Linden Logistics Center in Linden includes seven industrial buildings across 350 acres. — Courtesy: Greek Real Estate Partners
By Joshua Burd
Greek Development is now Greek Real Estate Partners, as the firm looks to highlight its growing selection of third-party services beyond its own portfolio of industrial buildings.
Based in East Brunswick, the third-generation company has developed more than 30 million square feet since its founding in 1938 and currently operates more than 20 million square feet. Increasingly, though, it has provided general contracting, property management and other services to fellow developers and tenants.
Its new name and a new website reflect the shift and the growth of a platform that includes three sub-brands: Greek Development, Greek Design | Build and Greek Management, the company said.
“Our firm has grown tremendously in recent years and the launch of our rebrand is a culmination of our hard work in transforming into a fully integrated industrial real estate operator,” said David Greek, managing partner at GREP. “We’re proud of our monumental progress in creating record-setting developments across New Jersey and Pennsylvania, the growth of our talented in-house team, and the ability to offer our expertise to our industry peers. This new moniker highlights the breadth of our abilities and we look forward to continuing our legacy under this new banner.”
The firm noted that Greek Design | Build serves tenants and outside owners by overseeing the design, build, reconstruction and project management process for a range of property types. Meantime, Greek Management provides the services of GREP’s in-house team with a focus on modern property management processes, technology and maintenance practices.
With a portfolio that is 99.6 percent leased, Greek has also scaled its own development pipeline with high-profile projects such as Linden Logistics Center and Logan North Industrial Park, which it has developed in tandem with Advance Realty Investors. It has acquired 2.7 million square feet of industrial property valued at $320 million in the last two years alone, the firm said, while it has completed $300 million in property sales.
Additionally, GREP has a long-term development pipeline of more than 2.5 million square feet valued at more than $1 billion, according to a news release. The team has secured $675 million in financing on 5.5 million square feet of development, executed 2.6 million square feet of leasing activity and completed $1.26 billion in aggregate deal volume over the last year.
Notably, Greek has doubled the size of its corporate footprint in 2022, hiring 19 new team members and opening a new 14,000-square-foot office to accommodate its growth.
