C — November 8 - 21, 2013 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
N ew J ersey
Morristown’s 1776 On the Green Newmark Grubb Knight Frank brings office to 98% occupancy
Monitor and Control your Heat and Hot Water Remotely Manage Your Residential or Commercial Properties, Assisted Living Facilities or Garden Apartment Complex Impact the Environment by Reducing Wasteful Energy Consumption No Building is too Big or too Small to Benefit from our System
M
ORRISTOWN, NJ —With the latest tenant signings by
Newmark Grubb Knight Frank , including the newly- signed Coverys Insurance, oc- cupancy at 1776 On the Green office building in downtown Morristown has reached 98%, leaving just one 3,033 s/f unit available. The Rutherford, NJ-based NGKF team of Christopher Olsen , Timo- thy Greiner and Brendan McBride , representing owner RREEF , instituted a highly effective program to complete the lease-up.
To find out how you can save, call EnTech today: 732.730.1595 www.entechdigital.com
C o n t r o l · M o n i t o r · C o n s e r v e · s a v e
1776 On the Green
“Our concept was to address the markets lack of small high quality units. With RREEF’s support, the lobbies and com- mon areas were renovated with ‘high quality finishes’,” said Olsen. “We then broke up the building’s 13,000 s/f floor plates into pre-built units with upgraded finishes rang- ing from 1,500 s/f to 3,000 s/f – and two of themwere leased before we even completed the units. That created momen- tum.” Just two years ago, oc- cupancy at the 162,000 s/f, 10-story building had fallen to 65% following the exit of several large tenants. RREEF recognized that the building, located at 67 Park Place on Morristown’s famed Green, needed a new approach to leasing, bringing the NGKF team on board to provide the solution. With the signing of Coverys Insurance to 5,000 square feet in a relocation within Morristown, the plan devised by the NGKF team has come full circle. That momentum created by the pre-built signings brought the Class A building’s occu- pancy to 82% by last Septem- ber. “Since then, we renewed seven tenants, expanded some of those tenants and, with the Coverys transaction, have nearly completed the lease- up,” he said. “RREEF, as the landlord, was pro-active, and in a challenged market decided to upgrade the property,” said Olsen. “RREEF invested heavily into the build- ing’s common areas and the pre-built space, building to high standards with top-flight finishes. They fully supported our plan, and the result is a thriving building and a decid- edly stronger tenant base com- manding higher rents.” n
Made with FlippingBook - Online magazine maker