28A — May 11 - 24, 2012 — New Jersey — Mid Atlantic Real Estate Journal


N ew J ersey

aramus, NJ — Cresa NJ – North/Central, part of Cresa LLC bro- Also A-V Services renews lease in Fairfield Cresa NJ – North/Central helps Forman Holt Eliades Ravin & Youngman expand in Paramus P

In Fairfield, Cresa NJ – North/Central brokered a re- newal of office and hi-tech pro- duction space at 99 Fairfield Rd. for A-V Services, Inc. Scancarella and Edward English, vice president of Cresa NJ, represented A-V Services in the transaction. The landlord, Commercecen- ter Realty, was represented by Howard Weinberg and Matt Turse of Cassidy Turley. “A-V Services had been a tenant at 99 Fairfield Road since 1987, and the company wanted to investigate alter- natives in the market to see if another property could suit its changing space needs,” said Scancarella. “After our mar- ket analysis we determined that the company’s existing building was the optimal facil- ity and location. We worked quickly with the landlord, who cooperated in discussing creative solutions that would accommodate A-V Services’ needs, leading to the success- ful completion of lease renewal within 90 days.” n NAIOP NJ panel: Opportunistic S i t ua t i on s Ar e Driving The “Smart Money” WOODBRIDGE, NJ—The program title for NAIOP New Jersey’s chapter meet- ing asked the very topical question, “Office, Industrial, Mixed-use: Where is the Smart Money Going?” To answer that question, Mark Goldstein of Liberty Property Trust introduced a panel he termed, “true leaders who have given their time and significant financial resourc- es to New Jersey’s economic benefit.” “The recovery is underway, and transactions are occur- ring – people are buying and selling commercial real estate assets. What are you buying and selling, or not?” moderator Alex Klatskin of Forsgate Industrial Partners asked panelists. For Bill Hankowsky, the answer was “industrial. We bought 4.2 million s/f, mostly industrial, in the past year. “We continue to try to buy value-add situations,” Han- kowsky said. “Most of the institutions are looking for stabilized real estate. We’re targeting value-add.” n

Youngman LLC, represented the law firm in the transaction. The landlord, Hanjin Shipping Co. Ltd., was represented by Kenneth Porreca of Newmark Knight Frank. “Forman Holt Eliades Ravin & Youngman, the building’s largest tenant, was looking to expand into a contiguous office space without disrupting its day-to-day operations,” said Scancarella. “To accommodate the expansion, the landlord relocated two neighboring tenants to alternative spaces within the building.”

kered 4,000 s/f lease for For- man Holt Eliades Ravin & Youngman LLC at 80 Route 4 East. The law firm, which previously leased 12,000 s/f at the building, was able to expand its offices to more than 16,000 s/f to accommodate its growing staff. James Scancarella, princi- pal of Cresa NJ – North/Cen- tral, along with Judy Sotardi and Charles Forman of For- man Holt Eliades Ravin &

80 Route 4 East

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