C — November 8 - 21, 2013 — New Jersey — Mid Atlantic Real Estate Journal


N ew J ersey

Morristown’s 1776 On the Green Newmark Grubb Knight Frank brings office to 98% occupancy

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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.

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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

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