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touch after he moved to Accordia, he
said.
“It’s something that we weren’t
really thinking of when we started
this,” Recine said, “but it was a
business line we couldn’t look away
from because it just kept falling in
our lap.”
Those businesses will continue to
develop from Accordia’s longtime
home at 100 Passaic Ave. in Fairfi eld,
where it recently changed offi ce
suites and began construction on a
new space. It’s only fi tting, Bogart
said, that the company give itself
“an upgrade and a fresh image” as it
embarks on its next chapter.
“We’re elevating the look and feel
and the mentality of the company,”
he said. “We want to be known as
one of the best developers in every
market we go to. So we’re going
to buy quality assets, we’re going
to do quality work with quality
partners. And this offi ce needed to
get that look and feel so that we all
understand it.” RE
to the fi rm.
November, in the fi rst piece of what
it fi gures to be a growing portfolio in
Meantime, its reacquisition of the
the region.
Warren medical offi ce campus at
34 Mountain Blvd., which it initially
held for 10 years, comes with a
value-add opportunity at a property
whose tenants include Summit
Medical Group. Its immediate plans
include modernizing common areas
“We’ve been looking down in the
Southeast, focused on Florida
and the Carolinas,” Pizzolato said.
“They’re probably the two pockets
we’re going to be spending a lot of
time in.”
such as restrooms and corridors,
new front glass doors, painting
the buildings and adding a new
courtyard with seating and eating
areas, along with new landscaping.
Accordia also expects to install
new signage inside and outside the
buildings.
As for whether Accordia plans
to make any other high-profi le
hires, Bogart said the fi rm will hire
additional support staff, but “we’re
very conscientious of adding assets
under management before adding
people in seats.” It is, however,
looking to renew partnerships in the
institutional space while creating
new ones.
“It’s a repositioning play,” Bogart
said, later adding: “It’s an easy,
cosmetic fi x for us. We can just go
in and put a little capital into the
building, restructure some of the
leases and it’s … a deeply discounted
basis to where we bought it (in
2005).”
Accordia is also under contract to
buy a 35,000-square-foot industrial
property in the Southeast, which
it expects to close on in mid-
All the while, the new-look team
has forged ahead with several
development projects that had
entered the fi rm’s pipeline in recent
years. In Roxbury, Accordia is
seeking approvals for a two-building,
500,000-square-foot industrial
complex at the intersection of Route
46 and Interstate 80 that could break
ground in 2025. It’s also pursuing
two residential projects, including
a 95-unit development in West
Caldwell that is in the entitlement
process. The second multifamily
project would involve the restoration
and adaptive reuse of the historic
Sisters of Christian Charity convent
in Mendham, where Accordia hopes
to build some 120 units that would
help satisfy the borough’s affordable
housing obligations.
“Matt brings a ton of relationships
to the table,” Bogart said. “A lot
of household names both on the
lending and equity side, so we
expect we’ll probably create some
new partnerships. This has been a
great reset for us as far as just the
brand and what we’re looking at
next.”
Notably, the revamped fi rm has
quickly developed a brokerage
division under Recine’s leadership.
It now has multiple agency
assignments at offi ce buildings in
New Jersey and elsewhere that
it’s comarketing with JLL, while
it’s engaged to handle more than 1
million square feet of active tenant
requirements, largely due to “25
years of relationships” that kept in
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