies for
                                                                                                                                           the near future, may engage
                                                                                                                                           in renewals as a financially
                                                                                                                                           conservative solution to their
                                                                                                                                           impending lease expirations.
                                                                                                                                           Improvements to the credits
                                                                                                                                           and financial markets in the
                                                                                                                                           second half of the year could
                                                                                                                                           mean an increase in sales
                                                                                                                                           volume, as well as an influx of
                                                                                                                                           expanding companies, who are
                                                                                                                                           once again visualizing busi-
                                                                                                                                           ness growth.
                                                                                                                                             Regardless, the Greater
                                                                                                                                           Philadelphia office market will
                                                                                                                                           remain poised for an economic
                                                                                                                                           recovery that will allow its
                                                                                                                                           various submarkets to con-
                                                                                                                                           tinue to flourish in challenging
                                                                                                                                           times. ■

                                                                                                                                           GVA Smith Mack
                                                                                                                                             continued from page 2G
                                                                                                                                           to be a great central location
                                                                                                                                           for distribution centers in the
                                                                                                                                           Greater Philadelphia area
                                                                                                                                           which could keep rates steady
                                                                                                                                           as firms consider Southern NJ
                                                                                                                                           as a viable option. Consistent
                                                                                                                                           with the entire region, many
                                                                                                                                           tenants are fearful with the
                                                                                                                                           economic woes and are renew-
                                                                                                                                           ing at their current locations
                                                                                                                                           rather then exploring new
                                                                                                                                           leases. ■
MAREjournal.com                             Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 13 - March 12, 2009 — 5G


                                        OFFICE PROPERTIES SPOTLIGHT
                    By David T. Houston, Jr., SIOR, CRE, FRICS, Colliers Houston & Co.
                                       National real estate market:
                                            So where are we?
      t seems clear that com-        on lease expirations and local     This is not a pretty picture.      funds and larger institutions     financial resources.

I     mercial real estate, unlike
      in the 1989-1992 down-
turn, which
was lead by
                                     conditions. Vacancy rates could
                                     rise to 18% before the market
                                     recovers. Currently, there have
                                     been five straight quarters
                                                                        Job creation, which is directly
                                                                        linked to office occupancy, will
                                                                        be the critical factor in this
                                                                        market. The first hires will fill
                                                                                                           have debt to equity ratios of
                                                                                                           50% or less for the most part
                                                                                                           and are far more liquid than
                                                                                                           their counterparts were in the
                                                                                                                                               Now here is the bad news.
                                                                                                                                             There are, therefore, obviously
                                                                                                                                             problems ahead. The first is the
                                                                                                                                             debt market. Large investors
real estate,                         of decline, and 2008 saw the       the empty offices and cubicles      previous downturn.                needing to recast their debt
has had little                       vacancy rate nationally grow       of the so called “shadow space,”     Secondly, construction, while   will face three choices. First of
or nothing to                        from 12.6% to14.2%. Suburban       and not until this space is        perhaps higher than I would       all, recast their debt with their
do with the                          markets will continue to have      absorbed will companies seek       have liked, has not been at the   current lender, or others, if
onset of this                        a higher vacancy rate than         to take on more space. Unfor-      frenetic levels in most mar-      possible. This may not be pos-
current cri-                         CBDs. Unfortunately, rental        tunately, companies do not         kets compared to the previous     sible due to the aforementioned
sis. Neverthe-                       rates declined in 2008 with        increase employment in antici-     downturn.                         shortfall and will depend on the
less, it is still David Houston      CBDs seeing a 5.6% decline and     pation of a recovery. They do so     Thirdly, there is more insti-   borrower, lender and portfolio.
going to suffer, since consumer      the suburbs only a 1.4% decline.   only after one has begun, and      tutional ownership of this real   Secondly, issue preferred stock
spending and jobs occupied are       It seems highly probable that      they believe it is for real.       estate today which means for      to replace the debt. This may
obviously directly related to the    vacancy rates will peak at the       There is some good news and      the most part deeper pockets      be more attractive and possible.
occupancy of commercial real         end of 2009 the first quarter of    that is that compared to the       than existed in the previous      Thirdly, monetize some assets
estate. Also, remember, that         2010, but rental rates will con-   debacle of 1989-1992, leverage     downturns, as well as broader     to improve balance sheets and
commercial real estate tends         tinue to decline through 2010.     in real estate is way down. The    access to the supermarket of         continued on page 8G
lag general economic trends
by two to three quarters, and
so we in commercial real estate
are probably six to nine months
behind the rest of the economy
in terms of feeling the effects of
these events.
   Interesting, compared to
the precipitous decline in real
estate values during the 1989-
1992 period, when many prop-
erties lost 25-40% of their
value, no such trend has yet
emerged in the broad national
market. In fact, commercial
loan defaults are only about
1.5%. However, there are $400
billion in commercial loans
out of a universe $3.5 trillion,
coming due this year and most
analysts predict a short fall in
refinancing this debt.
   As I look at the national               2005 Hummel Avenue                             2215 Millenium Way                          3301 Wahoo Drive
industrial real estate market,                 Camp Hill, PA                                   Enola, PA                               Williamsport, PA
I see vacancy rates modestly
increasing and rents modestly              6,300 +/- SF Multi-Use                          5,000 +/- SF Office                     17,000 +/- SF Warehouse
declining during 2009 with a                  Great Visibility                                Built in 2005                             Great Location
recovery in 2010 of both and                        $625,000                                     $750,000                                    $725,000
with stronger growth in 2011
and 2012. I would think we
might see vacancy rates for
industrial peak at 13-14% this
year and a 5%-10% decline in
net rents. Those submarkets
which had the highest run up in
rents and sale prices will have
the greatest declines. The key
this recovery will be a restora-
tion of consumer confidence
and an increase in consumer
spending. The industrial mar-
ket will recover first among             1135 E. Chocolate Avenue                        1007 Mumma Road                                1963 Oberlin Road
asset classes.                                                                            Wormleysburg, PA                                Harrisburg, PA
   As for office space, the picture
                                               Hershey, PA
is not so pretty. Nationally, new            39,600 +/- Office                          13,500 +/- SF Office                            11,250 +/- SF Flex
construction coming on line in             168+ Parking Spaces                         Minutes from Downtown                             Well Maintained
2009 could be almost what it
was in 2008 and more than it                      $2,900,000                                   $1,350,000                                     $745,000
was in 2007. High unemploy-
ment, which could reach 9%
or more, will cause tenants to                       300 Corporate Center Drive, Suite 201 Camp Hill, PA 17011
shed space, although there is                               Phone: (717) 737-6161 Fax: (717) 737-9640
not a one to one relationship
there. The timing will depend                                          www.ACAMPBELL.net
6G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid          Atlantic Real Estate Journal                           MAREjournal.com


                                    OFFICE PROPERTIES SPOTLIGHT
                     By Thomas T. Posavec, SIOR, Landmark Commercial Realty, Inc.
                                           Central Pennsylvania
                                           Office Market Review
2      008 was not a particu-
       larly good year for the
       Central Pennsylvania
Office Mar-
                                 represent one of the lowest
                                 year end absorption totals
                                 since this study was under-
                                 taken 15 years ago. The East
                                                                   ant demand is troublesome.
                                                                   Several office properties which
                                                                   have been recently completed
                                                                   remain unoccupied. Activity
                                                                                                    the Central Pennsylvania Of-
                                                                                                    fice Market.
                                                                                                      It is important to under-
                                                                                                    stand that this analysis ex-
                                                                                                                                       and greatly reduces the prob-
                                                                                                                                       ability of an analysis becoming
                                                                                                                                       skewed as a result of one or
                                                                                                                                       two specific transactions.
ket as avail-                    Shore Business District in        must increase or the market      cluded owner occupied facili-        For an expanded market
able invento-                    Central Pennsylvania vastly       could come under pressure        ties, medical and governmen-       study analysis or to obtain a
ry increased                     underperformed and failed to      going forward.                   tal buildings and single user      market survey of available
sharply and                      attain positive absorption lev-     In its 15th year, this study   facilities as these buildings      office opportunities in the
tenant de-                       els in 2008 and the West Shore    analyzed 944 office buildings     are not periodically in circula-   Central Pennsylvania Office
mand showed                      Business District in Central      in the Central Pennsylvania      tion. Furthermore, facilities      Market please contact:
signs of a                       Pennsylvania barely reached       area over a 12 month period      available for sublease are also      Thomas T. Posavec, SIOR
slowdown.                        positive territory.               and tracked economic indica-     excluded from the analysis in      is Senior partner of The
  After a sol- Thomas Posavec      In summary, market funda-       tors such as absorption, oc-     order to avoid the potential       Office Services Group, of
id three year run which saw      mentals, although favorable       cupancy rates and current        of overstating vacancy rates       Landmark Commercial
absorption total over 750,000    for 2009, are not without con-    asking rents. This endeavor      resulting from these specific       Realty, Inc. ■
s/f, figures were mixed and      cern. The impact of speculative   was undertaken to provide        sublease opportunities.
closed the year at a meager      new construction, in light of     statistical data to better un-     Implementing these methods       MEB holds opening
30,429 SF. These numbers         the recent weakness in ten-       derstand the complexities of     provides an accurate measure
                                                                                                                                       for Metroplex One
                                                                                                                                         VIRGINIA BEACH, VA

   One Sterling Place                                                                                                                  — Virginia Beach Economic
                                                                                                                                       Development is pleased to

   100 Sterling Parkway
                                                                                                                                       announce that Mid-Eastern
                                                                                                                                       Builders (MEB) celebrated
                                                                                                                                       the opening of Metroplex One
   Mechanicsburg, Pennsylvania                                                                                                         in Virginia Beach, a new office
                                                                                                                                       complex owned by a partner-
                                                                                                                                       ship between Christian Broad-
                                                                                                                                       casting Network (CBN) and
                                                                                        2,500 SF and up                                local developers.
                                                                                                                                         Metroplex One is a two-story,
                                                                                        Large floor plates                             35,000 s/f, multi-tenant facil-
                                                                                        Available immediately                          ity located at the intersection
                                                                                        10 minutes from Harrisburg                     of Regent University Drive
                                                                                                                                       and Midtowne Way on the
                                                                                                                                       CBN campus. Tenants include
                                                                                                                                       the American Center for Law
                                                                                                                                       and Justice, Trinity Broad-
                                                                                                                                       casting Network and Regent
                                                                                                                                       University’s School of Global
                                                                                                                                       Leadership and Entrepreneur-
                                                                                                                                       ship. Two additional office
                                                                                                                                       buildings totaling 140,000 s/f
                                                                                                                                       and a larger 500-acre, mixed-
                                                                                                                                       use project commonly referred
                                                                                                                                       to as “Blenheim” are planned
                                                                                                                                       for the future.
                                                                                                                                         “We went from clearing trees
                                                                                                                                       to occupancy in seven months,
                                                                                                                                       all while maintaining the
                                                                                                                                       highest standard of quality.
                                                                                                                                       This is just another example
                                                                                                                                       of what MEB General Con-
                                                                                                                                       tractors is capable of, and we
                                                                                                                                       look forward to starting work
                                                                                                                                       on Metroplex II & III,” said
                                                                                                                                       Tom Atherton, vice president
                                                                                                                                       of MEB.
                                                                                                                                         CBN was founded by Pat
                                                                                                                                       Robertson in1960 and current-
                                                                                                                                       ly is a multifaceted non-profit
                                                                                                                                       organization that provides
                                                                                                                                       television programming to ap-
                       Local Knowledge…                                                                                                proximately 200 countries.
                                                                                                                                         Regent University was
                       Local Relationships.                                                                                            founded in 1977 by Pat Rob-
                                                                                  COMMERCIAL REALTY, INC.                              ertson and is a fully accredited
                                                                                                                                       university offering degrees in
   Thomas T. Posavec
   Thomas T. Posavec                                                                                         Roy H. Brenner            business, communication and
   SIOR                                                                                                                                the arts, divinity, education,
   SIOR                  Tenant Representation Sales Leasing Acquisitions Consulting                                                   government, law, organiza-
                   1-800-722-1990 717-731-1990 Harrisburg, Pennsylvania www.landmarkcr.com                                             tional leadership and psychol-
                                                                                                                                       ogy and counseling. ■
MAREjournal.com                           Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 13 - March 12, 2009 — 7G


                                     OFFICE PROPERTIES SPOTLIGHT
                          By Garry Brinton, CFM, Facilities Planners + Architects, Inc.
                   Office of the Future:
          Supportive of developing work processes
                                   quality of worklife, and learn-   model which would dictate            drywall partitions.                      Over a ten year period, the

T
         he people who do the
         work in our organiza-     ing.                              size and layout. Office plan-           You can design with flex-            breakdown of overall facilities
         tions and the process-           Collaboration              ners have determined that            ibility in mind.                       and organizational costs are
es and tech-                              and teamwork               layouts which best support             The use of under floor dis-           roughly:
nologies they                        The development of new          collaboration require more           tribution systems, demount-            5% - Construction, rent, and
employ have                        products and services, the        space than a conventional grid       able wall systems, modular             new furniture
changed sig-                       use of cross-functional teams     approach.                            non-grid sensitive lighting,           4% - Operations and mainte-
nificantly in                       to solve problems, and even                  Flexibility               modular electric distribution,         nance
the past few                       impromptu meetings now in-           In response to changes in or-     and segmented voice and data           10% - Equipment and tech-
years. The                         volve employees from several      ganizational structure, work-        cabling are readily available          nology
workplace                          departments. This teamwork        force, and customer demands,         building elements that facili-         82% - People
has not kept                       is the hallmark of the new        your office design should            tate change. Office furniture             The additional first cost to
p a c e w i t h Garry Brinton      workplace.                        change also. Unfortunately           is rollable and skiddable and          plan and design for flexibility
these changes and is often a         Collaboration occurs best       it is difficult and expensive to      can be easily disassembled             is negligible when compared
barrier to productivity.           with a combination of adjacent    accommodate, for example, a          and moved.                             to its impact on staff produc-
  New design attitudes, new        private spaces and group spac-    special product development                   Why change?                   tivity. Organizations need to
construction techniques, and       es. There is no single planning   team if your building has hard           Is it worth the cost?                  continued on page 8G
new office furniture provide
opportunities for future work-
places that can be highly sup-
portive of developing work
processes and can easily ac-
commodate changing require-
ments.
     What are the major
       business trends?
  Change in organizational
structure and strategies.
Companies are getting “flat-
                                             EXPERTISE LOCALLY, TRUSTED NATIONALLY
ter” with fewer organizational
levels. There is an increased
                                                          “Making a Market from Wall Street to Main Street”
focus on customer needs, both
external and internal. Work
is now done simultaneous-
ly rather than sequentially.
Companies decentralize to be
closer to their customers.
  New attitudes about the                                                          EXCLUSIVE LISTINGS
workforce. Organizations
are developing new strategies
to attract and retain employ-
ees. Team contributions are
noticed and rewarded. Life-
long learning is a core value of
many companies. Employees
are working outside the office
– at home, in the airport, in a
hotel room.
  The power and deploy-
ment of technology. Use                           36,729 Rentable Square Feet              21,000 Rentable Square Feet               288,000 Rentable Square Feet
of laptops, smart phones,                                 Newark, NJ                               Passaic, NJ                               Passaic, NJ
ubiquitous wi-fi hot spots, and
VPNs enable work to be done
anywhere, anytime. Increas-
ing bandwidth for internet ac-
cess facilitates integration of
data and images in electronic
communications.
  Emphasis on sustainable
or “green” design. Both
developers and tenants are
sensitive to the environmental
impact of their construction,
renovations, and operations.                      2,500 Rentable Square Feet               15,000 Rentable Square Feet                   23,430 Rentable Square Feet
They are increasing seeking                              Irvington, NJ                            Mine Hill, NJ                               Mountainside, NJ
ways to reduce, reuse, and
recycle to minimize costs.                                                 To access the investment market, contact the market leader.
  New recognitions about the
workplace. Office design needs                                                             Michael J. Fasano
to reflect new ways of working.                                                               Regional Manager
Workplace design positively                   Offices Nationwide                611 River Drive, 4th Floor, Elmwood Park, NJ 07407            www.marcusmillichap.com
affects individual and team                                                      (201) 582-1000 mfasano@marcusmillichap.com
productivity, job satisfaction,
8G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid                  Atlantic Real Estate Journal                           MAREjournal.com


                                        OFFICE PROPERTIES SPOTLIGHT
                                              By David E. Thurston, Marcus & Milllichap
                               The office investment market —
                                     Back to the future
T
        he following statement       understands that a 30% down         the current market, and espe-      also add reserves and extra        terms shorten, amortization
        will make us senior          payment will be required and        cially in the office market.        vacancy to cover for these         periods shorten, and interest
        brokers feel a little bit    at least some will be recourse,       Each product type has its        items. This does not prevent       rates increase, prices must
older and                            a deal can be and deals are         issues and challenges, but         a deal, but the added equity       decrease to meet the DCR
may seem                             being made. This is how deals       the office market suffers from      need drives the pricing of the     lenders require.
like a foreign                       were made during the major-         the downsizing of companies        property down to achieve a           Only when a sellers can ap-
language to                          ity of my 27 year career in         and need for less space. This      return that will make a deal       preciate this changed market
brokers in                           real estate, but were turned        is a spiral we have seen be-       make economic sense based          (and that can only be done by
the business                         on their heads for the years        fore as the end is often far       on these real estate funda-        crunching the numbers for
for less than                        2003-2007. Cheap money,             in the distance as companies       mentals rather than the cost       them), will there be enough
five years:                          unattainable assumptions            restructure and then perma-        of the debt alone. This may        sellers willing to enter into
Real Estate                          and pro formas drove the            nently need less space. First      seem difficult for an owner to      the market at a price which
Fundamen- David Thurston             sale of real estate during that     there is the sublease space        understand who based their         a buyer will pay and we will
tals Now Control the Pur-            period; however, if you got out     which drives down asking           pricing on a CAP Rate vs. Cost     once again reach an equilib-
chase and Sale of Investment         in 2007, you are now the real       rates; next comes the renego-      of Debt and anticipated their      rium in the market. Until
Real Estate (Again). Real            estate king as today cash is        tiation of direct leases with      return to come from apprecia-      then, we are on the opposite
estate fundamentals break            king. Equity is dear and is         reduced rents from landlords       tion, but this is the Back to      side of the pendulum and the
out into two major areas: 1.         seeking a real risk/reward          when tenants agree to renew        The Future Fact.                   buyer’s now control the mar-
the rates of return required         premium in the market. The          early and extend their terms;        Except in rare cases, the        ket where for the last 6 years,
by buyers in this market, and        market has slowed not so            and, finally there is the direct    DCR is the most important          the sellers have controlled the
2. the new debt requirements         much because of the lack of         space which comes to market        number now in getting a deal       market. Miraculously, this
and especially the debt cover-       debt, as there is plenty for        at reduced rates because of        financed and sold. How you          feels like the 80’s and 90’s all
age ratios [DCR] required by         deals in the $1-$10 Mil range,      the sublease space rates and       get to an agreed NOI is the        over again.
lenders.                             but more so because of the          the reduced occupancy in the       first hump, and then how             David E. Thurston is di-
   The continuing good news          gap between seller’s expecta-       buildings.                         that NOI feeds back into an        rector of NOIPG and Net
is that for the properly under-      tions (or living in the past)         This is a well known cycle       LTV and interest rate [and         Lease Group at Marcus
written and priced property          and buyer’s demand for that         to lenders who will therefore      DCR] is the most important         & Millichap in Elmwood
coupled with a buyer that            return premium for the risk in      base LTV on current NOI but        hump to get over. As loan          Park, NJ. ■

By David T. Houston, Jr., SIOR, CRE, FRICS . . . By Garry Brinton, CFM . . .
  continued from page 5G             7% range today, and given the       their interest in real estate as     continued from page 7G           a full height walled office
add liquidity.                       current T bill rates, this should   an investment vehicle? I think     consider the life-cycle benefits    (even a corner office) or simply
   The problem with the latter       translate into equity cap rates     not, because real estate did not   of new building technologies       higher workstation panels or
is that some REITs and funds         based on asset class and the        cause this mess. Obviously, it     and office design approaches.       maybe some wood trim on the
will have to take hits, but on the   quality of the asset in the 9-      was vulnerable. It, therefore,           What will the office          furniture.
other hand, they could clean up      11% range with the blended          became a victim. Office and            of the future look like?          The basic office “cubicle” will
and even upgrade their portfo-       overall rate some where in the      industrial vacancy rates na-         There will be offices. They       evolve. It may not be rectan-
lios if they are willing to bear     mid eights. However, I think        tion wide had been trending        are not going away. People en-     gular, and many of the compo-
some short term pain.                the first trades in this new        down for five years until 2008      joy the social context of work,    nents will have wheels.
   Although many people think        market will be much higher,         and the supply of new space        and no technology can match          Floor plans will have many
the key to a restoration of          and only when confidence re-         was under control in most          the “bandwidth” of face-to-face    different size workstations
normalcy is a return to normal       turns to the market will cap        markets. New construction is       communication.                     and team areas. Overall lay-
lending practices, in reality the    rates reach equilibrium, which      declining, and I foresee little      Technology itself will change    outs will maximize access to
debt market cannot come back         means those that buys assets        new construction over the next     in ways we cannot envision.        natural lighting.
before the equity market is re-      early will have enormous re-        24 months except in special        However, there probably will         Mobility and flexibility will
vived. With no one really know-      turns.                              build to suit situations. Given    still be paper in the office and    be the defining characteristic
ing what some assets are worth,         In all bull and bear markets,    the risks in the bond and stock    a need to put that paper some-     for both staff and equipment.
lenders will not know what the       the enthusiasm and pessi-           markets, it seems logical that     where to read and to store.          Garry Brinton is co-
real loan to value ratio is, and     mism of the day always result       real estate will remain a long       People will still want to de-    founder and principal of
that is key to a resumption of       in the market overshooting          term investment alternative.       note their status in the office     Facilities Planners + Ar-
lending. The problem is that         reality, both going up and go-      After all, it is tangible. You     environment. That may mean         chitects, Inc. ■
virtually nothing is trading.        ing down. This will happen in       can touch it and feel it. Bricks
There is no market. Moreover,        this cycle as well. Those with      and mortar have intrinsic          Liberty Property Trust’s 330 Fellowship
while it has yet to be evidenced,    cash will be Kings, which is        value based on replacement         Rd. in Marlton, NJ earns LEED “Gold”
it is clear that when trading        why those investors and funds       cost new minus obsolescence,
resumes it will be at a discount     who shed their less attractive      curable and uncurable. Not           MARLTON, NJ — Liberty            of high performance green
from where values were eight         assets and recapitalize their       so with the hedge funds and        Property Trust has received        buildings.
months ago. But where will           balance sheets will do very         Madeoff portfolios. However,       LEED Gold certification from          It promotes a whole-building
they land? How far have things       well going forward when oth-        whether or not investment          the U.S. Green Building Coun-      approach to sustainability by
fallen? Are cap rates at 8%, 9%      ers who stick their head in         remains at the current level       cil for its new class A office      recognizing performance in
or higher? The reason there is       the sand will be forced in the      will depend on the results of      building at 330 Fellowship         five key areas of human and
no market is simply because          end to take actions which they      the next 18 months. A flight of     Rd.                                environmental health: sus-
buyers and sellers don’t know        may have little control over.       capital from this market will        It is the first building in the   tainable site development, wa-
where the market really is.          Unfortunately many will shed        depress values far more and        park to receive LEED certifi-       ter savings, energy efficiency,
   Historically based on sound       their good assets which will be     far longer than even this grim     cation and the first new office      materials selection, and indoor
economic theory, cap rates in        easier to sell to keep support-     recession. The potential flight     building to receive the gold       environmental quality.
real estate were based on a risk     ing their dogs. It’s like throw-    of capital is the real danger      recognition in southern New          “Buildings are a prime ex-
free component, say the T bill       ing the life boats over board       facing the market. Time will       Jersey.                            ample of how human sys-
rate for 10 years which is the       from a sinking ship to lighten      cure all else.                       The LEED certification from       tems integrate with natural
typical horizon for an investor,     it and keep it a float.                David T. Houston, Jr.,           the U.S. Green Building Coun-      systems,” said Rick Fedrizzi,
a premium for the lack of li-           One question which must be       SIOR, CRE, FRICS is presi-         cil is the nationally accepted     president, CEO & founding
quidity and a premium for risk.      asked is will institutions turn     dent of Colliers Houston &         benchmark for the design,          Chair, U.S. Green Building
With mortgage money in the 6-        away from real estate or reduce     Co. ■                              construction, and operation        Council. ■
                    COMMERCIAL OFFICE PROPERTIES SPOTLIGHT
                           FEATURING NAI GLOBAL
MAREjournal.com                                      Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 13 - March 12, 2009 — 9G

                                       A message from NAI Global president, Jeffrey M. Finn
                                        Economy taking toll on
                                     commercial property markets
W
           hat a difference a            erty re-entering the market as               or less prepared yield ground.              through NAI Global’s Com-                   that clients demand.
           year makes. The               financial institutions, retailers             While we are in turbulent wa-               mercial Property PowerSa-                     Even in these difficult times,
           Great Capital                 and corporations retrench or                 ters now, we are confident that              le™, a series of sealed bid and             leading commercial brokers
Strike trig-                             close. We expect vacancy rates               great waves of opportunity are              auction events coming this                  are realizing that being part
gered by the                             to rise and rents to slip in 2009            forming on the horizon. NAI is              year. This incredible program               of a global team is more im-
collapse of                              as a result.                                 well positioned to catch these              offers vast marketing power                 portant than ever. Over the
the residen-                               Still, even down cycles pres-              waves, launching our clients to             and leverage to sellers in each             last year we have added more
tial mortgage                            ent opportunities. We expect                 success in 2009.                            of our markets to find the                  than 20 new members to our
market has                               investment sales to increase in                Companies are in trouble,                 best buyers today. A similar                growing network and there
spread glob-                             2009 as market forces close the              lenders are burdened with                   program was highly success-                 are several more joining in the
ally, and has                            gap between the bid and the                  distressed holdings and pools               ful for our clients in the early            coming weeks.
now rippled                              ask. And corporate tenants will              of capital have been amassed                1990s. Now with staggering                    We are better positioned
across virtu- Jeffrey M. Finn            find a welcome window of relief               to pounce at the right moment.              levels of debt coming due                   than ever to help our clients
ally every market and sector.            from the supply constraints                  Great wealth is formed by in-               – an estimated $400 billion in              navigate these challenging
The 2009 outlook for the com-            that drove rental rates and                  vestors that are ready and able             2009 alone – combined with                  times, take advantage of the
mercial real estate industry is          sale prices to record levels only            to seize moments like this.                 growing economic pressures,                 opportunities markets like
rather bleak, characterized by           a year ago.                                  And they will surely enter the              we believe the time is right to             this present and thrive in the
a global recession, weakening              There is no doubt 2009 will                market soon as bank-forced                  offer this type of program once             coming year.
market fundamentals, frozen              be a challenging year, but in                sales provide once in a lifetime            again, and provide a unique                   Sincerely,
credit, investors on the side-           that challenge the best will rise            buying opportunities.                       service offering that drives                  Jeffrey M. Finn
lines and millions of square             to the top and capture greater                 We believe one of the best                buyer interest and secures the                NAI Global President &
feet of retail and office prop-           market share as those less able              ways to make this happen is                 property’s true market value                CEO. ■

                                                                   New firm will be known as NAI Atrium
     NAI Global expands presence in Eastern Europe with Atrium
  Consulting as the exclusive NAI member firm for the Serbian market
   PRINCETON, NJ — NAI                                                                                                            nies looking to the market as an            NAI atrium. “Together with our
Global, one of the world’s pre-                                                                                                   investment and development                  partners, we will have new re-
mier network of commercial                                                                                                        opportunity.”                               sources available to proactively
real estate                                                                                                                         NAI atrium is a full-service              work for Serbia’s real estate
firms and                                                                                                                         agency offering tenant repre-               market development; providing
one of the                                                                                                                        sentation, property leasing and             professional real estate services
largest real                                                                                                                      sales, valuation, due diligence             for local and international play-
estate service                                                                                                                    and advisory. The firm is also               ers.”
providers                                                                                                                         known in the market for prop-                 NAI atrium is located at
worldwide,                               newly founded daughter firm                   to this region,” said Jeffrey M.            erty and facility management.               Bulevar Mihajla Pupina 165
announces                                will be known as NAI atrium.                 Finn, NAI Global President &                  “Joining NAI Global allows                G in New Belgrade, Serbia.
it has signed                              “Eastern Europe is one of                  CEO. “Together with our other               us to combine our in-depth local            Headquartered in Princeton,
Atrium Con-     Roman Klott              the most important markets                   members across the European                 market knowledge with NAI’s                 NAI Global manages a network
sulting as                               worldwide, and the addition                  Union, NAI atrium is poised to              international experience and                of 325 offices and 5,000 profes-
the exclusive NAI member firm             of NAI atrium brings the ex-                 serve both local business inter-            infrastructure,” said Roman                 sionals in 55 countries across
for the Serbian market. The              tended services of NAI Global                ests as well as those of compa-             Klott, managing director of                 the globe. ■


      Inside


      Ralph J. Egerman, NAI Pittsburgh ........................................................................................................................................................... 10G
      Jeffrey Ludwig, NAI Michael ..................................................................................................................................................................... 11G
      John Buccinno and Bryan E. Cole, NAI Keystone.................................................................................................................................. 12G
      Josh Levering, SIOR, NAI James E. Hanson .......................................................................................................................................... 14G
      Paul Bryant, NAI Emory Hill ...................................................................................................................................................................... 15G
      Rebecca Ting, SIOR, NAI Mertz ................................................................................................................................................................ 16G
      Robin Zellers, NAI CIR............................................................................................................................................................................... 18G
10G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid       Atlantic Real Estate Journal                       MAREjournal.com


                                NAI PITTSBURGH COMMERCIAL
                                            By Ralph J. Egerman, NAI Pittsburgh
         Business Week names Pittsburgh; One of
        the best cities for riding out the recession
D       espite the national
        economic slowdown;
        employment in the
Pittsburgh
                              Health Services sector. Uni-
                              versities including Carnegie
                              Mellon, The University of
                              Pittsburgh, Duquesne Uni-
                                                               employing 1,000 people. U.S.
                                                               Steel Corporation is spend-
                                                               ing 1.2 Billion dollars at its
                                                               Clairton Works which will
                                                                                                sential for a city seeking to
                                                                                                grow its economy. The abil-
                                                                                                ity to provide companies
                                                                                                with access to world class
                                                                                                                                  the opportunity to enjoy
                                                                                                                                  many cultural and entertain-
                                                                                                                                  ment venues, including the
                                                                                                                                  world renowned Pittsburgh
R e g i o n                   versity, Robert Morris Uni-      sustain 1300 industrial jobs,    universities and research         Symphony Orchestra, won-
continues                     versity, Chatham Univer-         and Westinghouse Electric        centers is a must. Addition-      derful live theatres such as
to grow;                      sity and others; have helped     Company is hiring 1,000          ally, affordable housing and      The Benedum and Heinz
totaling                      attract companies such as        engineers to build 33 new        excellent public and private      Hall and the several major
1,164,100                     Google and Rand along with       nuclear reactors worldwide.      schools, is an incentive for      museums such as The Carn-
in Octo-                      some of the brightest people     Additionally; General Elec-      families. Pittsburgh and          egie and the Heinz History
ber 2008.                     in the field.                     tric and The University of       Western Pennsylvania is           Museum. For the sports fan;
Pittsburgh’s                    Much of Pittsburgh’s fu-       Pittsburgh Medical Cen-          fortunate to have a very high     Pittsburgh is a virtual haven;
growth rate Ralph Egerman     ture is tied to its industrial   ter are partnering to open       quality of life. With beautiful   The Pittsburgh Steelers will
of 6% is well                 past. The Pittsburgh Tech-       25 cancer-care centers in        lakes and streams and rivers      be competing for their sixth
above the national rate of    nology Center, a new office       Asia, Europe and the Middle      surrounded by wooded moun-        Super Bowl Championship,
-0.1%. The key reason for     park on the site of a former     East.                            tains, outdoor recreation is      The Pitt Panthers football
Pittsburgh’s continued suc-   steel mill; has been trans-        Today the need to attract      abundant.                         and basketball programs
cess is its Education and     formed into a research hub       “Intellectual Capital” is es-      People in Pittsburgh have       are nationally ranked and of
                                                                                                                                  course, The Pittsburgh Pi-
                                                                                                                                  rates and Penguins are very
                                                                                                                                  popular.
                                                                                                                                    Pittsburgh has a very
                                                                                                                                  strong foundation commu-
                                                                                                                                  nity that funds many social,


      Committed to Pittsburgh.                                                                                                    medical, cultural and envi-
                                                                                                                                  ronmental initiatives. The
                                                                                                                                  foundation community’s com-
                                                                                                                                  mitment to improving the
                                                                                                                                  lives of all Pittsburgh’s citi-
                                                                                                                                  zens; has helped Pittsburgh


      Connected to the World.                                                                                                     to attain the ranking as one
                                                                                                                                  of the Best Places to Live.
                                                                                                                                    Recently The University of
                                                                                                                                  Pittsburgh Medical Center
                                                                                                                                  made the decision to lease
                                                                                                                                  500,000 square feet of office
     Industrial • Office • Investment • Retail • Corporate Services • Auction Services                                            space at USS Tower. Sie-
                                                                                                                                  mens Power Generation has
                                                                                                                                  leased 185,000 square feet
                                                                                                                                  in the Union Trust Building
                                                                                                                                  and PNC is nearing comple-
                                                                                                                                  tion of a new 200 million
                                                                                                                                  dollar office tower in the
                                                                                                                                  Central Business District.
                                                                                                                                  Pittsburgh’s downtown is
                                                                                                                                  more centralized than other
                                                                                                                                  sectors.
   Are you ready for                                                                                                                Recently, Kiplinger.com
                                                                                                                                  named Pittsburgh one of its
   something better?                                                                                                              six Safe Havens in Real Es-
                                                                                                                                  tate, with below average un-
                                                                                                                                  employment and foreclosure
                                                                                                                                  rates and high affordability.
   Call 412 321 4200                                                                                                              In fact; the region’s foreclo-
                                                                                                                                  sure rates totaled just 0.3%
   or visit                                                                                                                       half the national average.
                                                                                                                                  Pittsburgh’s investment real
                                                                                                                                  estate has steadily increased
   www.naipittsburgh.com.                                                                                                         in value with properties in
                                                                                                                                  the Downtown, Oakland and
                                                                                                                                  Centre/Baum Corridor at-
                                                                                                                                  tracting investors willing to
                                                                                                                                  pay top dollar for prime real
                                                                                                                                  estate. The retail sector hard
                                                                                                                                  hit nationally, is relatively
                                                                                                                                  insulated down 0.1% com-
                                                                                                                                  pared to -1.5% nationally. In
                                                                                                                                  2007 Places Rated Almanac
                                                                                                                                  named Pittsburgh America’s
                                                                                                                                  Most Livable City.
                                                                                                                                    Ralph J. Egerman is a
                                                                                                                                  principal with NAI Pitts-
                                                                                                                                  burgh. ■
MAREjournal.com                           Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 13 - March 12, 2009 — 11G


                                                                NAI MICHAEL
                                                        By Jeffrey Ludwig, NAI Michael
                                                     Creative solutions
                                                     for troubled assets
A
         fter the bailouts, ap-     huge pools and sell them by        erSale in mid January. The       fees sellers can get many times    hope that the new adminis-
         pointment of policy        auction or sealed bid.             sale is a multi-seller, multi    the value of their contribution.   tration will remember the
         Czars and consoli-            The simple solution to this     property auction and sealed      Fiduciaries’ can have the satis-   lessons of the past and make
dation of                           challenge is to unbundle as-       bid sale. With over 350 offices   faction that assets are broadly    sure the taxpayer get their
lenders, we                         set pools and sell individual      in 55 countries, NAI Global      exposed to the marketplace,        money’s worth when the Czar
still need a                        assets. The challenge here is      has over 5,000 professionals     that there is a level playing      finally gets around to selling
well thought                        that it takes a lot of work to     in every major market and        field and that resolution is       the troubled assets the US
out plan for                        do this effectively and time       most secondary and tertiary      date certain.                      now or will soon own. The NAI
disposing                           is money. In the mid 90’s NAI      markets throughout the US.         Congress is in a rush to pass    Global Commercial Property
of Billions                         Global offered a viable solution     The PowerSale is a date        a stimulus plan; they have         PowerSale is one alternative
of Dollars                          with their National Sealed Bid     certain method of disposing      guaranteed Billions of Dol-        that is already making a posi-
of troubled                         Sale, recognizing the dynam-       troubled assets regardless if    lars more against bank owned       tive difference.
commercial Jeffrey Ludwig           ics of the current market they     they are bank owned, in bank-    troubled assets and most ex-         Jeffrey Ludwig is direc-
real estate                         have a viable solution today.      ruptcy or a property owner       perts suggest banks will need      tor, senior vice president
assets. It has been said that         NAI Global launched their        simply wishes to liquidate its   more money in the future. All      at NAI Michael in Lanham,
‘those who fail to learn from       Commercial Property Pow-           asset. By pooling marketing      the average citizen can do is      MD. ■
past mistakes are doomed to
repeat them.’ The last time we
were in a situation similar to
the debacle we find ourselves
in today, we witnessed the                                     A new economy demands a new way to buy and sell assets
creation of the RTC.
   Now I’m not suggesting
that the RTC was all bad but


                                             M
                                          COMMERCIAL PROPERTY
it is fair to say that the US
Taxpayer could have fared
better. The primary flaw was
that the RTC packaged good
                                                                                                        TM
assets with bad into pools of
a Hundred Million or more.
Their logic was that the value
of the good assets would pull
the value of the bad assets up.
                                          PowerSale
The truth is, however, that the
bad assets dragged down the
value of the good assets dispro-
portionately creating a serious
bargain for the select few who          NAI’s Commercial Property PowerSale™ is a new tool for selling commercial real
can buy a Hundred Million               estate assets in today’s market. This Accelerated Marketing Program speeds up the
Dollars of assets. The argu-
ment was that with so many              sales process and turns it into an exciting, urgent bidding match between serious,
assets the RTC had no choice
but to bundle most assets into          qualified buyers. Condense the marketing, negotiating, sale and closing into a
NAI ReStore                             predetermined date-certain event, and benefit from massive pooled global marketing.
arranges sale of 6
prop. portfolio
   PRINCETON, NJ — NAI
ReStore arranged the sale of
six neighborhood and commu-
nity shopping centers across
TN and TX to two buyers,
Gator Investments and HT
Group, LLC, on behalf of Cen-
tro Properties Group.
   Five of the properties located
in TN were sold to HT Group,
LLC, an Atlanta-based invest-                                              Want to AMP up Sales in 2009?
ment firm. These five centers
include:                                                        If you have a troubled asset and want to know if the
   • Saddletree Village, a                                 Commercial Property PowerSale™ is the right solution for you, call:
45,800 s/f neighborhood shop-
ping center in Columbia, TN;
   • West Towne Square, a                                                                                        Jeffrey D. Ludwig, Senior Vice President
92,499 s/f community shop-                                                                                       NAI Michael
ping center in Elizabethton,                                                                                     4640 Forbes Boulevard, Suite 300
TN;                                                                                                              Lanham, MD 20706
   • Stone East Plaza, a 46,259
s/f neighborhood shopping cen-                                                                                   Office +1 301 918 2923
ter in Kingsport, TN;                                                                                            Mobile +1 240 687 3744
   •Apison Crossing, a 79,048                                                                                    jludwig@naimichael.com
   continued on page 17G
12G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid                   Atlantic Real Estate Journal                          MAREjournal.com


                 NAI KEYSTONE COMMERCIAL & INDUSTRIAL
                                     By John Buccinno and Bryan E. Cole, NAI Keystone
                                                  Greater Reading
                                                Office Market Report
2
       009 is shaping up to         county contributed to a strong       tion with signed tenants and       additional 300,000 square feet      Township and Muhlenberg
       be a stable year for the     last quarter 2008. The premier       should be completed in 2009        of proposed space waiting to be     Township are beginning to
       Greater Reading office        office building at One Me-           or early 2010.                     built. Currently a 110,000 s/ffa-   compete successfully on rental
market for                                             ridian which        Still, the market faces chal-    cility located at 525 Lancaster     rates and amenities.
both vacan-                                            has a GLA         lenges in these difficult times     Avenue and 40,000 square feet         The Class “B” sector is ex-
cy and rental                                          of 377,000        with overall Class “A” building    at 210 George Street are be-        periencing a mixture of higher
rates with                                             s/f had a net     vacancies increasing from 7.5%     ing upgraded to meet modern         vacancy rates and lower rental
pockets of                                             absorption of     to 10% in the fourth quarter,      office standards and will only       rates, vacancy rates have
growth in the                                          nearly 40,000     mainly from increased devel-       add to the pull from the Class      slightly increased from 13.4%
Wyomissing                                             in 2008 and       opment and softening demand        “A” market.                         to 13.8% at the same time that
and Spring                                             stands as the     at the higher price points, and      Tenants are willing to pay        rates have come down approxi-
To w n s h i p                                         marquis of-       stiff competition from aggres-     higher base rental rates (rang-     mately 10%. Base rates for this
areas of the John Buccinno            Bryan E. Cole fice building        sive landlords. Traditionally a    ing from $14.50 NNN to 16.50        sector are starting at $8-$9 psf
county. Coming off a poor net       in terms of amenities and            safe sector in this marketplace    NNN) for Wyomissing’s central       and topping out at $12 - $13
absorption rate in the Third        services in the area which           due to low inventory, the Class    location with its easy access       psf and, with the decreased
Quarter 2008 the fulfillment of      helps maintain positive de-          “A” building space is moving       to major roadways and prox-         amenities generally provided,
a 52,000 s/f lease to the utility   mand at its facility. In addition    toward oversaturation with         imity to supporting services        the gross rental rates struggle
concern UGI at Stone Point Of-      to commitments for existing          several properties being repo-     and amenities but some of           to get above $16 psf.
fice Center along with steady        space, over 200,000 s/f of new       sitioned to compete at the low     the other suburban locations          Downtown City of Reading
overall demand throughout the       office space is under construc-       end of this sector along with an   in the county such as Exeter        vacancy rates continue to in-
                                                                                                                                                crease with rates rising from
                                                                                                                                                14.5% to 16.5% with much
                                                                                                                                                of the vacancy surrounding
                                                                                                                                                larger blocks of contiguous
                                                                                                                                                space. Although difficult and
                                                                                                                      •    Spacious Park        costly to divide and transition
                                                                                                                                                to smaller users, owners are
                                                                                                                           like setting         becoming much more flexible
                                                                                                                      •    Available:           and finding ways to meet the
        LOCAL EXPERTS . GLOBAL RESOURCES.                                                                                                       market demands. Owners and
                                                                                                                           13,250 SF
                                                                                                                                                tenants are struggling with
                                                                                                                           divisible to         high parking costs and security
                                                 •    Prominent east-                                                                           concerns, which are continuing
                                                                                                                           3,000 SF
                                                      side location                                                                             to be addressed by a committed
                                                 •    Spectacular                                                     •    Design-Build         City Administration.
                                                      views                                                                available to           The City of Reading and
                                                                                                                                                economic development groups
                                                 •    Suites from                                                          60,000 SF
                                                                                                                                                have been working hard to im-
                                                      1,000 to                                                        •    Close to Rt.422      prove and revitalize downtown
                                                      28,000 SF                                                                                 which shows in the number
                                                                                                                           & other major
                                                 •    State of the art                                                                          of projects underway. The
                                                                                                                           Wyomissing           new IMAX Theater and the
                                                      technology
                                                                                                                           traffic corridors    nearly completed addition to
                                                 •    Ample parking
                                                                                                                                                the Reading Eagle Headquar-
                                                 •    Energy efficient                                                                          ters in the CBD are welcome
                                                      systems                                                                                   entrants to the market and
                                                 •    Complimentary        •   2,000 SF to                                                      kick off a multi-million dollar
                                                      space planning                                                                            main street corridor project
                                                                               45,000 SF
                                                                                                                                                that includes a new $67 million
                                                      available            •   Data center,                                                     DoubleTree hotel and garage
                                                                               raised floor                                                     project across from the Sover-
                                                                                                                                                eign Entertainment and Expo
                                                                               space available                                                  Center. This will help attract
                                                                           •   Excellent                                                        a more vibrant restaurant
  •   Multi-Tenanted                                                                                                                            and entertainment segment
                                                                               amenities; on-                                                   with increased amenities and
      Office Building                                                          site gym,                                                        ultimately assist to bring ten-
  •   Professionally                                                           cafeteria                                                        ants back downtown while
                                                                                                                                                decreasing vacancy rates and
      managed                                                              •   Conference                                                       increasing the tax basis.
  •   Recent upgrades                                                          center, large                                                      The suburban market has
                                                                                                                                                been flat on the sale side, due
                                                                               meeting rooms
  •   Suites from 2,500                                                                                                                         to the economic conditions
                                                                               available to                                                     and difficulty in obtaining
      to 25,000 SF                                                                                                                              financing. Most of the sales
                                                                               tenants
  •   Easy Access to                                                                                                                            are occurring with owner/us-
                                                                                                                                                ers with established and well
      Route 422 & 222                                                                                                                           capitalized businesses or from
                                                                                     For more information or to arrange                         local organizations purchas-
  •   High Profile                                                                    a tour of any of these properties                         ing land to build. Utilities
      Location                                                                                 Contact us at 610-779-1400                       Credit Union and Reading
                                                                                                                                                Hospital are great examples of
                                                                                               marketing@naikeystone.com                        local organizations expanding
                                                                                                 www.naikeystone.com                              continued on page 18G
MAREjournal.com                                         Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 13 - March 12, 2009 — 13G


                                                                 NAI DILEO-BRAM & CO.
  Your Central New Jersey Office Experts
                      Featured Properties




 PISCATAWAY, NEW JERSEY                                                               SO. PLAINFIELD, NEW JERSEY                                                                              PISCATAWAY, NEW JERSEY
 65,000 sq. ft. of divisible office space for                                         New 61,500 sq. ft. professional/medical                                                                 6,509 sq. ft. medical suite on 1st floor.
 lease. Impressive interior features include                                          office complex. 5 single-story buildings                                                                Space can be subdivided into two units.
 a two story lobby with decorative stair-                                             totaling 21 units, divisible to 1,500 sq. ft.                                                           Second floor suite features five private
 case, granite flooring & mahogany doors.                                             and 2 two-story buildings, totaling 15,000                                                              offices, conference room, large executive
 Easy access to all major highways.                                                   sq. ft. Close to all major highways.                                                                    office, reception area and kitchen.




 CRANBURY, NEW JERSEY                                                                 NO. BRUNSWICK, NEW JERSEY                                                                               PISCATAWAY, NEW JERSEY
 19,850 sq. ft. of newly constructed office                                           18,000 sq. ft. of newly constructed Class A                                                             55,625 sq. ft. of office space - ideal for
 space for sale or lease. Divides to 1,800                                            office space available for lease located on                                                             corporate headquarters. Newly renovated
 sq. ft. Lease price reduced to $15.00 psf                                            2nd floor in upscale retail environment.                                                                lobby, common areas and bathroom
 plus tenant electric. Minutes from Exit 8A                                           Elevator served, ample parking. Situated at                                                             facilities, elevator and upgraded parking
 of the NJ Turnpike.                                                                  the intersection of Rte. 1 and Rte. 130.                                                                facilities.




 SO. PLAINFIELD, NEW JERSEY                                                           CRANBURY, NEW JERSEY                                                                                    PISCATAWAY, NEW JERSEY
 Pre-approved child day care site located                                             2,800 sq. ft. office building for sale or lease.                                                        7,190 sq. ft. office space with generous
 within a 61,500 sq. ft. newly constructed                                            Featuring four executive offices, conference                                                            window line.      Lobby features include
 office complex. 6,000 sq. ft. free-standing                                          room, library, reception area and kitchen.                                                              marble and granite floors. Close to area
 facility with play area.                                                             Minutes from Exit 8A of the NJ Turnpike.                                                                shops & restaurants and Route 287.

                                                                                                                                                                                                                             For Further Information
                                                                                                                                                                                                                    Please Contact Exclusive Broker:

                                                                                                                                                                                                                                       1315 Stelton Road
                                                                                                                                                                                                                                   Piscataway, NJ 08854
                                                                                                                                                                                                                                         tel 732 985 3000
 Build On The Power Of Our Network™                                                                                                                                                                                                             fax 732 985 3022
            The information contained herein has been given to us by the owner of the property or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease.




    Local Experts.                                                  Global Resources.
    Wherever you are.                                                 Wherever you want to be.                                                                            We’re already there.
14G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid             Atlantic Real Estate Journal                          MAREjournal.com


                                                 NAI JAMES E. HANSON
                                               By Josh Levering, NAI James E. Hanson
                                          Taking advantage of a
                                         perplexing marketplace
D
            uring the 1st or 2nd   tions. Many of our traditional    impact on our company’s rev-      tions of management and            space is slow, activity by the
            quarter of 2008, we    transactions were not being       enue. It became very obvious      sales people are critical. While   healthcare, telecom, and legal
            began to recognize     completed by our customers        to us that the distinctions       some of our competitors opted      firms is noticeably brisk. In
that the com-                      and clients. Based on this, we    between doing business in         to reduce services and sup-        addition, many smaller and
mercial real                       knew it very important to con-    past ‘good’ times vs. 2008 and    port we have increased ours.       medium transactions are still
estate mar-                        tact on our experts internally,   beyond were going to be dra-      While others have opted to         being completed. In the indus-
ket could                          plus other intellectuals to try   matically different. With this    cut staff, we are adding. Al-      trial/warehouse market, our
be headed                          to understand what lies in our    knowledge, we felt it was vital   though there is a slow-down        vacancy percentage at 7.5%
for difficult                      future. Frankly, we feel we       to communicate with our cus-      of transactions, we continue       for Northern New Jersey, is
times. This                        were mentally well-prepared       tomers and clients and advise     to be as busy as we have ever      one of the strongest in the
was based                          for these challenging times       them of where we thought the      been. We recently completed        country. Firms continue to
on many                            for our business. Our task at     market was heading as well        some of the more noteworthy        seek all sizes of warehouse
f a c t o r s ; a Josh Levering    hand was to identify the op-      as consult with them regard-      deals in our firm’s history. We     space and have more op-
seeming lack of financing          portunities that would arise      ing their real estate matters.    luckily have a strong book of      tions today than in the past.
(funding), the oil crisis, the     during the downturn of the          Many of our activities cen-     business in all our traditional    Retail has experienced the
demise of Lehman Bros., Bear       economy.                          tered on providing options        core services of office, indus-     most dramatic changes. We
Sterns and the bankruptcy of         The softening of the real       and expert opinions. History      trial, and retail brokerage.       were frankly not expecting
numerous financial institu-        estate market had a large         has taught us the timely ac-      Although demand for office          good results and they are
                                                                                                                                          seemingly worse off than
                                                                                                                                          anticipated. Overall, rental
                                                                                                                                          rates will soften somewhat,
                                                                                                                                          but activity and the continued
                                                                                                                                          announcements of noteworthy
                                                                                                                                          transactions had led us to
                                                                                                                                          believe that a well-positioned
                                                                                                                                          property still has a very good
                                                                                                                                          chance to perform.
                                                                                                                                            We are focusing on our long
                                                                                                                                          term plans (as opposed to con-
                                                                                                                                          stantly changing our plans)
                                                                                                                                          and are continuing to grow as
                                                                                                                                          a firm; adding sales person-
                                                                                                                                          nel, adding additional sup-
                                                                                                                                          port, updating software and
                                                                                                                                          hardware etc. For example,
                                                                                                                                          we just recently put in a new
                                                                                                                                          state-of-the-art phone system

        SOLD ...on the value of teamwork.                                                                                                 and have recently hired pro-
                                                                                                                                          fessionals with expertise that
                                                                                                                                          complements our core activi-
                                                                                                                                          ties. We know that big deci-
                                                                                                                                          sions, if made in haste, usu-
                                                                                                                                          ally turn out poorly. So, as we
 At NAI James E. Hanson we know the value of teamwork.                                                                                    muddle thru these uncertain
                                                                                                                                          times, the upgraded services
 We take pride in working as a team. Our people value one                                                                                 and information provided by
                                                                                                                                          our brokers for our clients will
 another. We draw on each others’ strengths. That’s why                                                                                   produce prosperity, even in a
                                                                                                                                          down market.
                                                                                                                                            At NAI James E Hanson,
 our representatives will regularly partner on                                                                                            our attention with our per-
                                                                                                                                          sonal financial affairs as well
 projects to lean on each others’ expertise.                                                                                              as our customers is the story
                                                                                                                                          we like to tell. We consider
                                                                                                                                          what’s happening in the mar-
 That kind of interaction is uncommon in our                                                                                              ketplace and exquisitely craft
                                                                                                                                          our recommendations to en-
 industry, yet it happens every day at NAI                                                                                                sure the strategies we imple-
                                                                                                                                          ment are worth the time and
                                                                                                                                          effort necessary to implement
 James E. Hanson. If you value teamwork as                                                                                                them. We all look forward to a
                                                                                                                                          timely and major relief of the
 much as we do, call us. It doesn’t matter who                                                                                            current status of our economy.
                                                                                                                                          We don’t dwell on the past and
                                                                                                                                          things that we have no control
 answers the phone. We are all here for you.                                                                                              over, but rather look towards
                                                                                                                                          the future for untapped oppor-
                                                                                                                                          tunities. Our work as a team
  Performance Driven. Tradition Bound.                                                                                                    defines our success.
                                                                                                                                            Josh Levering, SIOR is
                                                                                                                                          a senior vice president
                                                                                                                                          and oversees the Parsip-
                                                                                                                                          pany office of NAI James
 235 Moore Street Hackensack NJ 07601        www.naihanson.com 201 488 5800                                                               E. Hanson. ■
MAREjournal.com                        Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 13 - March 12, 2009 — 15G


                                                        NAI EMORY HILL
                                                     By Paul Bryant, NAI Emory Hill
                                          2008 Delaware market
                                         detail and 2009 Outlook
W         ilmington, Dela-
          ware’s vacancy rate
          increased and ab-
sorption rate
                                  2009.
                                    Most of Delaware’s new
                                  retail construction is mixed-
                                  use with some strip centers
                                                                    ware continue to see retail
                                                                    growth following years of
                                                                    residential construction.
                                                                      While pre-construction
                                                                                                     tenants, contributing to 200
                                                                                                     new jobs.
                                                                                                       Cecil County, Maryland
                                                                                                     has experienced increased
                                                                                                                                      estate has succumbed to
                                                                                                                                      the collapse of the mort-
                                                                                                                                      gage industry, as in every
                                                                                                                                      state, there are signs of a
decreased in                      in Northern Delaware opting       leasing throughout the state     industrial activity due to ag-   brightening market. John
2008, attrib-                     for additions and renova-         has been moderate, Pat Giof-     gressive county initiatives.     Rappa, a real estate agent
uted mostly                       tions. New construction is        fre of Jim O’Hara Realty (a      Base Realignment and Clo-        with Emory Hill Residential,
to existing                       strongest around the Chris-       division of NAI Emory Hill),     sure which will transfer oper-   listed a home in Hockessin,
property ac-                      tiana area. Future develop-       recently was named Broker        ations from Fort Monmouth        Delaware in early February
quisitions                        ment around Route 273 and         of the Year for 2008 by Har-     to Aberdeen Proving Ground       of 2009 and sold it the next
by local de-                      Christiana Mall, Delaware’s       vey, Hanna & Associates,         in 2011 is affecting Cecil       day. The home was priced
velopers and                      most popular tax-free shop-       Inc. for representing them       County, as new residents         for the market and the buyer
construction     Paul Bryant      ping destination, will bring      in the pre-leasing of 10,000     are already relocating to        came pre-qualified, jumping
of new space, much of which       nearly 2 million s/f of new       s/f of second-floor office space   the area. Accordingly, indus-    at the opportunity.
has remained vacant.              retail space online in the next   built in Limestone Shopping      trial interest remains strong      Paul Bryant is vice pres-
  Suburban office vacancies        few years. Kent and Sussex        Center and pre-leasing retail    throughout the County.           ident of corporate servic-
rose slowly in 2008. Bank of      Counties in southern Dela-        space in the center to several     And while residential real     es for NAI Emory Hill. ■
America’s on-going consolida-
tion into Wilmington brought
50,000 s/f of office space to
the suburban market. Class

                                        University Office Plaza
B is forecasted to lease more
quickly that class A, as it has
exhibited a moderate level
of leasing activity and net
absorption throughout 2008.             Route 273 and Chapman Rd
                                        Newark, Delaware
Delaware’s suburban office
availability remains below
the national average and
has stabilized for both class
A and class B office proper-
ties. Class A rates, however,
                                        This six-building office park features available suites from
remain constant despite the             +/-200 square feet to +/-20,000 square feet.
rise in vacancy rate, with a
slight reduction in class B             Access to major highways and a park-like setting make this an
rates driven by the increase
in sublease space.
                                        attractive location for a variety of office users.
  Suburban development will
continue with moderate pre-
leasing activity. New projects
include Fox Run Office Pla-
za, Beck’s Wood’s Corporate
Campus and new medical
office space near Christiana
Hospital. Approved sites in
Middletown and Newark rep-
resent an additional 200,000
s/f. Absorption levels and
lease rates are expected to
remain constant during the
first half of 2009. Medical
office continues to command
the highest rental rates and
office land prices, which re-
main unchanged from 2007,
demanding $50 to $60 per
build-able square foot.
  Industrial activity in north-
ern Delaware, New Castle
County to be specific, has
been slow. Since 2002, ap-
proximately 2.5 million s/f
has been absorbed by au-
tomakers. The closure of
Chrysler ’s Newark plant
and layoffs from GM’s New                                                                                    Paul Bryant and Tripp Way
Castle plant should bring
an abundance of industrial                                                                   10 Corporate Circle . New Castle DE 19702
space to the market which is                                                                        302.322.9500 | www.emoryhill.com
expected to absorb quickly.
Industrial land in northern                                                       trippway@emoryhill.com | paulbryant@emoryhill.com
Delaware demands $250,000
to $350,000 per acre. Ab-
sorption rates should rise in
16G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid                                Atlantic Real Estate Journal                              MAREjournal.com


                                                                           NAI MERTZ
                                                           By Rebecca Ting, SIOR, NAI Mertz
                                                    The early 2009 market:
                                                    South Jersey overview
S
       outhern New Jersey has          east Corridor.                          market is in a state of flux,                 checks and balances in this          intersection are reshaping the
       many assets – among               Historically, South Jersey            with weakening fundamentals                  time of economic uncertainty.        front door of the Mount Laurel
       them a superior, and            has been a growing market               propelling increasing vacancy                Vacancy rates have historically      submarket.
recently                               that has benefited from the             and falling rents. Developers                remained within a narrow               The Cherry Hill Business
enhanced,                              advantages of robust develop-           have responded by shelving                   range – and we see no indica-        Park, recently acquired by
highway in-                            ment. Semi rural just thirty            plans for new development.                   tions of substantial change to       Endurance Real Estate Group,
frastructure.                          years ago, the area now offers a          Despite these downward                     this pattern. Nonetheless, we        remains a major attraction for
New Turn-                              plethora of retail, commercial,         trends, new leases and renew-                anticipate that 2009 will be a       a range of businesses – from re-
pike inter-                            industrial, recreational and            als are being signed. Lower                  year of adjustments for all.         tail/showroom to office, medi-
connections                            residential opportunities. In           rents and attractive induce-                   The Route 73 Corridor in           cal, and industrial.
in Florence                            recent years, much of the activ-        ments are supporting a flight                 Mount Laurel remains an im-            Some of the larger lease
and Mount                              ity within the market is inter-         to quality. Some tenants are                 portant submarket for devel-         transactions that were con-
Laurel have Rebecca Ting               nally generated, providing self         “trading up”, others are re-                 opment. A new Westin Hotel,          summated in South Jersey in
improved ac-                           perpetuating momentum.                  trading their lease contracts,               a new midrise office build-          2008 include:
cessibility making the market            The receding economy is               extending the term at the                    ing (under development by              Kimberly Clark: 599,500 s/f
more attractive to businesses          now resulting in business               lower rates now available.                   Trefoil), and Develcom/ARC           at DP Partners’ LogistiCenter
seeking the advantages of its          contractions and corporate                South Jersey’s broad-based                 Properties’ redevelopment of         at Logan
central location in the North-         consolidations. The early 2009          economy is also providing                    the Rte. 73/Fellowship Rd.             Shaw Industries: 78,000
                                                                                                                                                                 s/f at Moorestown Corporate
                                                                                                                                                                 Center
                                                                                                                                                                   Citi Group: 26,795 at 330
       Build on the power of our network.                                                                                                                        Fellowship Road, Mt. Laurel
                                                                                                                                                                   PA Manufacturers: 22,969
         Industrial I Investment I Retail I Of ce I Land                                                                                                         s/f at 330 Fellowship Road,
                                                                                                                                                                 Mt. Laurel
                                                                                                                                                                   Sale prices of office buildings
     Cherry Hill Business Park                       Land Sale - Retail/Of ce/Hotel                       LogistiCenter at Logan - Sale/Lease
                                                                                                                                                                 in the southern New Jersey
     Cherry Hill, NJ                                 2348 Route 70 West, Cherry Hill, NJ                  Logan Township, NJ
                                                                                                                                                                 market place reached historic
       Premier Flex, Of ce, Retail Space               Development/Investment opportunity                       Build-to-suit lease/sale & improved site sales   highs in 2008. This will not be
       Units from 2,326 - 49,530± SF                   2 - 11± acre site across from Crowne Plaza               10,000 SF to 1,000,000+ SF                       the case in 2009 as the tight-
       5 Minutes from Exit 4 of the NJ Tpke            Frontage on Route 70 - minutes to Philadelphia           Exit 10 of I-295 & Exit 2 of the NJ Tpke         ening capital markets have
     Contact: Scott Mertz, SIOR / Becky Ting, SIOR   Contact: Marc Cutler / Rick Gordon / John Brown      Contact: Stephen Blau                                  already recast underwriting
     tel 856 234 9600                                tel 856 234 9600                                     tel 856 234 9600                                       fundamentals. We expect ten-
                                                                                                                                                                 ant incentives to continue to
     East Gate Business Center - Lease               Industrial Facility - Lease                          Bring All Offers - Industrial                          broaden throughout the year.
     Gaither Drive, Mount Laurel, NJ                 301-305 Oak Street, Pittston, PA                     45 Mill Road, Millville, NJ                            Free rent and lower rates
       Suites from 600 to 5,238± SF                    231,642± SF available                                    138,000± SF among 2 buildings
                                                                                                                                                                 are already typically offered
       Flex from 1,100 to 2,200± SF, w/ drive-in       14.3± acre site with 24 dock doors                       224 parking spaces                               – but unlike the case in other
       Close to Routes 73, 38, 70, I-295, NJ Tpke      Less than 1 mile from I-81, Rt 315 and I-476             Six (6) loading docks and 24-26’± clear          economic downturns, gener-
     Contact: Becky Ting, SIOR / Julie Kronfeld      Contact: David Weaver                                Contact: Tony DiDio, SIOR
                                                                                                                                                                 ous workletters for tenant
     tel 856 234 9600                                tel 570 820 7700                                     tel 856 234 9600                                       improvements are not likely
                                                                                                                                                                 to emerge.
                                                                                                                                                                   Overall we believe 2009 will
     Class “A” Single Story - Lake Views             Industrial Facility - Sale or Lease                  108 Door Truck Terminal                                see the growth and reposition-
     5000 Atrium Way, Mt. Laurel, NJ                 11600 Caroline Road, Philadelphia, PA                600 Creek Rd, Delanco, NJ                              ing of some companies already
       25,238± SF for Lease, Divisible                  100,000± SF one-story bldg on 5.58± acres           172,100± SF for sale/lease                           based in Southern New Jersey
       Large Executive Of ces, Training Rooms           15’-16’ ceilings with 3 docks & 1 drive-in door     53 acres ± paved parking                             with very few new businesses
       Multiple Entrances & Ample Parking               Minutes to U.S. Rt 1, PA Tpke & I-95                4 miles to I-295, 7 miles to NJ Tpke                 moving into the market.
     Contact: Becky Ting, SIOR / Alan Good           Contact: Jeff Licht, SIOR or Adam Lashner            Contact: Fred Meyer, SIOR                                On a longer term basis, we
     tel 856 234 9600                                tel 215 396 2900                                     tel 856 234 9600                                       believe the prospects for the
                                                                                                                                                                 South Jersey market are very
                                                                                                                                                                 positive.
                                                     For more availabilities visit www.naimertz.com:                                                               We believe the major drivers
                                                     Of ce - Kevon Of ce Center I & II - Pennsauken, NJ - Becky Ting, SIOR
                                                                                                                                                                 in the market will be:
                                                                                                                                                                   1. Expansion of the health
                                                     Flex - VPR Commerce Center - Blackwood, NJ - Roy Kardon, SIOR                                               care and life science business
                                                     Industrial - 120 Domorah Dr, Montgomeryville, PA - 35,000± SF - Lashner/Licht                               silos. The greater Philadelphia
                                                     Land/Retail - 494 Route 38, Maple Shade, NJ - 2± acres - Marc Cutler                                        market has a huge foundation
                                                     Of ce - 3160 Tremont Ave, Trevose, PA - 3,400± SF - Zena Charokopos                                         in both healthcare institutions
                                                                                                                                                                 and life science industries.
                                                     Industrial - 4049 Landisville Rd, Doylestown, PA - 36,677± SF - Lashner/Licht
                                                                                                                                                                 These interrelated industries
                                                     Industrial - 900 Kennedy Blvd, Cherry Hill, NJ - 42,070± SF - Mal Shreibman, SIOR                           will be at the forefront of
                                                                                                                                                                 emerging social and economic
                                                                                                                                                                 stimulus programs.
                                                                                                                                                                   2. Expansion of food-related
                                                                                                                                                                 business operations. South
                                                                                                                                                                 Jersey enjoys a unique conflu-
                                                                                                                                                                 ence of the attributes needed
                                                               NAI Mertz                 NAI Mertz                 NAI Mertz               NAI Mertz of PA
                                                                                                                                                                 by agriculture, food processing,
                                                               21 Roland Avenue          Philadelphia              Bucks County            Wilkes-Barre
                                                                                                                                                                 and food distribution opera-
                                                               Mt. Laurel NJ 08054       3 Parkway, Ste. 1300      1105 Industrial Hwy.    350 Laird Street
                                                                                                                                                                 tions: Modern port facilities;
                                                               tel 856 234 9600          Philadelphia, PA          Southampton, PA         Wilkes-Barre, PA
                                                                                                                                                                 superb rail service; a great
                                                               naimertz.com              tel 215 221 1100          tel 215 396 2900        tel 570 820 7700      highway system; proximity
                                                                                                                                                                   continued on page 22G
MAREjournal.com                          Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 13 - March 12, 2009 — 17G


                                                                 NAI GLOBAL
                             Assisting clients with the implementation of cost segregation
                                NAI Global forms alliance
                              with Bedford Cost Segregation
P
ford Cost
         RINCETON, NJ —
         NAI Global has formed
         an alliance with Bed-
                                    way to introduce its innovative
                                    services to a greater market.”
                                      “As a leading provider of
                                    cost segregation services in
                                                                      and business-related real es-
                                                                      tate assets.”
                                                                        Cost segregation is a fac-
                                                                      tor in transactions involving
                                                                                                         leading commercial real estate
                                                                                                         services providers worldwide.
                                                                                                         Headquartered in Princeton,
                                                                                                         New Jersey, NAI Global man-
                                                                                                                                           vestment and capital market
                                                                                                                                           services, due diligence, global
                                                                                                                                           supply chain consulting and
                                                                                                                                           related advisory services.
Segregation,                        the U.S., Bedford welcomes        newly acquired properties,         ages a network of 5,000 com-        Bedford Cost Segregation
LLC to as-                          the opportunity to work as a      look-back studies for existing     mercial real estate profession-   is one of the nation’s leading
s i s t N A I ’s                    Preferred Alliance Partner        properties, tenant improve-        als and 325 offices in over 55     providers of engineering-based
corporate                           with the premier network of       ments or new construction.         countries, and completes over     cost segregation services. Bed-
and investor                        commercial real estate firms,”       Bedford Cost Segregation is      $45 billion in annual transac-    ford combines an in-house
clients with                        said Greg Bryant, Managing        based in Bedford, NH, and will     tion volume. Since 1978, NAI      technical staff of professional
the imple-                          Partner of Bedford Cost Segre-    work with NAI Global’s man-        Global clients have built their   engineers, multi-disciplinary
mentation                           gation. “Bedford’s professional   aged network, which includes       businesses on the power of        engineers, architects, facil-
of a valuable Rick Kimball          services complement those of-     over 5,000 professionals and       NAI’s expanding network. NAI      ity experts and construction
tax planning strategy known         fered by NAI Global, and give     325 offices in 55 countries.       Global’s extensive services       professionals with in-house
as cost segregation.                NAI agents the ability to offer   NAI professionals complete         include corporate real estate     tax specialists to produce
   Bedford Cost Segregation         great value to their clients in   over $45 billion in transactions   services, brokerage and leas-     high-quality cost segregation
is one of the nation’s leading      the form of accelerated depre-    annually.                          ing, property and facilities      studies in accordance with IRS
providers of engineer-based         ciation on income-producing         NAI Global is one of the         management, real estate in-       guidelines. ■
cost segregation services. The
company works with corpo-
rate property owners, inves-
tors and their tax advisors,         • Of ce • Industrial • Retail • Land • Of ce • Industrial • Retail
providing strategies used to
accelerate depreciation deduc-
                                                                 Global Solutions. Of ce Expertise.
                                     • Land • Of ce • Industrial • Retail • Land •Local • Industrial •
tions, defer tax and improve
cash flow.
   “Bedford is a respected lead-
                                                                           Serving the Mid Land Region Since 1968
                                    Retail • Land • Of ce • Industrial • Retail •Atlantic • Of ce • Indus-
er in this highly specialized
sector,” said Rick Kimball,
                                     trial • Retail • Land • Of ce • Industrial • Retail • Land • Of ce
executive vice president-The
Americas at NAI Global. “This
                                     • Industrial • Retail • Land • Of ce • Industrial • Retail • Land •
alliance enhances our ability
to help our clients achieve
                                     Of ce • Industrial • Retail • Land • Of ce • Industrial • Retail •
significant savings and gives
Bedford Cost Segregation a           • Of ce • Industrial • Retail • Land • Of ce • Industrial • Retail
NAI ReStore                          • Land • Of ce • Industrial • Retail • Land • Of ce • Industrial •
arranges sale of 6                  Retail • Land • Of ce • Industrial • Retail • Land • Of ce • Indus-
prop. portfolio
 continued from page 11G
                                     NAI KLNB focuses on the • Of leasing of commercial of ce, retail, industrial ce
                                     trial • Retail • Land sale andce • Industrial • Retail • Land • Of and
s/f community shopping center
in Ooltewah, TN;                     warehouse properties. NAI Land • Of ce tenant representation, landlord
                                     • Industrial • Retail •KLNB also provides • Industrial • Retail • Land •
   • Madison Street Station, a
56,766 s/f neighborhood shop-        Of ce • Industrial • Retail • Land • Of ce • Industrial • Retail •
ping center in Shelbyville,          representation, investment sales and residential land sales.
TN.                                                 Land • Of ce • Industrial • Retail • Land
   Harwood Central Village, an
119,742 s/f neighborhood shop-       • Of ce • Industrial • Retail • Land • Of ce • Industrial • Retail
ping center in Bedford, TX,
was sold to Gator Investments        • Land • Of ce • Industrial • Retail • Land • Of ce • Industrial •
of Miami Beach, FL.
   “Each of the properties sold
at valuations above those that
                                    Retail • Land • Of ce • Industrial • Retail • Land • Of ce • Indus-
were sought by the seller back
in July 2008, despite the fact
                                     trial • Retail • Land • Of ce • Industrial • Retail • Land • Of ce
that the current financial crisis
forced many sellers to signifi-
                                     • Industrial • Retail • Land • Of ce • Industrial • Retail • Land •
cantly lower their valuations,”
noted NAI ReStore president
                                                             • Retail Land • Of ce • Industrial • Retail •
                                     Of ce • Industrial For more •information contact:
& CEO David Solomon.
   NAI ReStore represented           Land • Of ce • Industrial • Retail • Land • • Of ce • Industrial •
the seller, Centro Properties
Group, and identified the
                                                                    Andy Georgelakos
                                        Retail • Land • Of ce • Industrial • Retail • Land • Of ce •
out-of-market buyers. NAI
ReStore provides comprehen-            Industrial • Retail • Land 202-375-7500
                                                                        • Of ce • Industrial • Retail • Land •
sive commercial real estate
services, including acquisi-          Of ce • Industrial located in•Towson, MD, ce • Industrial • Retail •
                                                     Of ces • Retail Land • Of Columbia, MD
tion/disposition, leasing, sales,
tenant representation, geo-           Land • Of ce • Industrial • Retail • Land • Of ce • Industrial •
                                               Washington, DC, Tysons Corner, VA & Brambleton, VA
demographic analysis and site
selection services, to national                                   ce • Industrial • Retail
                                         Retail • Land • Of www.naiklnb.com • Land • Of ce •
and international retailers
and retail property owners. ■
18G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid                 Atlantic Real Estate Journal                          MAREjournal.com


                                                                      NAI CIR
                                                             By Robin Zellers, NAI CIR
                                           The early 2009 market:
                                           South Jersey overview
M         ajor industry sectors
          that drive Central
          Pennsylvania’s econ-
omy include
                                  private businesses. The com-
                                  bination of public and private
                                  sectors has resulted in a strong
                                  local economy year to year.
                                                                      the completion of most of these
                                                                      projects slated for 2009, look for
                                                                      a substantial increase in supply
                                                                      that will need to be met by an
                                                                                                           gistics users have continually
                                                                                                           operated in Central Pennsyl-
                                                                                                           vania due to its location and
                                                                                                           transportation infrastructure.
                                                                                                                                              building.
                                                                                                                                                 Investment transactions
                                                                                                                                              were the highlight of the first
                                                                                                                                              half of 2008. The year began
Government,                          Office rental rates held con-     increase in demand.                  As such there is a large infill     with a $28.5 million dollar sale
Manufac-                          stant through 2008 continuing         Despite tightening markets,        of planned industrial develop-     of Department of Environmen-
turing and                        with a trend of positive absorp-    interest in the Mid-state’s in-      ments. USAA has an 833,300         tal Protection’s LEED Silver
Medical. As                       tion for Central Pennsylvania’s     dustrial market is high. Few         s/f Carlisle Distribution Center   Certified 109,000 s/f office/labo-
the capital                       office market. Engineering firm       deals, however, actually oc-         in their pipeline while Lauth      ratory building. Tristan Associ-
of Pennsyl-                       Skelly and Loy, Inc. leased         curred, particularly in the 2nd      has started to go vertical in      ates sold their medical office
vania, Har-                       30,100 s/f of space at 449 Eisen-   half of 08. Current vacancy is       its 1,170,000 s/f Key Logistics    portfolio for $26.8M in a sale/
risburg has a                     hower Blvd., while Erdman           approximately 11% and rental         Park. With high transporta-        leaseback transaction. On the
large public Robin Zellers        Anthony Associates completed        rates have dipped slightly.          tion costs and uncertainty in      industrial side SuperValu com-
sector base.                      a 20,000sf deal in Cumberland       World Kitchen renewed a              markets several companies          pleted the sale of a 735,600sf
At the same time Central Penn-    County. Approximately 450,000       1,000,000 s/f lease in Waynes-       are beginning to consolidate       warehouse for $30.25 million.
sylvania has several Fortune      s/f of office is currently under     boro and United Natural Foods        operations. This trend should      Moderate investment activity
500 companies headquartered       construction in Dauphin and         moved into a 675,000 s/f facility    continue into 2009 coupled with    continues to occur in Central
in the area along with regional   Cumberland Counties. With           in Northern York County. Lo-         an expected reduction in spec      Pennsylvania although velocity
                                                                                                                                              is expected to slow in 2009.
                                                                                                                                                 Freestanding commercial
                                                                                                                                              users continue a trend of un-
                                                                                                                                              derperforming site acquisitions
                                                                                                                                              and assemblage for pharmacies
      Central PA                                                                                                                              and convenience stores. The
                                                                                                                                              retail market has maintained

      Office Properties
                                                                                                                                              steady rental rates despite
                                                                                                                                              slower vacancy absorption.
                                                                                                                                              Food Lion is making a resur-
                                                                                                                                              gence in the market with three
                                                                                                                                              new planned locations. Retail
                                                                      555 Gettysburg Pike, Mechanicsburg                                      development remains active
      Sale                                                             • Office condominiums for sale or lease                                 with Cedar Shopping Centers
                                                                       • 2,000 - 8,000 SF                                                     breaking ground on two new
      or                                                               • Located just off Rt. 15 in Mechanicsburg                             grocery anchored neighborhood
                                                                                                                                              shopping centers in Palmyra
      Lease                                                            • New construction
                                                                       Contact: Ida McMurray ext 151                                          and on Linglestown Road.
                                                                                                                                                 Robin Zellers is the bro-
                                                                                                                                              ker of record and COO at
                                                                      2601 N. Front Street, Harrisburg                                        NAI CIR. He is responsible
      Sale                                                            • 8,200 SF magnificent limestone mansion on 0.32 acres                   for overseeing daily opera-
                                                                                                                                              tions, transactional support
                                                                      • Breathtaking views of the Susquehanna River
      or                                                              • Private parking lot
                                                                                                                                              and corporate services. ■

      Lease                                                           • Seller financing available
                                                                      • Sale $950,000; Lease $13.75/SF
                                                                                                                                              By Buccinno &
                                                                                                                                              Cole, NAI Keystone
                                                                      Contact: Dan Alderman ext 132
                                                                                                                                               continued from page 12G
                                                                      2805 Old Post Road, Harrisburg                                          their overall market presence.
      Lease                                                            • 4,950 SF suite on 2nd floor; can subdivide to 2,200± SF               Downtown, the Reading School
                                                                                                                                              District has been the main
                                                                       • 5,582 SF suite on 3rd floor
                                                                       • Class A office building                                               driver in demand for building
                                                                                                                                              and land purchases to accom-
                                                                       • 5 parking spaces/1,000 SF
                                                                                                                                              modate strong enrollment
                                                                       • $13.75/SF NNN                                                        and replacement of obsolete
                                                                       Contact: Bill Gladstone ext 120                                        facilities but otherwise the
                                                                      116 Pine Street, Harrisburg                                             purchase market for office
                                                                                                                                              buildings remains flat.
      Lease                                                            • Convenient Harrisburg CBD location
                                                                                                                                                The Greater Reading Area
                                                                       • 961 – 6,500 SF available                                             offers affordable rents with
                                                                       • Offices designed to suit                                              good amenities and a well
                                                                       • Common area renovations scheduled                                    educated work force. The resi-
                                                                       • Short walk to Capitol Complex                                        dential market has remained
                                                                       Contact: Justin Shoemaker ext 149                                      stable even in these most
                                                                                                                                              troubling times with below av-
                                                                                                                                              erage declines in home prices.
                                                                                                                                              The desirable bedroom com-
                                                                                                                          NAI CIR             munities along with excellent
                                                                                                                     PO Box 8910              schools makes the area a good
                                                                                                                     Camp Hill, PA            location to raise families and
                                                                                                                                              run businesses.
                                                                                                                 tel 717 761 5070               John Buccinno and Bry-
                                                                                                                fax 717 975 9835              an E. Cole are the office spe-
                                                                                                                  www.naicir.com              cialists for NAI Keystone
                                                                                                                                              Commercial & Industrial,
                                                                                                                                              LLC in Reading PA. ■
MAREjournal.com         Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 13 - March 12, 2009 — 19G


                    NAI COMMERCIAL PARTNERS, INC.
  FOR SALE
  Professional Of ce Complex
  2250, 2260 & 2270 Erin Court, Lancaster, PA
 Three professional of ce buildings in attractive business park setting.
 High pro le location with easy access and exposure to Rte. 30 at the Rohrerstown
 Road Interchange. Building #2250 is leased through July 31, 2010 and Seller will
 lease back Building #2260 upon closing. Building #2270 includes 30,000 + square
 feet available for occupancy.
 Contact Agent for details, plans and showings.


        ROUTE 30




                  BUILDING
                  #2270                                                                                BUILDING
                                                         BUILDING #2260                                #2250




                                                                                             Dan Berger, CCIM, SIOR
                                                                                               dberger@naicpi.com
                                                                                                    tel 717 283 0600
                                                                                                   fax 717 283 0609
                                                                                                    www.naicpi.com
20G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid           Atlantic Real Estate Journal               MAREjournal.com


                                          NAI GEIS REALTY GROUP
                                                       Geis Realty Group, Inc.
                                         Commercial Real Estate Services, Worldwide.


                                Is pleased to present the featured property

                                                                                                         WHO WE ARE
  Valley Forge Corporate Center
 1001 Adams Avenue
                                                                                  NAI Geis Realty Group, Inc. is a full service commercial
                                                                                  real estate brokerage and management firm that takes great
  Valley Forge, PA 19403                                                          pride in:

                                                                                       • planning and implementing strategic real estate solutions
                                           Class “A+” Corporate                        • providing an unrivaled level of service through superior
                                           Headquarters Building                         technology and first-class processes
                                                                                       • using a comprehensive client-centered and
                                                        Below                            team-oriented approach
                                                      Market Rate!                     • developing long-term relationships with all clients
                                                         $22.00                        • value-added speciality services such as lease
                                                           + Electric                    administrations, asset management, relocation studies,
                                                                                         property management, and valuations
                                                                                       • having brokers experienced in leasing, sales,
                                                                                         investments, corporate services, property management,
                                                                                         and construction management




  Features                                             • Three 15 ton DX- Liebert Units
  • Entire Building is 136,918 SF                      • Building loading dock
  • 4.5 per 1,000 parking ratio (601 spaces)           • UPS back up system for entire building
  • Exterior building signage available                • No mercantile tax/gross receipts tax
  • Corporate Headquarters                             • Redundant Power-2 PECO substitutions
    lobby/reception area
  • Conference and Video conferencing
    facilities
  • 1.2 MW generator/1600 amp with                                                                                contact information
    automatic transfer switch                                                                                     Paul E. Wolfson
  • Full service cafeteria and outside                                                                            pwolfson@geisrealty.com
    patio dining
  • Fitness Center with showers                                                                                   Michael J. Sweeney
    and lockers                                                                                                   msweeney@geisrealty.com
  • Day-care center located within
    Corporate Park                                                                                                tel 610 989 0300
  • 20,000 +/- SF of 24" depth depressed
                                                                                                                  fax 610 989 0234
    computer lab flooring                                                                                         www.geisrealty.com
MAREjournal.com                           Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 13 - March 12, 2009 — 21G


                                      OFFICE PROPERTIES SPOTLIGHT
Launches Move 6 Miles, a three-phase billboard, print and television advertising campaign
                                  Hartz Mountain reports
                               strong leasing activity in 2008
S       ECAUCUS, NJ
        — Hartz Mountain
        Industries, Inc. has
announced
                                   s/f lease.
                                     “Our Secaucus warehouse
                                   space continues to appeal to
                                   distribution tenants because
                                                                                             • Major League Baseball
                                                                                           leased 142,271 s/f
                                                                                             • Scharff Weisberg, Inc.
                                                                                           leased 94,761 s/f
                                                                                                                                                      Meadow, and the Mill Creek
                                                                                                                                                      Mall, which is now home to
                                                                                                                                                      some of the most popular big-
                                                                                                                                                      box retail stores in the region.
                                                                                                                                                                                                                  offices, LA Fitness, hotels and
                                                                                                                                                                                                                  the outstanding retail stores
                                                                                                                                                                                                                  – as well as the new Kerasotes
                                                                                                                                                                                                                  ShowPlace Theatre – Harmon
that the com-                      of its location, almost equidis-                          • Fortunoff leased 157,633                               More stores, such as Sports                                 Meadow continues to be the
pany leased                        tant to the Port of Newark,                             s/f                                                        Authority and Raymour &                                     leading mixed-use center of
4 million s/f                      Newark Liberty International                              • Western Carriers, Inc. re-                             Flanagan, are slated to open                                the Meadowlands, and appeals
of office, in-                     Airport and New York City,”                             newed its 259,566 s/f lease.                               their doors in 2009.                                        to many office clients as their
dustrial and                       said Stern. “We’ve witnessed                              • Fashion Logistics, Inc. re-                              “The repositioning of Har-                                destination of choice.”
retail space                       a dramatic increase in leas-                            newed its 119,318 s/f lease.                               mon Meadow is one of the                                      Notable retail leases in-
in 2008. The                       ing activity when 15X opened                              • Meadowland Display &                                   great success stories for Hartz                             clude:
company re-                        in 2005 that continues to this                          Packing, Inc. renewed its                                  in 2008,” said Stern. “The                                    • Sports Authority leased
ports a surge Emanuel Stern        day – and we were proud to                              84,645 s/f lease.                                          Mill Creek Mall transitioned                                47,250 s/f. at the Mill Creek
in new leasing at its mixed-use    add Major League Baseball to                              Harmon Meadow experi-                                    from an enclosed community                                  Mall, Secaucus. The store will
power center Harmon Meadow         the roster of Hartz’s corporate                         enced a dramatic flurry of ac-                              enclosed shopping mall to a                                 open in the spring.
and substantial industrial/        tenants.”                                               tivity in 2008, topped off by the                          power center consisting of na-                                • Toys ‘R’ Us and Babies ‘R’
warehouse leasing at its Har-        Notable industrial leases                             renovation of the Plaza, the                               tional chain stores. As a whole,                            Us leased 70,000 s/f at the Mill
mon Cove development in            include:                                                pedestrian center of Harmon                                with the mix of restaurants,                                Creek Mall, in Secaucus. ■
Secaucus near the New Jersey
Turnpike’s exit 15X, as well as
several key office leases.
  “The credit crisis does not
create the best market for
business, especially real es-
tate business,” said Emanuel
                                             6th Annual Special Edition
Stern, president and COO of
Hartz Mountain. “And a busi-
                                             March 13th spotlighting . . .
ness as big as Hartz’s can’t
completely avoid this current
economic climate. But with
the long-term credit arrange-
ments Hartz has, and the




                                                                                                              BEST
strategic advantage associated
with our locations, even in a
down economy, our properties
remain in demand.”
  In 2008, Hartz launched
Move 6 Miles, a three-phase
billboard, print and television
                                                                                         The

                                                                                                                                                                  2008
advertising campaign com-
paring costs for a 100,000 s/f
office requirement that dem-
onstrated savings of more than
$60 million, or 63%, for a New
Jersey Meadowlands location
                                                                                                                                                   of
rather than one in Manhat-
tan. The most recent phase
of the campaign consisted of               Deadline is February 20, 2009
commercials airing on CNBC.
The ad campaign was virtually
unprecedented – the first in re-
cent memory by a commercial
                                           You are invited to participate in marej’s “BEST of 2008”
real estate company aggres-                      MA REAL ESTATE JOURNAL will be hosting a “Best of the Best,” a “Who’s Who” of owners, brokers,
sively promoting real estate in
New Jersey.
                                                  developers, architects and financial institutions within the commercial real estate community.
  “There are still opportunities
to be found in the Meadow-
lands, and we wanted to ag-
                                                                                     Marej will be compiling information and selecting the:
gressively make office tenants                                                     Largest office, Industrial & Retail Transactions of the Year
aware of New Jersey’s relative
affordability and benefits,”                                            Best Shopping Center Development of the Year 4 Best Developer of the Year
said Stern.                                                                Best Financial Institution 4 Largest Financial Transaction of the Year
  Notable office leases in 2008,
all in Secaucus, include:                                                                               Top Brokers List 4 Top Owners List
  • Ernst & Young leased
63,s/f                                                                                          Most Innovative Architect 4 Best Renovation Project
  • AXA Equitable Life Insur-
ance Company leased 62,197                                                                                Help us select the Best of 2008!
s/f                                                                                        Send in your submissions today or call for an application form
  • The National Basket-
ball Association renewed its                                 800-584-1062                             FAX :      781-871-5299                            Email     : lchristman@marejournal.com
200,000 s/f lease.                       MAREJ’s Best of 2008 is a juried competition based on submissions and nominations from MAREJ’s commercial real estate community.Winners will be selected based on company size (# of employees) and size of
  • UBS renewed its 74,123            the deal/transaction. Top brokers will be selected based on largest deal for 2008. Submissions from mid-Atlantic states outside of NJ, PA, DE, MD & VA will be judged in separate categories. All are welcome to participate.
22G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid                  Atlantic Real Estate Journal                          MAREjournal.com


                                       OFFICE PROPERTIES SPOTLIGHT
                            According to Stan Kurzweil, SIOR of Colliers Houston & Co.
     Corporate restructuring is now the rule and
     not an exception for NJ comm’l. RE market
S
       tan Kurzweil, SIOR, Se-      of office space. The increase      Lehigh Ave. which was 31,000         in 16 strategically located of-    Charles P. Parmelli, SIOR,
       nior Vice President of       amounts of subleases, as well      s/f on 1.73 acres, Jeff Furey, as-   fices in the Eastern United        CCIM, associate vice president
       Colliers Houston & Co.       as, a reduction in the leasing     sociate vice president was his       States, including two offices in    completed two leases on behalf
stated “de-                         of office space as further in-     partner in both transactions.        New Jersey; Newark and Law-        of BremnerDuke Healthcare
spite all the                       creased the leverage in favor      Additionally, Kurzweil assisted      renceville.                        at the Medical Arts Center II,
challenges                          of tenants.                        the buyer and seller of 13,500 s/f      A multi-disciplined engineer-   located at 11 Overlook Drive in
professional                          The changing conditions for      industrial building at 345 Carn-     ing, architectural and infor-      Summit. The 71,515 s/f class A
Commercial                          Commercial Realtors has af-        egie Avenue in Kenilworth.           mation technology, firm, JMT        new office medical building is
Realtors have                       fected the types of transactions      Teaming up with Jeff Furey        provides comprehensive pro-        adjacent to Overlook Hospital.
an important                        that brokers have completed as     they leased an aggregate of ap-      fessional services for the plan-   The first transaction was with
part to play                        noted in the transaction Kurz-     proximately 30,000 SF of flex         ning, design and construction      Springfield Family Practice as
in assisting                        weil had completed in 2008.        space at 321 Snyder Avenue           managements and inspection         well as IV Surgery.
both the Ten- Stan Kurzweil           In 2008 Kurzweil was per-        in Berkeley Heights and One          of infrastructure improvements        Stan had also represented a
ant’s and Landlord’s during         sonally involved in sales and      Commerce Drive in Cranford for       for transportation, water/waste-   bank branch, as well as, a for-
these difficult economic condi-      leases valued at approximately     Eastern Gymnastic Academy.           water, water resources, environ-   tune 100 company for a total of
tions. The areas of Commercial      $19 million dollars. Kurzweil      The aggregate lease values           mental and facilities for local,   14,000 s/f.
Real Estate which have become       remarked that he success-          were $1.5 million dollars.           state and federal markets.            The aggregate lease value of
more important are consolida-       fully completed the sale of           Kurzweil represented John-           Additionally, Kurzweil rep-     retail,office,flex space and medi-
tions of square footage and the     Saint Nicholas Greek Orthodox      son, Mirmiran & Thompson,            resented Pendo Systems in          cal was $9 million. The total
sublease of excess office, retail    Church located at 555 Martin       Inc. (JMT) for office space at        leasing approximately 6,000 s/f    square footage was 70,000 s/f
and industrial space.               Luther King Boulevard in New-      their regional office located        of office space at 60 Park Place    for the above transactions.
  The silver lining for the New     ark, New Jersey to Metropoli-      at 60 Park Place in Newark           in Newark. Pendo Systems,             These transactions were a few
Jersey markets, in particular,      tan Baptist Church in Newark       through The Berger Organiza-         Inc. is an emerging leader of      traditional office leases and in-
for office properties, is that      which was listed for $5 million    tion as well as, at 1200 Lenox       sophisticated investment soft-     dustrial sales in addition to flex
there is minimum new con-           dollars and was assisted by        Drive in Lawrenceville through       ware solutions for global finan-    space as well as medical space,
struction except for Mercer         George Paras of Paras & Paras.     Steve Jennings of Brandywine         cial institutions. The firm was     the sale of a church and long
County.                             He had sold three industrial       for a total of 8,500 s/f of office.   founded to launch a comprehen-     term lease for a bank which is
  The office market has clearly      properties in Union County for     JMT is an Engineering News           sive solution that addresses the   quite a variety. The good news
changed to a Tenant Market          a total sales value of approxi-    Record Top 500 Design Firm.          problems experienced by users      is that New Jersey unlike other
due to increases in unemploy-       mately $5 million dollars.         JMT was founded in 1971 in           of aging legacy-based account-     Commercial Real Estate Mar-
ment in the state particularly        The properties were 701 Le-      Silver Spring Maryland and           ing systems in the financial       kets has extremely diversified
in the service and professional     high Avenue in Union, New          has grown to a professional staff    services sector.                   companies as opposed to other
sectors who are larger users        Jersey which was 15,000 s/f; 667   of over 700 employees located           Stan Kurzweil, SIOR and         states. ■

Cushman & Wakefield outlines the impact of                                                                   Colliers Lanard & Axilbund
recession and unemployment on NJ market                                                                     sells office complex for $3.8m
  EAST RUTHERFORD, NJ               further in the coming months,”     expansion interest continues           HADDON HEIGHTS, NJ               sale, the property was sold to
— Performance in the New            said Gil Medina, Cushman &         to decelerate and companies          — Colliers Lanard & Axil-          515 Grove Street Associates,
Jersey office and industrial        Wakefield’s New Jersey execu-       consolidate their services,” Me-     bund’s (CL&A) South Jersey         LLC for $3.8 million.
markets during 2008 reflected        tive managing director.            dina said. “Although renewal         Office Divi-                                          The com-
the impact of the national             New office leasing activity      activity is on the rise, terms       sion repre-                                         plex, which
recession and rising unemploy-      in the state’s northern coun-      may prove to be shorter. This        sented SJS-                                         is situated
ment, according to Cushman &        ties was significantly off par      will allow room for future re-       515 Grove                                           directly off
Wakefield, Inc.’s research find-      in 2008, representing only 78      negotiation for both landlords       Street Lim-                                         of I-295 Exit
ings. Yet while expectations of     percent of totals recorded in      and tenants alike.”                  ited Part-                                          29 and offers
an early 2009 recovery appear       2007 – with only 4.8 million         Northern New Jersey office          nership in                                          immediate
to be less likely as the year be-   s/f closed this year. In Central   investment sales, totaling 3.5       the sale of                                         north/south
gins, each pocket of the market     New Jersey, although vacancy       million s/f, countered regional      the Grove                                           access to
offers a reason for optimism.       rates remain fairly high in        leasing trends to almost mir-        Office Plaza,     Jason Wolf          Evan Zweben all areas of
  Investment sales in the           comparison to previous years,      ror totals documented last           a three story                                       Southern NJ,
Northern New Jersey office          leasing activity managed to        year. This is largely due to a       office building located at 515      is 90% occupied. Tenants in-
market held steady in 2008.         hold steady with a total of 3.7    1.1 million s/f portfolio sale,      Grove St.                          clude Pennoni Associates, As-
Office leasing in Central New        million s/f in new leases signed   in which KBS REIT II com-              According to Colliers’ senior    sociated Insurance Partners,
Jersey did the same. And the        last year.                         pleted a two-phase purchase of       VP, Jason Wolf & VP, Evan          Quest Diagnostics, Cooper
industrial market saw a no-            The largest office lease of     the six-building Park Avenue         Zweben, the brokers who            Family Medicine and Con-
table increase in investment        2008 involved AXA Financial,       Corporate Center office port-         negotiated the agreement of        gressman Robert Andrews. ■
activity in 2008, as well as a      which secured 244,957 s/f of       folio in Florham Park, from JP
year-end leasing rebound.           space at Newport Office Tower,      Morgan for an estimated $365         By Rebecca Ting, SIOR, NAI Mertz . . .
         Office Overview             525 Washington Ave. in Jersey      million.                              continued from page 16G           significant silo in the economy
  Reflecting the soft economy,       City. In Somerset County, in-        However, in Central New            to a vast consumer market; a       will result in major opportu-
overall office vacancy rates in      Ventiv Commercial Services,        Jersey, office investment sales       highly productive work force;      nities in South Jersey. These
Northern and Central New            LLC signed on for 154,035 s/f      tempered significantly, post-         and other advantages that          will range from manufacturing
Jersey ended the year up, at        at 500 Atrium Dr. in Franklin      ing a year-end total of 1.5          range from lifestyle to cost of    and distribution of alternative
16.5 percent and 19.5% re-          Twp. Further south, in Ewing       million s/f, as opposed to 4.6       living.                            energy products, to the devel-
spectively – with a statewide       Twp., FMC Corporation com-         million s/f in 2007. The largest        3. Growth of alternative        opment of office, industrial,
average of 17.7%, as compared       mitted to two build-to-suit        investment deal of the year in       energy businesses. New Jer-        and retail properties featur-
to 16.7% at the end of 2007.        projects at Princeton South        that region was Spear Street         sey is a leading state in the      ing alternative energy power
“As job losses escalate and         Corporate Center, totaling         Capital’s acquisition of the         development and deployment         sources.
companies begin to shed more        110,100 s/f.                       271,230 s/f 101 Wood Avenue          of alternative energy technolo-      Rebecca Ting, SIOR is
surplus space, overall vacancy         “Leasing activity may taper     South in Iselin, from BASF for       gies. We anticipate the emer-      vice president of the office
rates are likely to increase        off in the coming months as        $36.9 million. ■                     gence of green businesses as a     division of NAI Mertz. ■
MAREjournal.com                     Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 13 - March 12, 2009 — 23G


                                   OFFICE PROPERTIES SPOTLIGHT
                                                                       Grubb & Ellis
                                           Office market trends:
                                           Fourth Quarter 2008
O        ffice market funda-
         mentals began soft-
         ening in 2008 as the
area proved to be somewhat               15%
                                                13.7      14.1     13.6      13.1     13.4     13.6     13.6       13.9    14.1
                                                                                                                                                    three years from now.
                                                                                                                                                                Forecast
                                                                                                                                                      Current market conditions
                                                                                                                                                    are expected to worsen be-
exposed to the financial and                                                                                                                         fore they get better. With
housing market crises plagu-                                                                                                                        most economists changing
ing the greater economy. The                                                                                                                        their outlooks for economic
                                         14%
upside lies in the fact that                                                                                                                        turnaround from early 2009
the Philadelphia Metro area                                                                                                                         to later 2009 or early 2010.
fared far better than most                                                                                                                          Increased vacancy rates and
others across the country.               13%                                                                                                        stagnant to falling rental
  The vacancy rate rose just                                                                                                                        rates are expected.
70 basis points during the                                                                                                                            As commercial real estate is
year as a result of only 431,175         12%                                                                                                        a lagging indicator to greater
s/f of space being absorbed in                   4Q/06    1Q/07    2Q/07     3Q/07    4Q/07     1Q/08      2Q/08   3Q/08   4Q/08                    economic performance, mid to
a market that added nearly                                                                                                                          late 2010 will most likely be
650,000 s/f of new product in                                          Office Vacancy Rate*                                                         the beginning of the upswing,
2008. Both average asking                                                  * All Classes of Space                                                   marking late 2009 the bottom-
class A and class B rental                                                                                                                          ing-out point. ■
rates appreciated to a full-
service rate of $29.67 and
$24.11 psf per year, respec-
tively, but exhibited signs of
deceleration in the last two
                                                       EASTERN PA OFFICE AVAILABILITY
quarters of the year.
  In all, class A and class
B rents grew by $0.64 and
$0.59, respectively, since the
end of last year. The sublease
market showed mix results
from the CBD to Suburban
markets. The former shed-
ding 61,800 s/f over the past
12 months with only 664,601
s/f currently available. The
latter witnessed its sublease
offerings grow by over 47
percent during the same time
period with 1,901,642 s/f of
this discounted space flood-        East Penn Place, Allentown                                                  Affordable Flex Space Opportunity!
ing the market at present.         LEASE 2,500 - 10,000 SF in Landmark Quality Building on Amentity-           Flex of ce suites, up to 8,984 SF available near Hecktown Road exit
  Developers have reacted in       Pact Block with Adjacent Parking Lot.                                       of Route 33, suitable for showroom, R&D or of ce uses. Features
kind by slowing the construc-                                                                                  include: private entrances, ample parking, identity signage, exible
tion pipeline considerably                                                                                       oor plan, interior t-out to suit, and attractive lease terms.
over the past four quarters
with only 483,613 s/f of office
space set to deliver in the
short term. Once the current
new supply is added to the
market, construction is ex-
pected to all but stop during
the next year or two until new
supply and the likely future
give-backs from economic
contraction are occupied to
some degree.
Opportunities and Challenges
  The scales have tipped as        60 W. Broad St., Bethlehem                                                  261 Brodhead Road, Bethlehem, PA
tenants gain the upper hand.       2 Suites Available in Historic Bethlehem! Amenities include: Award          “Lease or Purchase” Up to 22,000 SF of of ce/ R & D space
With demand deteriorating,         winning restaurants within walking distance, corner location serviced       available at this 3-story 39,000+ SF Bethlehem, PA modern facility.
                                   by traf c light, ample parking, and new building owners comprehensive       Features include: upgraded interior t-out, exible oor plan, ADA
landlords will most likely in-     retro t plan. Attractive lease rates & incentives offered.                  compliant with elevator service, well-appointed lobby area, fully
crease concessions to attract                                                                                  climate controlled facility, truck dock loading & staging area in rear
or retain tenants. But, with                                                                                   of building, ample on-site parking. Lease: $12.50 per SF.
capital scarce, tenant improve-                                                                                Sale terms considered.
ment dollars will be left out of
landlords’ arsenals of conces-
sions while they opt for lower
rents, more free rent and flex-
                                                                                                    HAWLEY REALTY, INC.
ible terms instead.
  Landlords would do best to
                                                                                                       610-398-4000
sign tenants for shorter terms,
banking on a return to better
market fundamentals two or
                                                                                                    www.hawleyrealty.com
24G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid                                         Atlantic Real Estate Journal                                   MAREjournal.com


MAREJ OFFICE TRANSACTION REPORT 2008
                         AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL                                                             JANUARY 11- DECEMBER 19, 2008
                                                     Seller/                   Rep. of                    Buyer/                        Rep. of
        Property                                     Owner/                    Seller/                    Tenant/                       Tenant/
        Name                     Address             Lessor                    Lessor                     Lessee                        Buyer               Price       Size         Desc.   S/L     Month

444 Oxford Valley Rd.    Langhorne, PA         KPG                      —                       TIC Props.                    —                         $24m        —            —           —     Jan. 25th FC-C
357 S. Gulph Rd.         King of Prussia, PA   KPG                      —                       TIC Props.                    —                         see above   48,000 SF    Off.        S     Jan. 25th FC-C
357 S. Gulph Rd.         King of Prussia, PA   KPG                      —                       TIC Props.                    —                         see above   48,000 SF    Off.        S     Jan. 25th FC-C
—                        Conshohocken, PA      Kenneth Gross Inv.       Equity Retail Brokers   —                             —                         —           8,600 SF     Off.        S     Jan. 25th 8C
100 Chetwynd Dr.         Rosemont, PA          Estate of Henry Quinn Equity Retail Brokers      —                             —                         —           10,000 SF    Off.        S     Jan. 25th 8C
4252-66 Whitaker Ave.    Philadelphia, PA      Estate of Henry Quinn Tucker Realty Corp.        4252 Whitaker Ave.
One Belmont Ave.         Bala Cynwyd, PA       Maguire Ptrs.            Beacon Comm’l. R.E.     MISI                          —                         —           5,323 SF     Off.        L     Jan. 25th 8C
259 E. Lancaster Ave.    Wynnewood, PA         —                        Beacon Comm’l. R.E.     Medscope America Corp.        Beacon Comm’l. R.E.       —           1,277 SF     Off.        L     Jan. 25th 8C
25 N. 16th St.           Easton, PA                                     Markward Group          —                             Markward Group            —           2,500 SF     Off.        S     Jan. 25th 14C
Carroll Dr.              New Castle, DE        Commonwealth Dev.        —                       Negri Bossi, USA              Jackson Cross Ptrs        —           15,500 SF    —           L     Jan. 25th FC-D
—                        New Castle, DE        The Putnam Grp.          —                       Kidz Inc. Academy             Jackson Cross Ptrs        —           9,600 SF     —           L     Jan. 25th FC-D
551 Mews Dr.             New Castle, DE        —                        —                       Arkion Life Sciences          Jackson Cross Ptrs        —           7,998 SF     —           L     Jan. 25th FC-D
20000 Horizon Way        Mount Laurel, NJ      —                        —                       Front Porch Digital           Jackson Cross Ptrs        —           4,046 SF     —           L     Jan. 25th FC-D
200 Continental Dr.      Wilmington, DE        —                        —                       Douron Corp. Furniture        Jackson Cross Ptrs        —           1880 SF      —           L     Jan. 25th FC-D
—                        Wilmington, DE        —                        —                       Ajilon Consulting             Jackson Cross Ptrs        —           700 SF       —           L     Jan. 25th FC-D
145 Limekiln Rd.         New Cumberland, PA    —                        NAI CIR                 Fairview Twp., PA             —                         —           —            Off.        L     Jan. 25th 6A
3003-3009 N. Front St.   Harrisburg, PA        —                        NAI CIR                 3003 North Front              RMI                       —           —            Off.        L     Jan. 25th 6A
                                                                                                Street Associates, LLC
West Liberty Blvd.       Malvern, PA           Liberty Prop. Trust      —                       Elster American Meter         —                         —           2,479 SF     Off.        L     Jan. 25th 8A
West Liberty Blvd.       Malvern, PA           Liberty Prop. Trust      —                       Kenderian Zilinski Assoc..    —                         —           3,469 SF     Off.        L     Jan. 25th 8A
West Liberty Blvd.       Malvern, PA           Liberty Prop. Trust      —                       Mutual Casualty Co.           —                         —           3,593 SF     Off.        L     Jan. 25th 8A
West Liberty Blvd.       Malvern, PA           Liberty Prop. Trust      —                       Dental EZ                     —                         —           7,112 SF     Off.        L     Jan. 25th 8A
Longford Corp. Ctr.      Hamilton, NJ          —                        RSR                     Dr. Bobila                    —                         —           2,100 SF     Off.        S     Jan. 25th 10A
Longford Corp. Ctr.      Hamilton, NJ          —                        RSR                     Dr. Germani                   —                         —           1795 SF      Off.        S     Jan. 25th 10A
Longford Corp. Ctr.      Hamilton, NJ          —                        RSR                     Dr. Lee                       —                         —           1795 SF      Off.        S     Jan. 25th 10A
Longford Corp. Ctr.      Hamilton, NJ          —                        RSR                     Medina Consultants            NAI Fennelley             —           6500 SF      Off.        L     Jan. 25th 10A
Pennbrook                Lansdale, PA          —                        —                       DeSanto Realty                —                         —           455,000 SF   Off.        S     Jan. 25th 6B
700 Creek Rd.            Delanco, NJ           First Industrial         Grubb & Ellis           —                             —                         —           51,300 SF    Off.        L     Jan. 25th 7B
1 Harvard Way            Hillsborough, NJ      Summit Associates        Sheldon Gross Realty    Ski Data                      —                         —           16,288 SF    Off.        L     Feb. 22nd 5A
1 Harvard Way            Hillsborough, NJ      Summit Associates        Sheldon Gross Realty    Center for Family Support     —                         —           5,105 SF     Off.        L     Feb. 22nd 5A
216 Rte. 206             Hillsborough, NJ      Summit Associates        Sheldon Gross Realty    Ace Copy Systems              —                         —           4,376 SF     Off.        L     Feb. 22nd 5A
216 Rte. 206             Hillsborough, NJ      Summit Associates        Sheldon Gross Realty    Polymer Cleaning Tech. Inc. —                           —           4,340 SF     Off.        L     Feb. 22nd 5A
216 Rte. 206             Hillsborough, NJ      Summit Associates        Sheldon Gross Realty    Prince Telecom Holdings       —                         —           2,664 SF     Off.        L     Feb. 22nd 5A
216 Rte. 206             Hillsborough, NJ      Summit Associates        Sheldon Gross Realty    Importing Décor Inc.          —                         —           2,282 SF     Off.        L     Feb. 22nd 5A
403 Gordon Dr.           Uwchlan Twp., PA      Main Lion Enterprises    Lieberman Early & Co.   403 Gordon Dr., LLC           First Liberty Partners    $665,000    4,154 SF     Off.        S     Feb. 22nd 5A
2524 West Chester Pike   Broomall, PA          R.&C.Braunfeld           Lieberman Early & Co.   Mitchel & Claudia Robbins     Lieberman Early & Co.     $520,000    2,500 SF     Off.        S     Feb. 22nd 5A
60 Park Pl.              Newark, NJ            Kushner Companies        Cushman & Wakefield      Berger Organization           Cushman & Wakefield        —           250,000 SF   Off.        S     Feb. 22nd 11B
2571 Cape Horn Rd.       York, PA              —                        ROCK Commercial RE      Kenyatta Echols               —                         —           271 SF       Off.        L     Feb. 22nd 6C
One West Market St.      York, PA              —                        ROCK Commercial RE      First Alliance Home Mtg.      ROCK Commercial RE        —           536 SF       Off.        L     Feb. 22nd 6C
2425 Liberty Ave.        Pittsburgh, PA        National Dev. Co.        PA Comm’l RE            Pittsburgh Opera, Inc.        PA Comm’l RE              $2.5m       30,000 SF    Off.        S     Feb. 22nd 9C
2 Penn Center Plaza.     Philadelphia, PA      —                        —                       Crown Two                     PernaFrederick Comm’l     $2.5m       37,900 SF    Off.        L     Feb. 22nd 24C
                                                                                                Penn Center Assoc.
Brandywine Building      Wilmington, DE        Buccini/Pollin           CBRE                    Cooch & Taylor                Grubb & Ellis             $7.5m       —            Off.        L     Feb. 22nd FCD
10 Waterview Blvd.       Parsippany, NJ        TIAA-CREF                Cushman & Wakefield      McMorgan & Co.                Cushman & Wakefield        —           208,600 SF   Off.        S     Mar. 28th 3A
103 Morgan Lane          Plainsboro, NJ        GRE Morgan Lane          GVA Williams            CareGain                      The Staubach Co.          —           22,965 SF    Off.        L     Mar. 28th 6A
                                                                                                                              &Transwestern
3525 Quaker Bridge Rd. Hamilton, NJ            Ibis Plaza               Richardson Commercial   Family Support Org.           Richardson Commercial     —           5,000 SF     —           L     Mar. 28th 19F
1500 Walnut St.          Philadelphia, PA      —                        Binswanger              Kinesis Marketing             Cresa Partners            —           1,636 SF     Off.        L     Mar. 28th 17A
1500 Walnut St.          Philadelphia, PA      —                        Binswanger              Louis Starkman Company        —                         —           800 SF       Off.        L     Mar. 28th 17A
1500 Walnut St.          Philadelphia, PA      —                        Binswanger              Epuron, Inc.                  Cushman & Wakefield        —           5,651 SF     Off.        L     Mar. 28th 17A
1500 Walnut St.          Philadelphia, PA      —                        Binswanger              Dr. Raul Yankelevich          —                         —           1402 SF      Off.        L     Mar. 28th 17A
2000 Linglesstown Rd.    Harrisburg, PA        2000 Linglestown Rd.     Landmark Comm’l. Realty Snyder, Secary & Associates —                           —           3,800 SF     Off.        L     Mar. 28th 17A
2040 Linglestown Rd.     Harrisburg, PA        2040 Partners, LLC       Landmark Comm’l. Realty Hales & Co.                   —                         —           2,200 SF     Off.        L     Mar. 28th 17A
801 East Park Dr.        Harrisburg, PA        Patriot Inv. Associates Landmark Comm’l. Realty ASC Group, Inc.                —                         —           2,900 SF     Off.        L     Mar. 28th 17A
3400 Pacific Ave.         Cape May Cty., NJ     —                        Marcus & Millichap      —                             —                         $13m        —            Off.        S     Mar. 28th 12B
51 Haddonfield Rd.        Camden Cty., NJ       —                        CBRE                    Bergman Real Estate Group     —                         $11.5m      96,419 SF    Off.        S     Mar. 28th 17B
100 S. Broad St.         Philadelphia, PA      —                        M.S. Fox                —                             Studley                   $4.5m       6,500 SF     Off.        S     Mar. 28th FC-C
Eight Tower Bridge       Conshohocken, PA      —                        —                       AlliedBarton Security Svcs.   Beacon Comm’l. RE         —           31,302 SF    Off.        L     Mar. 28th 5C
2090 Linglestown Rd.     Harrisburg, PA        CPL, LLC                 Landmark Comm’l. Realty Alloy Media & Marketing       NAI CIR                   —           3,100 SF     Off.        L     Mar. 28th 10C
1200 Camp Hill Bypass    Cumberland Cty., PA   1200 Camp Hill Bypass Landmark Comm’l. Realty Daymon Worldwide                 Landmark Comm’l. Realty   —           3,000 SF     Off.        L     Mar. 28th 10C
5095 Ritter Rd.          Mechanicsburg, PA     Anchor Investors, L.P.   Landmark Comm’l. Realty Level 3 Communications        Jones Lang LaSalle        —           27,243 SF    Off.        L     Mar. 28th 10C
716-718 Hogestown Rd. Silver Spring, PA        —                        NAI CIR                 —                             Landmark Comm’l. Realty   —           2,100 SF     Off.        S     Mar. 28th 12C
4051 Executive Park Dr. Swatara Twp., PA       Good Kat Properties      NAI CIR                 Anteil Inc.                   CAMPBELL Comm’l. RE       —           2,040 SF     Off.        L     Mar. 28th 12C
860 State St.            Lemoyne, PA           —                        NAI CIR                 East Coast Field Hockey       NAI CIR                   —           7,000 SF     Off.        —     Mar. 28th 12C
4330 Lewis Rd.           Swatara Twp., PA      —                        NAI CIR                 Otis Elevator Co.             USI RE Brokerage Svcs.    —           5,200 SF     Off.        L     Mar. 28th 12C
25G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid                                                Atlantic Real Estate Journal                                       MAREjournal.com


MAREJ OFFICE TRANSACTION REPORT 2008
                          AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL                                                                 JANUARY 11- DECEMBER 19, 2008
                                                         Seller/
                                                       SELLER/                 REP.Rep. of
                                                                                   OF                        Buyer/
                                                                                                          BUYER/                        REP. Rep. of
                                                                                                                                             OF
      Property
  PROPERTY                                               Owner/
                                                       OWNER/                      Seller/
                                                                               SELLER/                       Tenant/
                                                                                                          TENANT/                            Tenant/
                                                                                                                                        TENANT/
  NAMEName                      Address
                            ADDRESS                      Lessor
                                                       LESSOR                      Lessor
                                                                               LESSOR                        Lessee
                                                                                                          LESSEE                        BUYERBuyer                   Price
                                                                                                                                                                      PRICE       Size
                                                                                                                                                                                  SIZE         Desc.
                                                                                                                                                                                                DESC.     S/L Month
                                                                                                                                                                                                        S/L      PG

4330 Lewis Rd.            Swatara Twp., PA         —                       NAI CIR                    Otis Elevator Co.             USI RE Brokerage Svcs.     —              5,200 SF      Off.        L   Mar. 28th 12C
Trout Run Business Ctr.   Ephrata, PA              —                       High Associates            The PA Breast                 High Associates            —              —             Off.        L   Mar. 28th 14C
                                                                                                      Cancer Coalition
2200 North                Manchester Twp., PA      —                       Rock Commercial RE         Comm. Chiropractic Care       Rock Commercial RE         —              3,234 SF      Off.        L   Mar. 28th 16C
Susquehanna Trail
Fernwood Off. Complex Camp Hill, PA                —                       CAMPBELL Comm’l. RE        Walsh Construction            CAMPBELL Comm’l. RE        —              2,200 SF      Off.        L   Mar. 28th 16C
4051 Executive Park Dr. Camp Hill, PA              —                       NAI CIR                    Anteil Inc.                   CAMPBELL Comm’l. RE        —              2,040 SF      Off.        L   Mar. 28th 16C
1220 North Market St.     Wilmington, DE           Endurance RE Group      CBRE                       Acsys                         Endurance RE Group         —              4,185 SF      Off.        L   Mar. 28th FCD
1220 North Market St.     Wilmington, DE           Endurance RE Group      CBRE                       Pinckney, Harris LLC          Endurance RE Group         —              2,526 SF      Off.        L   Mar. 28th FCD
1220 North Market St.     Wilmington, DE           Endurance RE Group      CBRE                       Whiteford, Taylor & Preston   Endurance RE Group         —              3,128 SF      Off.        L   Mar. 28th FCD
25 W. Rd.                 Livingston, NJ           —                       CBC Feist & Feist Realty   Produce Network, Inc.         CBC Feist & Feist Realty   —              500 SF        Off.        L   Apr. 11th 5A
11 East Market St.        York, PA                 —                       ROCK Commercial RE         Hlubb & Associates            —                          —              610 SF        Off.        L   Apr. 11th 25F
4801 Derry St.            Harrisburg, PA           Anderson & Gulotta      Landmark Comm’l Realty     Encore Staffing Services       —                          —              1,000 SF      Off.        L   Apr. 25th 3A
                                                   Holding Group
South Broad St.           Philadelphia, PA         ADR North America L.P. PernaFrederick Comm’l       The Urban League
                                                                                                      of Philadelphia               PernaFrederick Comm’l      —              6,610 SF      Off.        L   Apr. 25th 4A
610 Wood St.              Pittsburgh, PA           —                       CBRE                       The Urban League              Massaro Properties         —              20,000 SF     Office       L   Apr. 25th 6A
                                                                                                      of Greater Pittsburgh
45 South Ave.             Cranford, NJ             —                       The Kislak Company         —                             Brounell & Kramer          $1.25m         8,000 SF      Office       S   Apr. 25th FC-B
6 Commerce Dr.            Cranford, NJ             —                       —                          Paetect Communications        Sheldon Gross Realty       —              —             Office       —   May 9th 6A
300 Executive Dr.         West Orange, NJ          —                       —                          Collaborative Consulting      Sheldon Gross Realty       —              —             Office       —   May 9th 6A
103 Eisenhower Pkwy.      Roseland, NJ             —                       —                          Expand Networks               Sheldon Gross Realty       —              —             Office       —   May 9th 6A
105 Raider Blvd.          Hillsborough, NJ         —                       —                          Carroll Engineering           Sheldon Gross Realty       —              4,612 s/f     Office       L   May 9th 6A
881 Marcon Blvd.          Allentown, PA            —                       —                          Hartland Home Care            CBC Feist & Feist          —              8,560 s/f     Office       L   May 9th 7A
Medical Center Cir.       Wescosville, Pa          Gordon Heflich Group CBC Feist & Feist              Physicians Weight Control     CBC Feist & Feist          —              1,700 s/f     Office       L   May 9th 7A
                                                   /MAB Assoc.
5825 University           Columbia, MD             —                       —                          —                             Corp. Office Properties Trust —            41,500 s/f    Office       L   May 9th 8A
Research Center
1500 John F.              Philadelphia, PA         —                       Marlin Leasing Corp.       —                             Grubb & Ellis              —              3,524 s/f     Office       L   May 9th 8A
Kennedy Blvd.
1515 Market St.           Philadelphia, PA         —                       —                          Stockton Real Estate Advisors Grubb & Ellis              —              6,556 s/f     Office       L   May 9th 8A
1060 Sand Pond Rd.        Timonium, MD             HF Management Svcs. Staubach                       Bavar Properties              NAI Realvest               —              53,000 s/f    Office       L   May 9th 4B
2500 Wilson Blvd.         Arlington, VA            TIAA-CREF               Cushman & Wakefield         JRT Realty Group              —                          —              100,000 s/f   Office       L   May 9th 7B
7400 Beaufont Springs Dr. Richmond, VA             —                       —                          Medtronic USA/Thyssenkrupp Liberty Property Trust        —              8,875 s/f     Office       L   May 9th 9B
2700 Republic Dr.         Birmingham, AL           —                       GMH Capital Ptrs.          Arcis Investments             —                           $13m          391,258 s/f   Office/Whse. S   May 9th 3A
1220 North Market St.     Wilmington, DE           —                       CB Richard Ellis           Acsys Endurance Real Estate —                            —              4,185 s/f     Office       L   May 9th 10A
1220 North Market St.     Wilmington, DE           —                       CB Richard Ellis           Pickney Harris LLC            Endurance Real Estate      —              2,526 s/f     Office       L   May 9th 10A
1220 North Market St.     Wilmington, DE           —                       CB Richard Ellis           Whiteford, Taylor & Preston Endurance RE Group           —              3,128 s/f     Office       L   May 9th 10A
2030 Tilghman St.         Lehigh Valley, PA        Matthew Croslis         Summit Mgmt. & Realty      —                             —                          —              1,540 s/f     Off.        L   May 9th 10A
20 Leslie Court           Hanover Twp., NJ         Hanover Business Assoc. Preferred Business Sys.    Garibaldi Grp.                —                          —              18,000 SF     Off.        S   May 9th 3A
240 Grandview Ave.        Camp Hill, PA            Jacraft Realty          Landmark                   Fresenius Medical Care/       —                          —              7,000 SF      Off.        L   May 9th 4A
                                                                                                      Biomedical Applications
Valley Forge Corp.        Morristown, PA           —                       —                          Mountain Dev. Corp/Meritage GVA Williams NJ              —              118,380 SF    Off.        S   May 9th 6A
Ctr. I & II
700 Liberty Ave.          Union, NJ                Breeze-Eastern Corp.    GVA Williams NJ/NY         Bed, Bath & Beyond            GVA Williams NJ            —              176,600 SF    Whse/Off    S   May 9th 23B
528 E. Main St.           Dallastown, PA           ROCK Comm’l. R.E.       Jackson Hewitt             —                             —                          —              1090 SF       Off         L   May 9th 4C
472 E. Locust St.         Dallastown, PA           ROCK Comm’l. R.E.       AWP                        —                             ROCK Commercial RE, LLC —                 2450 SF       Off/Ind     L   May 9th 4C
380 Starr Rd.             Vondale, PA              380 Starr Rd., LP       CBRE                       —                             CBRE                       —              106,846 SF    Off/Ind     L   May 9th 5C
PANPHA Bldg.              Silver Spring Twp., PA   —                       —                          Wendt Communications          NAI CIR                    —              1460 SF       Off         L   May 9th 8C
2837 N. Front. St.        Harrisburg, PA           North Tower             NAI CIR                    —                             Landmark                   —              —             Off.        —   May 9th 8C
                                                   Condominium
816 Belvedere St.         Carlisle, PA             D. Hooke                NAI CIR                    —                             —                          —              5000 SF       Med/Off     S   May 9th 8C
Cranberry Corp. Ctr.      Cranberry, PA            —                       —                          Silk & Stewart Dev. Grp.      CBRE                        $18.8m        215,000 SF    Off/Whse    S   May 9th 11C
141 Southpointe Dr. #5    Bridgeville, PA          —                       TARQUINCoRE                Massaro Props.                —                          —              12,000 SF     Off.        L   May 9th 11C
                                                                           Xhibit Solutions
2 Rodi Plaza              Pittsburgh, PA           —                       PRC Comm’l.                WIS Int’l.                    Massaro Props.             —              3432 SF       Off.        L   May 9th 11C
Dublin Hall               Blue Bell, PA            Keystone Prop. Grp.     Beacon                     Evolution Marketing Grp.      GVA Smith Mack             —              9001 SF       Off.        L   May 9th 16C
Nemours Bldg.             Wilmington, DE           Buccini Pollin          CBRE                       Cordjia                       —                          $500k          7900 SF       Off.        L   May 9th FC-D
2700 Republic Dr.         Birmingham, AL           —                       GMH Capital Ptrs.          Arcis Investments             —                          $13m           391,258 s/f   Office/whse. S   May 26th 3A
1220 North Market St.     Wilmington, DE           —                       CB Richard Ellis           Acsys                         Endurance Real Estate      —              4,185 s/f     Office       L   May 26th 10A
1220 North Market St.     Wilmington, DE           —                       CB Richard Ellis           Pickney Harris LLC            Endurance Real Estate      —              2,526 s/f     Office       L   May 26th 10A
1220 North Market St.     Wilmington, DE           —                       CB Richard Ellis           Whiteford, Taylor & Preston Endurance Real Estate        —              3,128 s/f     Office       L   May 26th 10A
2030 Tilghman St.         Lehigh Valley, PA        Matthew Croslis         Summit Mgmt. & Realty      —                             —                          —              1,540 s/f     Office       L   May 26th 10A
International Plaza       Philadelphia, PA         —                       —                          Amerimar                      Jones Lang LaSalle         —              496,000 s/f   Office       L   June 13th 8A
7 Giralda Farms           Chatham, NJ              —                       —                          Maersk Inc.                   Garibaldi Group            —              115,316 s/f   Office       L   June 13th 8B
26G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid                                         Atlantic Real Estate Journal                                      MAREjournal.com


MAREJ OFFICE TRANSACTION REPORT 2008
                         AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL                                                            JANUARY 11- DECEMBER 19, 2008
                                                    Seller/                      Rep. of                  Buyer/                       Rep. of
          Property                                  Owner/                       Seller/                  Tenant/                      Tenant/
          Name                   Address            Lessor                       Lessor                   Lessee                       Buyer                 Price       Size        Desc.     S/L     Month

300 Clocktower Dr.       Somerset, NJ          —                        —                        —                           Colliers Houston            —           18,000 s/f    Office       L     June 13th 8B
714 Market St.           Philadelphia, PA      —                        SSH Real Estate          —                           SSH Real Estate             $25.5m      212,000 s/f   Office       S     June 13th FC-C
1500 Walnut St.          Philadelphia, PA      —                        —                        Walnut Enterprises          Binswanger                  —           32.590 s/f    Office       L     June 13th 5C
100 Deerfield Ln.         Malvern, PA           Investcorp               Jackson Cross Partners   ING                         CLW Real Estate Services    —           30,724 s/f    Office       L     June 13th 6C
4076 Market St           Harrisburg, PA        —                        NAI CIR                  —                           —                           —           18,000 s/f    Office       L     June 13th 9C
107-111 N. Market St.    Mechanicsburg, PA     —                        —                        DriveKore                   CAMPBELL                    —           9,700 s/f     Office       L     June 13th 14C
3607 Rosemont Ave.       Lower Allen Twp, PA   —                        NAI CIR                  —                           CAMPBELL                    —           2,100 s/f     Office       L     June 13th 14C
1100 Spring Garden Dr.   Dauphin City, PA      —                        Landmark Commercial      —                           —                           —           1,120 s/f     Office       L     June 13th 16C
875 AAA Blvd.            Newark, DE            —                        —                        —                           Coldwell Banker Comm’l.     —           —             Office       S     June 13th FC-D
                                                                                                                             Amato Assoc.
Abele Business Park      Pittsburgh, PA        —                        —                        —                           Secon Corporation           —           12,000 s/f    Office       L     June 13th 6E
200 St. Paul Place       Baltimore, MD         The Kornblatt Co.        CB Richard Ellis         —                           Cushman & Wakefield          —           69,151 s/f    Off.        L     June 27th 1B
—                        Getzville, NY         —                        —                        —                           Largo Comm’l. Real Estate   $1.7m       32,086 s/f    Off.        S     June 27th 11C
101 Canal Landing        Getzville, NY         —                        —                        —                           Largo Comm’l. Real Estate   $1.5m       14,394 s/f    Off.        S     June 27th 16C
135 Sully’s Trail        Getzville, NY         —                        —                        —                           Largo Comm’l. Real Estate   $1.375m     14,942 s/f    Off.        S     June 27th 16C
125 E. Elm St.           Conshohocken. PA      Shaffer Group            Beacon Commercial        DVFG                        Axis Realty Partners        —           41,273 s/f    Office       L     July 11th 6A
920 E. Germantown Pike Plymouth Meeting, PA    Fresensius Medial Care M. S. Fox                  Otr, Modern Graphics,       —                           —           22,647 s/f    Office       L     July 11th 9A
                                                                                                 Stone Edge, CoreDial, JMS
200 Sheffield St.         Mountainside, NJ      200 Sheffield LLC         Kislak                   Blair Realy                 Kislak                      $15.675m    105,000 s/f   Office       S     July 11th 1B
23 Orchard Rd.           Montgomery Twp., NJ   —                        —                        Oscient Pharmaceuticals     Colliers Houston            —           10,000 s/f    Office       L     July 11th 8B
70 South Orange Ave.     Livingston, NJ        —                        Eastman Companies        Everly Originals            Cushman & Wakefield          —           30,000 s/f    Office       L     July 11th 9B
Morristown Plaza         Morristown, NJ        Northeast Office Assoc. CBRE                       —                           Weichert                    —           12,350 s/f    Office       L     July 11th 10B
1366 West Market St.     West York, PA         —                        Springwood Commercial    AFLAC                       Rock Commercial             —           1,612 s/f     Office       L     July 11th 1C
4955 Stubenville Pike    Pittsburgh, PA        —                        Massaro Properties       —                           Massaro Properties          —           12,305 s/f    Office       L     July 11th 6C
353 Markle Dr.           Atlanta, GA           Union Deposit Corp.      NAI CIR                  Pediatria Health Care       NAI CIR                     —           6,200 s/f     Office       L     July 11th 8C
Lionville Prof. Center   Uwchlan Twp., PA      —                        Lieberman Earley         —                           Lieberman Earley            $1.707m     6,000 s/f     Office       S     July 11th 10C
6330 Hedgewood Dr./      King of Prussia, PA   Liberty Property Trust   —                        Akrion                      Grubb & Ellis               —           73,040 s/f    Office       L     July11th 11C
7277 William Ave.
894 Marcon Blvd.         Allentown, PA         CD Realty Inc.           Beacon Commercial        AUS                         —                                       8,600 s/f     Office       L     July 11th 12C
Gwynedd Hall             Blue Bell, PA         Keystone Property Grp. Beacon Commercial          —                           —                           —           5,040 s/f     Office       L     July 11th 12C
1150 Northbrook Dr.      Trevose, PA           Bresler & Reiner         GVA Smith Mack           HCI Direct                  CresaPartners LLC           —           26,147 s/f    Office       L     July 11th 14C
405 North King St.       Wilmington, DE        —                        —                        American Life Insurance     Jackson Cross Partners      —           38,089 s/f    Office       L     July 11th 1D
222 Delaware Ae.         Wilmington, DE        —                        Kaiserman Company        Chemicals & Tikellis        GVA Smith Mack              —           7.366 s/f     Office       L     July 11th 1D
95-99 Northfield Ave.     Woodbridge, NJ        Chrisdon LLC             Kislak                   —                           Kislak                      $2.625m     14,000 s/f    Off.        S     July 26th 5A
505 Thornall St.         Edison, NJ            Toranco Assoc. LLP       NAI Hanson               Ora Apps.                   NAI Hanson                  —           2,065 s/f     Off.        L     July 26th 10A
Ibis Plaza               Hamilton, NJ          —                        —                        Heritage Business Systems   Colliers Houston            —           2,000 s/f     Off.        L     July 26th 10A
5601 Metro Dr.           Bethesda, MD          —                        NorthMarq Capital        —                           —                           $5.35m      100,000 s/f   Off.        S     July 26th 1B
Park 80 West             Saddle Brook, NJ      L&L Park 80 LLC          CBRE                     JBA Assoc.                  Acclaim Group               —           26,777 s/f    Off.        L     July 26th 8E
23 Orchard Rd.           Somerset, NJ          —                        —                        Blessing-White              Colliers Houston            —           10,000 s/f    Off.        L     July 26th 9E
30 Knightsbridge Rd.     Piscataway, NJ        —                        Mack Cali                DMJM Harris                 Cushman & Wakefield          —           59,652 s/f    Off.        L     Aug. 9th 4A
20 Independence Blvd.    Warren, NJ            —                        —                        Verizon Wireless,           Normandy Real Estate        —           45,500 s/f    Off.        L     Aug. 9th 5B
                                                                                                 Liberty Mutual
Actuant                  Lancaster, PA         NJ LLC                   Marcus & Millichap       Sovereign Investment Co.    Marcus & Millichap          $5.65m      —             Off.        S     Aug. 9th FC-C
116 Pine St.             Harrisburg, PA        Musalair Trust           NAI CIR                  White Acre Equities         NAI CIR                     $4.8m       64,000 s/f    Off.        S     Aug. 9th FC-C
411 Seventh Ave.         Pittsburgh, PA        —                        CBRE                     —                           CBRE                        —           12,500 s/f    Off.        L     Aug. 9th 18C
20251 Century Blvd.      Germantown, MD        —                        Mantan Realty            Tetra Tech Inc.             —                           —           13,786 s/f    Off.        L     Aug. 22nd 1B
85 Dan Road              Canton, MA            —                        —                        —                           Cooper-Horowitz             $3.825m     —             Off.        S     Aug. 22nd 1C
275 Dan Rd.              Canton, MA            —                        —                        —                           Cooper-Horowitz             $3.9m       —             Off.        S     Aug. 22nd 1C
Eastwick and Upper       Florham Park, NJ      —                        —                        Kimco Realty                HFF                         $8m         85,447 s/f    Off.        S     Aug. 22nd 7C
Darby Wellness Ctrs.
Interpace Parkway        Parsippany, NJ        —                        —                        Reckitt Benkiser            GVA Williams                —           163,386 s/f   Off.        L     Sept. 12th 7B
100 Walnut Ave.          West Orange, NJ       —                        —                        Health Ed                   Sheldon Gross Realty        —           85,000 s/f    Off.        L     Sept. 12th 8B
550 Broad St.            Newark, NJ            —                        —                        —                           Lincoln Property            —           29,740 s/f    Off.        L     Sept. 12th 9B
Park 80 West             Saddle Brook, NJ      L&L Park 80              CB Richard Ellis         Rotenberg Meril Solomon     GVA Williams                —           14,353 s/f    Off.        L     Sept. 12th 10B
                                                                                                 Bertiger & Gutilla
CenterPoint Commerce     Jenkins Twp., PA      —                        —                        —                           Mericle                     —           135,991 s/f   Off.        L     Sept. 12th 2C
& Trade Park
Tri-County Commerce Pk Pottstown, PA           BCW Associates           —                        —                           CB Richard Ellis            —           70,000 s/f    Off.        L     Sept. 12th 4C
Forks Business Center    Forks Twp., PA        Henningsen               The Walker Companies     J.G. Petrucci               J.G. Petrucci               –           —             Off.        L     Sept. 12th 4C
2015 City Line Rd.       Bethlehem, PA         City Line Associates     Markward Group           Transbridge Lines           —                           —           53,000 s/f    Off.        S     Sept. 12th 5C
Meadow Pointe Plaza I    Washington, DC        —                        —                        UPMC                        Horizon Properties          —           10,673 s/f    Off.        L     Sept. 12th 5C
Marsh Creek Corp. Ctr.   Exton, PA             —                        —                        —                           Hayden Real Estate          —           14,700 s/f    Off.        L     Sept. 12th 6C
4500 Falmer Dr
and 5930 Hamilton Blvd. Bethlehem, PA          —                        —                        —                           Summit Management           —           11,830 s/f    Off.        L     Sept. 12th 6B
Swedesford Corp. Ctr.    Malvern, PA           —                        —                        —                           Lieberman Earley & Co.      $468,000    2.556 s/f     Off.        S     Sept. 12th 8C
27G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid                                              Atlantic Real Estate Journal                                    MAREjournal.com


MAREJ OFFICE TRANSACTION REPORT 2008
                         AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL                                                              JANUARY 11- DECEMBER 19, 2008
                                                       Seller/
                                                     SELLER/                 REP.Rep. of
                                                                                  OF                      Buyer/
                                                                                                       BUYER/                        REP.Rep. of
                                                                                                                                          OF
     Property
  PROPERTY                                             Owner/
                                                     OWNER/                      Seller/
                                                                             SELLER/                      Tenant/
                                                                                                       TENANT/                           Tenant/
                                                                                                                                     TENANT/
  NAMEName                      Address
                             ADDRESS                   Lessor
                                                     LESSOR                      Lessor
                                                                             LESSOR                       Lessee
                                                                                                       LESSEE                            Buyer
                                                                                                                                     BUYER                    Price
                                                                                                                                                               PRICE       Size
                                                                                                                                                                            SIZE         Desc.
                                                                                                                                                                                          DESC.     S/L Month
                                                                                                                                                                                                  S/L      PG

320 Market St.             Lemoyne, PA           John Yanoviak           Landmark                  —                             —                        —            4,689 s/f     Off.         L   Sept. 12th 9C
1100 Spring Garden Rd. Lower Swatara, PA         Mid Penn Bank           Landmark                  —                             Landmark                 —            1,120 s/f     Off.         L   Sept. 12th 9C
2200 East Market St.       Springettsbury, PA    Market Street 2200      Rock Commercial           —                             CBC-Bennett Williams     —            5,215 s/f     Off.         S   Sept. 12th 18C
435 West Philadelphia St. York, PA               —                       Rock Commercial           —                             Rock Commercial          —            4,686 s/f     Off.         L   Sept. 12th 18C
1600 6th Ave               York, PA              —                       Rock Commercial           Louis E. Costa, DO            Rock Commercial          —            4,278 s/f     Off.         L   Sept. 12th 18C
516 North King St.         Dover, DE             —                       —                         Constantine Malmberg III      Bellevue Realty          $1.5m        —             Off.         S   Sept. 12th 9D
222 Delaware Ave.          Wilmington, DE        —                       —                         Polsinelli Shalton Flanifan   Kaiserman Company        —            4,348 s/f     Off.         L   Sept. 12th 9D
                                                                                                   Suelthaus P.C.
Wilmington, DE             Wilmington, DE        —                       —                         Fish & Richardson             Kaiserman Company        —            24,647 s/f    Off.         L   Sept. 12th 14D
529 14th St.               Washington, D.C.      —                       CB Richard Ellis          Pedro & Associates            Sloan Street Advisors    —            —             Off.         L   Sept. 26th 15A
Argon Plaza                Fairfax, VA           Shorestein Properties   Jones Lang LaSalle        Argon ST                      Grubb and Ellis          —            165,000 s/f   Off.         L   Sept 26th 16A
Allentown, PA and          Morristown, NJ        —                       —                         —                             G.S. Wilcox              $26.7m       —             Off.         S   Sept 26th 2B
Scottsdale Financial Ctr. I Scottsdale, AZ       —                       CB Richard Ellis          —                             BPG Equities             $19m         104,949 s/f   Off.         S   Sept 26th 6B
200 Main St.               Tatamy, PA            J. Frederick &          Sperry Van Ness           Mammian, LLC                  Sperry Van Ness          $615,000     7,241 s/f     Off.         S   Sept 26th 4D
                                                 J. Bergstresser
529 14th St.               Washington, D.C.      —                       CB Richard Ellis          Pedro & Associates            Sloan Street Advisors    —            —             Off.         L   Sept 26th 15A
Argon Plaza                Fairfax, VA           Shorestein Properties   Jones Lang LaSalle        Argon ST                      Grubb and Ellis          —            165,000 s/f   Off.         L   Sept 26th 16A
Allentown, PA and          Morristown, NJ        —                       —                         —                             G.S. Wilcox              $26.7m       —             Off.         S   Sept 26th 2B
Scottsdale Fin. Ctr. I     Scottsdale, AZ        —                       CB Richard Ellis          —                             BPG Equities             $19m         104,949 s/f   Off.         S   Sept 26th 6B
10 Exchange Place          Jersey City, NJ       —                       Cushman & Wakefield        Beckman Coulter               —                        —            10,000 s/f    Off.         L   Oct. 17th 7A
10 Exchange Place          Jersey City, NJ       —                       Cushman & Wakefield        Rabobank International        —                        —            73,000 s/f    Off.         —   Oct. 17th 7A
10 Exchange Place          Jersey City, NJ       —                       Cushman & Wakefield        Opera Solutions               —                        —            36,000 s/f    Off.         L   Oct. 17th 7A
10 Exchange Place          Jersey City, NJ       —                       Cushman & Wakefield        Capgemini                     —                        —            21,000 s/f    Off.         L   Oct. 17th 7A
10 Exchange Place          Jersey City, NJ       —                       Cushman & Wakefield        Beckman Coulter               —                        —            10,000 s/f    Off.         L   Oct. 17th 7A
1000 Adams Ave.            King of Prussia, PA   Mesne Properties Inc    —                         VT Property Group             Jackson Cross            —            120,000 s/f   Off.         S   Oct. 17th 8A
500 E. Swesesford Rd       Wayne, PA             —                       —                         Affiliated Distributors        GVA Smith Mack           —            28,287 s/f    Off.         L   Oct. 17th 10B
5700 Corporate Dr.         Pittsburgh, PA        —                       —                         Carbis Walker                 —                        —            7,900 s/f     Off.         —   Oct. 17th 15B
MD Trade Ctr. I & II       Greenbelt, MD         —                       —                         —                             NorthMarq Capital        $49.9m       342,000 s/f   Off.         S   Oct. 17th 1C
Advance at Southgate       Morristown, NJ        —                       —                         —                             NorthMarq Capital        $15m         320,274 s/f   Off.         —   Oct. 17th 1C
Mansfield Sq. Village       Mansfield, NJ          —                       —                         —                             Meridian Capital         $9.1m        64,111 s/f    Off.         S   Oct. 17th 8C
100 Summit Place           Jersey City, NJ       —                       —                         —                             CBRE                     $4m          120,000 s/f   Off./Ware    S   Oct. 17th 20C
640 Frelinghuysen Ave.     Newark, NJ            —                       —                         —                             CBRE                     $3.5m        156,900 s/f   Off./Ware    S   Oct. 17th 20C
10 Exchange Place          Jersey City, NJ       —                       Cushman & Wakefield        Beckman Coulter               —                        —            10,000 s/f    Off.         L   Nov. 23rd 7A
10 Exchange Place          Jersey City, NJ       —                       Cushman & Wakefield        Rabobank International        —                        —            73,000 s/f    Off.         —   Nov. 23rd 7A
10 Exchange Place          Jersey City, NJ       —                       Cushman & Wakefield        Opera Solutions               —                        —            36,000 s/f    Off.         L   Nov. 23rd 7A
10 Exchange Place          Jersey City, NJ       —                       Cushman & Wakefield        Capgemini                     —                        —            21,000 s/f    Off.         L   Nov. 23rd 7A
1000 Adams Ave.            King of Prussia, PA   Mesne Properties Inc    —                         VT Property Group             Jackson Cross            —            120,000 s/f   Off.         S   Nov. 23rd 8A
500 E. Swesesford Rd       Wayne, PA             —                       —                         Affiliated Distributors        GVA Smith Mack           —            28,287 s/f    Off.         L   Nov. 23rd 10B
5700 Corporate Dr.         Pittsburgh, PA        —                       —                         Carbis Walker                 —                        —            7,900 s/f     Off.         —   Nov. 23rd 15B
The Madison                Reading, PA           Madison Reading         The Kislak Company        —                             The Kislak Company       $6.5m        125,000 s/f   Off.         S   Nov. 23rd 3A
                                                 Associates, LLC
Mary Sachs Building        Harrisburg, PA        Bedford Holding Co.     Landmark Comm’l. Realty Jerich Properties               —                        —            21,000 s/f    Off.         S   Nov. 23rd 9A
1110 N. Mountain Rd.       Dauphin Cty., PA      Anderson &              Landmark Comm’l. Realty —                               Omni Realty Group        —            —             Off.         L   Nov. 23rd 9A
                                                 Gulotta Holding Grp.
355 N. 21st St.            Cumberland Cty., PA   355 N. @1st Street      Landmark Comm’l. Realty Insurance Newsnet.Com           —                        —            1,373 s/f     Off.         L   Nov. 23rd 9A
                                                 Associates, LLC
101 Morgan Lane            Plainsboro Twp., NJ   —                       —                         Pharm-Olam                    Colliers Houston & Co.   —            64,000 s/f    Off.         L   Nov. 23rd 7B
Annex Mobile Home Pk Inwood, WV                  —                       Crohneim                  —                             —                        $895,000     —             Apt.         S   Dec. 19th 3A
39 Stiles Rd.              Elizabeth, NJ         —                       Crohneim                  —                             —                        $960,000     21 Units      Apt.         S   Dec. 19th 3A
141-143 Governer           Paterson, NJ          —                       Crohneim                  —                             —                        $752,000     —             Apt.         S   Dec. 19th 3A
51-57 Park Ave.            Paterson, NJ          —                       Crohneim                  —                             —                        $1.12m       —             Apt.         S   Dec. 19th 3A
Studio One Apts.           Pine Bluff, AR        —                       Crohneim                  —                             —                        $529,600     —             Apt.         S   Dec. 19th 3A
Town Scare Garden          Newton, NJ            Square Gardens, LLC     Gebore-Hammer             —                             Gebroe-Hammer            $3.675m      42 Units      Apt.         S   Dec. 19th 4A
1500 Walnut St.            Philadelphia, PA      —                       Binswanger                Your Part Time Controller     Grubb & Ellis            —            3,580 s/f     —            L   Dec. 19th 8A
1700 Market St.            Philadelphia, PA      Jacob Donner P.C.       Grubb & Ellis             —                             Cresa Partners           —            3,780 s/f     Off.         L   Dec. 19th 8A
2860 Bath Pike             Nazareth, PA          —                       Endurance Real Estate     Victaulic Company             Grubb & Ellis            —            30,000 s/f    Ind.         L   Dec. 19th 8A
190 N. Evergreen Ave.      Woodbury, NJ          Woodbury Club           NAI Mertz                 Gary Shivers                  Grubb & Ellis            —            750 s/f       Off.         L   Dec. 19th 8A
14000 Horizon Way          Mount Laurel, NJ      Horizon Way Equities    Grubb & Ellis             New Hope LLC                  NAI Mertz                —            15,547 s/f    Off.         L   Dec. 19th 8A
15 Fostertown Rd.          Medford, NJ           Samuel Barresi          Grubb & Ellis             Big League Dreams             The Flynn Company        —            39,030 s/f    Ind.         L   Dec. 19th 8A
200 Birch Creek Rd.        Bridgeport, NJ        —                       Emory Hill                Conerstone R.E. Advisors      Emory Hill               $28.55m      597,000 s/f   Ind.         S   Dec. 19th FCB
900 South Ave.             Westfield, NJ          —                       The Kislak Company        —                             —                        $4.01m       —             Mix          S   Dec. 19th FCB
1401 Bergenline Ave.       Union City, NJ        Barbini LLC             De Ruggiero Realtors      Serve Properties & Mgmt.      —                        $1.35m       12 units      Apt.         S   Dec. 19th FCB
425 Easgle Rock Ave.       Roseland, NJ          —                       —                         Principal Life Insurance      Cushman & Wakefield       —            126,710 s/f   Off.         L   Dec. 19th 2B
10-14 South Main St.       Burlington Cty., NJ   —                       —                         Ten fourteen Main Street, LLC NAI Mertz                —            7,700 s/f     —            L   Dec. 19th 3B
1566 Rte. 38               Lumberton, NJ         Madison Plaza, LLC      —                         —                             NAI Mertz                —            5,600 s/f     Retail       L   Dec. 19th 3B
28G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid                                                  Atlantic Real Estate Journal                                       MAREjournal.com


MAREJ OFFICE TRANSACTION REPORT 2008
                          AS REPORTED IN THE Mid Atlantic REAL ESTATE JOURNAL                                                                 JANUARY 11- DECEMBER 19, 2008
                                                          Seller/
                                                        SELLER/                 REP.Rep. of
                                                                                     OF                       Buyer/
                                                                                                           BUYER/                        REP.Rep. of
                                                                                                                                              OF
     Property
  PROPERTY                                                Owner/
                                                        OWNER/                      Seller/
                                                                                SELLER/                       Tenant/
                                                                                                           TENANT/                           Tenant/
                                                                                                                                         TENANT/
  NAMEName                      Address
                            ADDRESS                       Lessor
                                                        LESSOR                      Lessor
                                                                                LESSOR                        Lessee
                                                                                                           LESSEE                            Buyer
                                                                                                                                         BUYER                       Price
                                                                                                                                                                      PRICE       Size
                                                                                                                                                                                  SIZE          Desc.
                                                                                                                                                                                                 DESC.     S/L Month
                                                                                                                                                                                                         S/L      PG

1816 Carden Ave.          Cherry Hill, NJ           —                       —                          RSCM Properties, LLC          NAI Mertz                   —            5,000 s/f     Ind.         S   Dec. 19th 3B
LogistiCenter at Logan    Harrisburg, PA            —                       —                          Brighton-Best                 DP Partners                 —            106,655 s/f   —            L   Dec. 19th 5B
Morris Corp.Center II     Parsippany, NJ            —                       —                          Midas Pharmeceuticals         Weichert Commercial         —            4,500 s/f     Off.         L   Dec. 19th 6B
1250 South River Rd.      Cranbury, NJ              Adler Development       —                          E-Lite USA                    —                           —            —             Off.         L   Dec. 19th 9B
26 main St.               Chatham, NJ               Normandy RE Ptrs.       Normandy Real Estate Ptrs. Carr Miller Capital and       —                           —            5,600 s/f     Off.         L   Dec. 19th 10B
                                                                                                       Avelino & Assoc.
Wynnewood Gardens         Allentown, PA             Camelot Partners        The Kislak Company         Wynnewood Real Estate         —                           $12.075m     206 units     Apt.         S   Dec. 19th FCC
2996 E. Market St.        York, PA                  —                       Cushman & Wakefield         —                             —                           $10.5m       383,000 s/f   Whse.        S   Dec. 19th FCC
101 Greenwood Ave.        Jenkintown, PA            Ajax Jenkintwon         M.S. Fox RE Group          —                             M.S. Fox Real Estate Grp.   $9m          —             —            S   Dec. 19th FCC
                                                    Plaza Investors
3461 Market St.           Cumberland Cty., PA       —                       Landmark                   —                             —                           $5.3m        —             Off.         S   Dec. 19th 2C
2 Penn Ctr./              Philadelphia, PA          —                       PernaFrederick             —                             —                           $2.165m      —             —            L   Dec. 19th 2C
—                         Philadelphia, PA          —                       PernaFrederick             —                             —                           $2.165m      —             —            L   Dec. 19th 2C
2600 Eisenhower Ave.      Norristown, PA            408 E. 4th St.          Beacon Commercial          —                             —                           —            16,585 s/f    —            L   Dec. 19th 4C
Ravine Rd.                Paoli, PA                 —                       Beacon Commercial          —                             —                           —            1,900 s/f     —            L   Dec. 19th 4C
1620 Camp Betty           York, PA                  Birchall Inc            ROCK Commercial            —                             Heritage Hills Assoc.       —            6,400 s/f     Ind.         S   Dec. 19th 5C
Constitution 150 Farm Dr. York, PA                  —                       ROCK Commercial            Leaders Gate Partners         Rock Commercial             —            18,120 s/f    Off.         S   Dec. 19th 5C
2346 Jacksonville Rd.     Bethlehem, PA             —                       Summit Management          Northeast PA Lions Eye Bank   Summit Managemnet           —            10,000 s/f    —            S   Dec. 19th 5C
147 North Cameron St.     Harrisburg, PA            —                       RSR Realtors               —                             Landmark                    —            —             —            S   Dec. 19th 5C
48 Central Blvd.          Carlisle, PA              VQ Properties           NAI CIR                    —                             REMAX                       —            2,000 s/f     Off.         S   Dec. 19th 6C
214 Senate Ave.           Camp Hill, PA             Szles Bldg. & Leasing   NAI CIR                    Int’l. Dairy Ingredients      —                           —            1,305 s/f     Off.         L   Dec. 19th 6C
The Commons at Oaklands   West Whiteland Twp., PA   The Commons at Oaklands Lieberman Earley           Liggett Vector Brands         The Lundy Group             —            1,477 s/f     Off.         L   Dec. 19th 6C
2735 Mosside Blvd.        Pittsburgh, PA            Delmarco Durzo Dev.     PRC Commercial             UPMC                          —                           $3m          35,000 s/f    Apt.         S   Dec. 19th 7C
105 Gamma Dr.             Pittsburgh, PA            Fox Park Partners       PRC Commercial             Practical Admin. Solutions    —                           $1.7m        18,356 s/f    —            S   Dec. 19th 7C
1800 West St.             Homestead, PA             —                       PRC Commercial             Turtle Creek Mental Health    —                           $1m          110,000 s/f   —            S   Dec. 19th 7C
Westwilm &                Homestead, PA             —                       —                          Kolek Inc                     PRC Commercial              $1.825m      54 units      Apt.         S   Dec. 19th 7C
Parkside Apts.
Building Five at          Pittsburgh, PA            —                       Soffer Organization        CH2M HILL                     —                           —            40,683 s/f    Off.         L   Dec. 19th 7C
Penn Center West
4955 Stubenville Pike     Pittsburgh, PA            Massaro Properties      Massaro Properties         Quality Aggregates Inc.       Quality Aggregates Inc.     —            7,000 s/f     Off.         L   Dec. 19th 7C
Democracy Center          Bethesda, MD              —                       Cassidy & Pinkard Colliers —                             —                           $34m         688,493 s/f   Off.         S   Dec. 19th FCD
4401 North Fairfax Dr.    Arlington, VA             —                       Jones Lang LaSalle         US Fish & Wildlife Service    —                           —            138,000 s/f   Off.         L   Dec. 19th FCD
Enterchange at Hampton Hampton, VA                  BEH BLD LC              CB Richard Ellis           Vogel Lubrication             GVA Advantis                —            48,450 s/f    —            L   Dec. 19th 14D
The Packard Building      Philadelphia, PA          —                       NorthMarq Capital          —                             —                           $21.5m       180,000 s/f   Off.         S   Dec. 19th FCE
Rockaway 80               Rockaway, NJ              —                       —                          Grosvernor Invesment Mgmt. HFF                            $25m         260,186 s/f   Off.         S   Dec. 19th 6E
888 Biscayne Blvd.        Miami, FL                 —                       —                          —                             Kennedy Funding             $10.14m      44,000 s/f    —            S   Dec. 19th 6E
Montrose Apts.            La Crescenta, CA          —                       PNC ARCS                   —                             —                           $3.9m        46 units      Apt.         S   Dec. 19th 7E
Medical Office/            Westminster, CO           —                       U.S. Realty Capital        —                             —                           $6.5m        —             Off.         S   Dec. 19th 7E
Folcroft E.Business Pk
4893 Transit Rd.          Lancaster, NY             —                       Largo                      —                             —                           $1.8m        8,450 s/f     —            S   Dec. 19th 7E
440 Commons               Jersey City, NJ           Developers              Sperry Van Ness            —                             —                           $24.6m       —             Retail       S   Dec. 19th FCH
                                                    Diversified Realty
Plaza 12 Shopping Ctr.    New York, NY              New Carteret Assocs.    Cohen and Company          —                             Cohen and Company           $9.25m       60,000 s/f    Retail       S   Dec. 19th FCH
1851 Bethlehem pike       Fourtown, PA              1854 BP LP              Taylor Zang Retail Group   728 Dawson Associates         Taylor Zang Retail Group    $2.721m      3,242 s/f     Retail       S   Dec. 19th 9H
Starbucks                 New City, NY              —                       Marcus & Millichap         —                             Marcus & Millichap          $2.175m      2,900 s/f     Retail       S   Dec. 19th 9H
Chimney Rock Rd./         Bridgewater, NJ           —                       —                          UPS                           Advance Realty              —            255,000 s/f   Retail       S   Dec. 19th 14H
MiddleBrook Crossroads
Summerhill Marketplace East Brunswick, NJ           —                       Onyx Equities              —                             —                           —            78,000 s/f    Retail       S   Dec. 19th 14H
999 Rte. 17               Ramsey, NJ                —                       Van Houten Parker          —                             —                           —            1.86 Acre     Land         S   Dec. 19th 18H
177 Valley Rd.            Woodridge, NJ             —                       Van Houten Parker          —                             Van Houten Parker           —            16,000 s/f    Retail       S   Dec. 19th 18H
221 West Grand St.        Montvale, NJ              DS Montvale LLC         J.W. Burke Realty          Kessler Institute for Rehab   Van Houten Parker           —            2,200 s/f     Retail       L   Dec. 19th 18H
333 River Rd.             Hoboken, NJ               Allied Companies        Allied Companies           LA Boxing                     Van Houten Parker           —            4,000 s/f     Retail       L   Dec. 19th 18H
Sprout Brook SC           Paramus, NJ               Sprout Development      Goldstein Group            Cofinance Inc.                 Goldstein Group             —            21,000 s/f    Retail       S   Dec. 19th 18H
Randolph Park             York, PA                  —                       CBC-Bennett Williams       —                             CBC-Bennett Williams        —            1,750 s/f     Retail       L   Dec. 19th 19H
Barisle Commons           York, PA                  —                       —                          US Marine Corps               CBC-Bennett Williams        —            1,200 s/f     Retail       L   Dec. 19th 19H
Casleton SC               Marietta, PA              —                       —                          Snap Fitness                  CBC-Bennett Williams        —            2,366 s/f     Retail       L   Dec. 19th 19H
465 Phoenix Dr.           Chanmberburg, Pa          —                       —                          Health Network Laboratories CBC-Bennett Williams          —            1,990 s/f     Retail       L   Dec. 19th 19H
Lititz Pike               Lititz, PA                —                       LMS Commercial             Little Ceasars Pizza          CBC-Bennett Williams        —            1,673 s/f     Retail       L   Dec. 19th 19H
Shoppes at Bloomfield      Lititz, PA                —                       LMS Commercial             Verizon Wireless              CBC-Bennett Williams        —            1,383 s/f     Retail       L   Dec. 19th 19H
Village
300 East High St.         Hanover, PA               —                       CBC-Bennett Williams       Meier Supply Company          —                           —            8,400 s/f     Retail       L   Dec. 19th 19H
Bradford Plaza            West Chester, PA          —                       Fameco                     American Taekwondo Assn. —                                —            3,220 s/f     Retail       L   Dec. 19th 20H
Inside Back Cover G — February 13 - March 12, 2009 — Commercial Office Properties Spotlight — Mid   Atlantic Real Estate Journal MAREjournal.com




                    Opening Strong...
                    Newmark Knight Frank                       Newmark Knight Frank                        Newmark Knight Frank
                 is pleased to announce that                is pleased to announce that                 is pleased to announce that




                       extended and
                    expanded its lease to                     extended its lease for                            purchased
                        145,163 SF                                 59,000 SF                              342,000 SF / 82 acres
                             at                                         at                                          at
                Interchange 7 Business Park                      210 Silvia Street                     Mid-Atlantic Corporate Center
                       Bordentown, NJ                               Ewing, NJ                             Monroe & Cranbury, NJ




                    Newmark Knight Frank                       Newmark Knight Frank                        Newmark Knight Frank
                 is pleased to announce that                is pleased to announce that                 is pleased to announce that


                 The Ownership of
                190-198 Witherspoon


                            sold                                      leased                               expanded its lease to
                          9,600 SF                                  167,000 SF                                  140,000 SF
                             at                                          at                                          at
                     Princeton Borough                          1100 Campus Road                              584 Route 130
                        Princeton, NJ                              Princeton, NJ                               Hamilton, NJ




                    Newmark Knight Frank                       Newmark Knight Frank                         Newmark Knight Frank
                 is pleased to announce that                is pleased to announce that                  is pleased to announce that




                leased its new headquarters of             signed multiple leases totaling                         leased
                         27,300 SF                                   54,400 SF                                    6,400 SF
                              at                                         at                                          at
                      4365 Route One                         Hamilton Business Center                     14 North Harrison Street
                       Princeton, NJ                               Hamilton, NJ                                Princeton, NJ




              North America • Europe • Asia-Pacific • Latin America • Africa • Middle East •              www.newmarkkf.com
MAREjournal.com          Mid Atlantic Real Estate Journal — Commercial Office Properties Spotlight — February 13 - March 12, 2009 — Back Cover G




      With Appreciation to Our Clients
        During Our First 20 Months
                Newmark Knight Frank                         Newmark Knight Frank                       Newmark Knight Frank
             is pleased to announce that                  is pleased to announce that                is pleased to announce that


                   Princeton Pike
                  Business Center


            sold a two-building complex of                   extended its lease for                            leased
                       81,000 SF                                   19,136 SF                                 10,700 SF
                           at                                          at                                         at
                   3175 Princeton Pike                      Ewing Commerce Park                        275 Phillips Boulevard
                    Lawrenceville, NJ                        Ewing Township, NJ                             Ewing, NJ




                Newmark Knight Frank                         Newmark Knight Frank                      Newmark Knight Frank
             is pleased to announce that                  is pleased to announce that               is pleased to announce that




             signed multiple transactions
                      totaling                           signed multiple leases totaling           signed multiple leases totaling
                       22,400 SF                                   22,500 SF                                 50,000 SF
                            at                                         at                                        at
                   707 Alexander Road                        300 Alexander Road                          50 Millstone Road
                      Princeton, NJ                             Princeton, NJ                            East Windsor, NJ




                Newmark Knight Frank                         Newmark Knight Frank                      Newmark Knight Frank
             is pleased to announce that                  is pleased to announce that               is pleased to announce that




                                                                                                    sold three buildings totaling
                         leased                                                                             74,800 SF
                                                         signed multiple leases totaling                        at
                       60,000 SF
                                                                  126,500 SF                           2 and 8 Centre Drive
                           at
                                                                       at                              Monroe Township, NJ
                   1100 Cornwall Road                                                                            and
                  Monmouth Junction, NJ                 Central Crossings Business Park                 47 Commerce Drive
                                                                Bordentown, NJ                             Cranbury, NJ




                                                     301 Carnegie Center • Suite 301 • Princeton, NJ 08540 • Tel. 609.896.1600

				
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