14B — August 17 - 30, 2012 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
C ompany N ews
Key sponsor of race event MountainDev. Corp. teams with Sax Macy Fromm
iscataway, NJ —Cas- sidy Turley recently held a successful blood drive Partners with Red Cross to help meet critical need Cassidy Turley hosts blood drive at 371 Hoes Lane P hold another blood drive in the near future. the second. Average asking rents decreased by $0.38 to $23.24 psf.
WOODLAND PARK, NJ — Mountain Development Corp. has become a Platinum Sponsor for the first annual “4 Miler at Garret Mountain” to benefit St. Joseph’s Children’s Hospital Pediatric Hematolo- gy/Oncology Department. The Sax Macy Fromm Foundation is presenting the fund-rais- ing run and family event on Saturday, Sept. 8 at the Gar- ret Mountain Reservation in Woodland Park. “Mountain Development Corp. always has been com- mitted to corporate social responsibility,’’ said Michael Seeve, company president. “We are excited to collaborate with our friends at Sax Macy Fromm and to support this effort to raise funds for the Pe- diatric Hematology/Oncology Department at St. Joseph’s Children’s Hospital. The 4 Miler at Garret Mountain promises to be a wonderful event, and one that we hope to be associated with for many years to come. And we can use the exercise!’’
In other news, New Jersey office market fundamentals stabilize. Current market fun- damentals should stabilize later in the year and lay the groundwork for growth in New Jersey by 2013, according to a second quarter Office Market Report published by Cassidy Turley. Following in the footsteps of the first quarter of 2012, both the Northern and Central New Jersey office markets continued to cope with tepid demand and overall flat activity in the sec- ond quarter. With 676,614 s/f of negative absorption in the second quar- ter, the vacancy rate in North- ern New Jersey increased to 15.3% from 14.9% in the first quarter, while the average ask- ing rental rate remained flat at $24.69 psf. Central New Jersey’s 486,927 s/f of negative absorption con- tributed to an increase in the vacancy rate, from 16.3% in the first quarter to 16.8% in
“There is still a sense of cau- tion in the market as evidenced by negative absorption for both Northern and Central New Jersey,” said Raymond Trev- isan, managing director of New Jersey for Cassidy Turley. “The upcoming November elections and business concerns over federal spending and tax poli- cies have sidelined corporate decision making. There needs to be more clarity on these is- sues in order to produce mean- ingful gains in economic and employment growth to improve overall confidence and promote corporate expansion.” “We have seen a positive impact from various state eco- nomic development initiatives,” added David Simon, executive managing director for Cassidy Turley. “These programs have helped New Jersey attract and retain tenants, increase con- struction activity and stimulate the creation of jobs, particu- larly in urban areas.” n
at 371 Hoes Lane. The Cassidy Turley Team that worked with the Ameri- can Red Cross to facilitate the event included assistant vice president Harold Campbell, senior maintenance technician Alex Goda, and assistant prop- erty manager Donna Ramirez. The team worked diligently to inform tenants of the drive via word-of-mouth, sending email notices and distributing flyers. “This was an important event for our office building because so many people here wanted to express their support and be part of the community,” said Campbell. ”One of the best ways for individuals to do this is by donating blood. It’s very encouraging to see that so many people are interested in fulfilling this vital community need.” Campbell added that there is active interest from the Cas- sidy Turley team and tenants to BARNEGAT/STAFFORD TOWNSHIP, NJ — Stafford Park, a LEED-certified redevel- opment, was recently named a winner of the 2012 New Good Neighbor Award, presented by the New Jersey Business & Industry Association (NJBIA). Ed Walters, Jr., partner and founder of Walters Group, the developer of Stafford Park, ac- cepted the award at a luncheon at the Pines Manor in Edison. The 52nd annual New Good Neighbor Awards recognized PRINCETON, NJ — Princ- eton, NJ-based ikon.5 architects has been awarded aMeritAward in the Non-Residential Built category by the New Jersey chapter of the American Insti- tute of Architects (AIA-NJ) for the Campus Commons, a three- level, 12,000 s/f expansion of the 1970 student union at the State University of New York at New Paltz. The expressive, angular shape of the glass-sheathed build- ing with a jutting apex is an architectural reference to the rock outcroppings of the distant Shawangunk Ridge, a major rock-climbing destination that is a distinctive part of the campus’ natural setting. The project also
Michael Seeve and chair- man L. Robert Lieb lend their support. “We are extremely thankful for the generosity of Mountain Development Corp,’’ said Stu- art Berger, principal, Real Es- tate Group, Sax Macy Fromm. “Their sponsorship will help to advance the important ser- vices provided to youngsters by St. Joseph’s Children’s Hospital.’’ Berger encouraged other real estate companies to join the effort. “The real estate community is a very philanthropic group, support- ing many important causes in the state,” he said. n
The Hampshire Cos. donates $100,00 to NJ Sharing Network
New Jersey Business & Industry Association presents Stafford Park with award
Stafford Park
mixed-use redevelopment is comprised of residential, retail and recreational com- ponents. n enlivening a formerly neglected space between two pre-existing concrete buildings, providing a physical point of identity for the university and modernizing its image, while also linking it to the regional landscape. “There was little about the institutional architecture of the SUNY New Paltz campus to dis- tinguish it from that of the doz- ens of other SUNY campuses,” said Joseph G. Tattoni, AIA, a principal of ikon.5 architects. “Our goal was to transform the image of the campus by designing a Campus Commons that created a striking first impression and that was an abstract expression of the majestic rock crags of the Shawangunk Ridge.” n
the best and most exciting com- mercial and industrial develop- ment projects in New Jersey. Located on 370 acres, the
Shown from right: Norman Feinstein, vice chairman of the Hampshire Companies, presents the NJ Sharing Network Foundation with a generous financial gift. Pictured with Feinstein (left to right) are Barry Newman, NJ Sharing Network’s Chief Financial Officer, Elisse Glennon, executive director of the NJ Sharing Network Foundation, and Joe Roth, president and CEO of NJ Sharing Network.
Ikon.5 Architects receives AIA-NJ Design Award in Princeton, NJ included the renovation of 10,000 s/f of adjacent space in the exist- ing student union.
“We are proud to present this award to ikon.5 for this creative structure that serves as a campus gathering center and makes a strong counterpoint statement to the topography of the landscape,” said Laurence E. Parisi, AIA, president of AIA-NJ. “Creating this transparent and sculptural structure for the University is a well deserved achievement for this creative architectural firm.” The new “crystalline palisade,” as the Campus Commons has been called, functions as the gateway to the university, creat- ing a dramatic first impression by
made to the NJ Sharing Net- work Foundation. “We are extremely grate- ful for this generous gift and express our sincerest thanks. This contribution will greatly help our efforts to save and enhance as many lives as pos- sible through organ and tissue donation,” said Elisse Glennon, Executive Director, NJ Sharing Network Foundation. Hampshire Real Estate owns the building that NJ Sharing Network leases for its headquarters in New Providence. n
NEW PROVIDENCE, NJ — The NJ Sharing Network Foundation announced that Morristown-based Hampshire Real Estate Companies, a real estate investment fundmanag- er, has contributed $100,000 to support the work of NJ Sharing Network, the non-profit agency responsible for the recovery of organs and tissue for 5,000 New Jerseyans awaiting life- saving transplants. The Foun- dation is the philanthropic arm of NJ Sharing Network. The contribution is among the largest single gifts ever
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