16B — August 11 - 24, 2017 — New Jersey — M id A tlAntic

Real Estate Journal


N ew J ersey

Jarmel Kizel Architects & Engineers expands team

Deals rep. 30 transactions conducted over the past 15mos. Bergman announces leases totaling 58,000 s/f at 1099 Wall st. West

tax rate to any portion of the IUA that is allocable to a C cor- poration or individual partner. The Partnership Representa- tive can request a modification to the imputed underpayment amount by providing informa- tion in regards to the partner- ship’s structure, operation and details of ownership. This modification request must be submitted within 270 days of the NOPPA mailing date un- less extended. Once any modifications are resolved, the partnership can either pay the imputed un- derpayment, or “push out” the liability to its partners within the Reviewed Year. Push-Out Election If you are too large to opt- out, but are looking for an alternative option – you have one. A partnership can “push out” the tax deficiency to the partners in the Reviewed Year, and those partners are then required to take the adjust- ment into account with their tax returns. This election must go through an IRS approval process so that the identity and the location of those audit- year partners are assured, and the push-out election must be made within 45 days of a final adjustment notice. It is still unclear, however, whether the push-out election can be made in a tiered partnership, and that guidance is promised in the near future. start to Prepare NOW The new audit regime will require heavy changes to new and existing partnership agree- ments, not to mention all vari- sizes to all stakeholders in the construction process. In- vestigations by GREYHAWK professionals frequently focus on the resolution of disputes and problems, and the deter- mination of root causes and re- sulting time and cost impacts. Our broad base of experience produces a unique outlook on how and why things go wrong LiViNgsTON, NJ — Alan Brandies joins the Jarmel Kizel Architects & Engi- neers as VP of client relations and business development. He brings over two decades of com- mercial real estate experience to Jarmel Kizel. Brandies spent over 20 years with a success- ful development company and more recently for the last seven years was responsible for build-

ables that need to be consid- ered when negotiating these agreements. As we are about 5 months away from when the new audit regime takes effect, there are still a num- ber of unanswered questions. However, it is imperative that partnerships begin to evaluate their current organizational structure, and place provisions in partnership agreements to cover both audits under the old regime and those under the new rules. These decisions should not be made once a po- tential income tax deficiency comes due. It is important to ensure you have the proper guidance when it comes to these new and evolving regulations and guidelines. We will keep you apprized on the Proposed Regu- lations updates that should provide clarity on some of the remaining unanswered questions. Sax Real Estate tax advisors can guide you on the potential effects related to the proposed tax legislation, and counsel you on the proper measures to take to avoid un- intended consequences for your partners upon examination of your partnership. For questions or further in- formation on these Proposed Regulations and the New Part- nership Audit regime, please contact me at glivanos@saxllp. com. george Livanos, CPA, MsT is the Tax Partner-in- Charge of the firm’s Real Estate industry service group, specializing in cor- porate, partnership and in- dividual income taxation. n on projects. Our perspective combined with the objectivity that comes from professionals who call it as we see it creates value for all stakeholders. Let GREYHAWK help your project team achieve success. Charles F. Boland is prin- cipal/chairman of gREy- hAWK. he has over 35 years of construction risk management experience. n ing strong client relationships with a central NJ engineering firm. He plans to use his vast network to increase Jarmel Ki- zel’s client base. In addition to Brandies, the firmhas also add- ed several design professionals in 2017. Liz Bermek, PE , joins the civil engineering team. The MEP department added Frank Woznica to the team as an elec- trical designer. n

yNDhuRsT, NJ — Bergman Real Es- tate group , a privately owned real estate investment firm that owns andmanages of- fice properties throughout New Jersey, announced 58,000 s/f of lease transactions including 13 new leases and 17 renew- als since acquiring the newly- renovated 1099 Wall St. West, a 120,000 s/f, three-story office building in Lyndhurst. Bergman Real Estate Group acquired the office building from a private equity fund in April 2016. At the time of ac- quisition, the building was 50% leased and home to more than 30 companies. A little over a year later, 1099 Wall St. West is now 75% leased and home to 43 companies. The leases range from 800 s/f to 8,000 s/f. The 13 newly- inked leases total 30,500 s/f, while the renewals total 27,500 s/f. “The combination of the at- tractive rental rates, a spec- tacular Meadowlands location and our ability to accommodate smaller-sized offices has drawn a lot of attention to 1099 Wall St. West,” according to isabel Freire , assistant director of leasing and marketing for Bergman Real Estate Group. “Our ownership has brought new energy, made numerous capital improvements and promotes a ‘tenants-first’ phi- losophy, which makes it such an attractive and appealing office facility.” 1099 Wall St. West offers direct access to Rte. 3 and 17 L CLiFTON, NJ — Tulfra Real Estate and The hamp- shire Companies announced that 65 Industrial St. South, a 204,000 s/f industrial/ware- house building in Clifton has been fully leased to Damascus Bakery, Inc. The former GlaxoSmith- Kline building had recently undergone a major $10 million upgrade and renovation after Tulfra Real Estate teamed up withHampshire Companies to acquire the building in 2015. The partners, which have a decades-long relationship and have combined to develop more than three million s/f, launched a major reposition- ing of the former manufac- turing plant for single-tenant use.

New Partnership Audit . . . continued from page 7B

1099 Wall Street West

and is within minutes of the New Jersey Turnpike and the Garden State Parkway. The property is less than 10 miles from Midtown Manhattan and is easily is accessible by NJ Transit bus service located directly in front of the build- ing or by NJ Transit train via the Kingsland station located within one mile. “We have an amazing loca- tion right by all the major thor- oughfares with direct access to Manhattan,” Freire said. “We have a lot of units that can ac- commodate smaller to medium space users, which fills a void in the market. And we have a really good, responsive team and deliver finished space to a tenant in as fast as two weeks.” Bergman Real Estate Group has made significant improve- ments to the property since its acquisition creating an “appealing, modern and relax- ing” environment for new and renewing tenants alike. “Our primary goal was to re- position the property by invest- ing in the building and making substantial improvements to keep our current tenant base

happy and attract new ten- ants,” said Michael Bergman , president and chief executive officer. “We’ve renovated all the common areas and corridors, replaced all the carpeting, up- dated all the bathrooms, added new lobby furniture, enhanced the landscaping and improved the signage so visitors can better navigate the building’s three wings.” Bergman Real Estate Group has also made a company-wide commitment to upgrading all of their properties with the addi- tion of a host of exciting new amenities. In addition to all of the com- mon area upgrades, Bergman is adding a new café and seat- ing, a tenant lounge and game room, and a conference room/ training center to accommo- date up to 30 people scheduled to open later this year. “These new amenities dem- onstrate the commitment of our new ownership.” Bergman said. “They’re going to be a fantastic addition and really enhance the building’s overall appeal to our existing tenant base and new tenants, alike.” n

Tulfra Real Estate and The hampshire Companies announce lease on 204,000 s/f

continued from page 2B Objectivity & perspective – Tools . . .

65 Industrial St. South

Damascus Bakery was rep- resented by Mark Tannen of united Realty and the ownership was represented by Chris hile, Jenna impera- tore and harold impera- tore of Jones Lang Lasalle . Mitchell Berkey of Csg Law represented the owner-

ship on the lease agreement. Damascus Bakery was repre- sented by steven D. Fleissig of greenberg Traurig, LLP . Ted Zangari and Cecilia i. Lassiter of sills Cummis & gross, PC represented Damascus Bakery on the $18 million Grow NJ grant. n

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