O wners , D evelopers & M anagers

Real Estate Journal — Section B


M id A tlantic

ATAWAN, NJ — Hudson Equities Management Corp. VisionReal Estate Partners will continuemanaging the property at 90MatawanRd., Matawan, NJ Hudson Equities acquires 211,000 s/f, fully occupied asset from Vision Real Estate Partners M

brought Parkway 120 from nearly vacant to full occupancy during our involvement in its ownership,” said Vision Real Estate Partners’ Sam Mor- reale , founder and manag- ing partner. “This is our first partnership with Hudson Equities, and we look forward to working with Ephraim and his team to continue the prop- erty’s success and progress.” Located at 90 Matawan Rd. with views of Raritan Bay, Parkway 120 sits one quarter mile from Garden State Park- way Exit 120, and serves as home to a mix of regional ten- ants and local entrepreneurial firms. The five-story building features underground park- ing, a dual-sided atrium lobby, an onsite café and sundries shop, card-access security, and the newest mechanical and technology features. n and excavating 30 feet deep into rock and soil to expand the building’s basement foot- print. This major demolition work required installing 25 tons of steel for the temporary shoring to support the 45 year old structure and included in- stallation of 30 steel whalers and wood lagging for the new excavation, waterproofing at the structural connections to the old foundations and reinvigorating the subsur- face drainage with additional ejector pumps. The project called for installation of new meter rooms for electric and gas service, including alter- ing the building’s oil burner equipment to accept gas, as well. A new redundant boiler system, new cooling tower and new Fire Alarm system was installed to service the new commercial and retail spaces. In addition, four new hydraulic elevators and two escalators were installed to serve the newly created com- mercial and retail spaces. The building’s underground parking garage now accom- modates 127 vehicles.

potential as the highest-qual- ity office asset in the local market,” said Hudson Equi- ties’ Ephraim Hasenfeld , president. “This is a true world-class office building. It provides a work environ- ment that fosters productivity, amenities that help tenants attract and retain employees, and an image that speaks to success. Moving forward, we look forward to ensuring that tenants will enjoy the same responsive service they have come to expect.” At the time of the sale, Vi- sion Real Estate Partners finished orchestrating an ex- pansion for long-time Parkway 120 tenant iCIMS. The tal- ent acquisition software firm added 23,300 s/f to its commit- ment and now occupies a total of 83,900 s/f. That expansion brought Parkway 120 to full New York City, NY — Mc Gowan recently com- pleted the striking archi- tectural addition of a new expansive multi-level com- mercial and retail space, new building lobby and outdoor tenant amenity space at Leader House, an existing 30 story residential property on Columbus Ave. in NYC’s Upper West Side residential neighborhood, between West 92nd & 93rd Streets. Originally developed in 1968, Leader House is today owned by Starrett Develop- ment . The building’s origi- nal design included a large pedestrian plaza directly in front overlooking Columbus Ave. Starrett Development identified an exciting op- portunity to create a new commercial and retail space, including a new building lob- by, by recapturing the plaza sidewalk space and replacing it with a with a newly de- signed, more expansive and vibrant commercial, retail structure providing both the public and the building’s ten- ants with exciting new retail

HI-LIGHTS MARCH 27 - APR. 9, 2015 “Vision Real Estate Part- ners leveraged Parkway 120’s has acquired Parkway 120 in Matawan from Vision Real Estate Partners . The trade coincides with Vision Real Estate Partners’ success in bringing the 211,000 s/f, class A asset to full occupancy; Vi- sion Management, the firm’s in-house property manage- ment division, will continue as exclusive managing agent under the new ownership.

Parkway 120

occupancy. In its new role, Vision Management is preparing to launch a full renovation of the two-story lobby at Parkway

120. The project will include updated finishes, new lighting and carpeting, and the incor- poration of a seating area. “We take pride in having

Mc Gowan completes architectural addition of commercial and retail space at Leader House

Mulitfamily Featuring POA Expo

stores and tenant amenity space. Leader House’s project design team included WASA Architects & Engineers , working in concert with De Simone Structural En- gineers , to design the new building lobby and the multi- level commercial and retail structure at the base of the building along Columbus Ave. Mc Gowan was selected by Starrett Development to organize and perform the project’s complex construc- tion. Leader House contains 280 residential units on its 30 floors covering over 200,000 s/f. Starett Development’s newly created commercial and retail space adds over 32,000 s/f of first floor retail space in addition to over 17,000 s/f of commercial space in the building’s cel- lar and sub-cellar. These new commercial and re- tails spaces provide ceiling heights ranging from 15-18 feet in height. This new space has been well received by the neighborhood’s retail tenants. New leases are

signed and/or in negotia- tion by exciting destination retailers, special education schools, health clubs and restaurants. In addition, the top floor of the new commercial structure contains an oasis of over 9,500 s/f of roof decked open space, including a garden area with stone pavers, landscaping planters and synthetic turf lawn for recreational use by tenants of the building. The Leader House project is a noteworthy example of how some building owners today are making significant architectural changes to their building’s to create more vibrant commercial, retail and tenant spaces. The proj- ect’s significant structural modifications managed by the Mc Gowan project team included extensive demoli- tion of the original building lobby and the shallow retail space along the Columbus Avenue side of the building. The project scope called for removal of the existing floor slabs between the 1st floor, cellar and sub-cellar levels,


IREM launches “The REMEs”

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