Page 17 - RENJ May 2021 Issue 53

challenging and reassuring for the team behind Journal Squared. Kaplan pointed to the
challenges
of renting
apartments
over the past
year, noting
that “you had
people leaving
the market” and
contributing to
a decidedly more difficult leasing environment. But rather than cutting costs for the project, he said, KRE believed that “we had to double down on our investment in the building to make it the best-in-class product.”
Renters have validated that decision during the first two months of leasing.
“We’d be lying if we said it wasn’t a challenging year, but we’ve clearly seen that people are coming back for high quality,” Jonathan Kushner said. “They’re definitely coming back for a little bit more free rent and perhaps even a little bit of a lower rent, but there’s a flight to quality in the town and we’re reaping the benefits of that.”
The response at the second tower has also reinforced another outcome of the COVID-19 crisis — the acceleration of trends that were emerging before the pandemic. That includes the demand for flexible amenity spaces that allow for both socializing and working, the latter
of which has become increasingly important. KRE and its design team were conscious of that when it
came to its sky lounge, which Marc Kushner said has the best view in the building and is an area “where people can sit and spend the day.”
Journal Squared also taps into renters’ appetite for multiple transportation options, starting with its location atop the second-busiest PATH station in New Jersey. But
the building is also auto-friendly — thanks to its large hotel-like porte cochere — while offering abundant and easy-to-access bicycle storage.
Those options combine with the neighborhood’s walkability, which has been enriched by a landscaped pedestrian plaza known as Magnolia Landing. The space, which leads
to the Journal Square transit hub, opened in 2018 as part of KRE’s project and has played host to farmers markets, seasonal activities
and community events.
“Furthering the trends, we’re enabling lots of different ways of getting around,” Kaplan said, adding that it’s not just about the subway, cars or bikes. “It’s about an offering for tenants to make choices (on) however they feel most comfortable, especially in this environment.”
KRE AND NATIONAL REAL ESTATE ADVISORS
are now looking ahead to the third and final phase, which is fully designed and could begin as soon as this year if velocity remains strong.
“It’s just about when we as a
Marc Kushner
Journal Squared phase two has added some 70,000 square feet of indoor and outdoor amenity space to the complex, including a full-floor fitness center, bringing the total to nearly 100,000 square feet, all of which is available to residents of either existing building and future residents of the third and final building.
REALESTATENJTM 15
Courtesy: Qualls Benson/VMI