619 River Drive in Elmwood Park — Courtesy: Accordia Realty Ventures
By Joshua Burd
Accordia Realty Ventures is set to manage and reposition a 102,000-square-foot office building in Elmwood Park, one of two assignments the firm has taken on behalf an out-of-state investor.
In a news release, the firm said it was working on behalf of Ellington Management Group to oversee leasing at 619 River Drive. As part of its assignment, the firm has started on upgrades that include adding new HVAC systems, white boxing vacant floors, refreshing vacant floor lobbies and overhauling the first-floor lobby and restrooms.
Completion is expected later this month, the news release said. Accordia noted that the building, the former headquarters of Langan Engineering and Environmental Services, has seen a decrease in occupancy over the past 15 years due to a lack of investment.
Ellington Management, which is based in Old Greenwich, Connecticut, has also tapped Accordia to reposition 824 North Market St. in Wilmington, Delaware. The 203,000-square-foot, 10-story office tower is in the heart of the downtown, adjacent to state and federal government complexes, and houses the U.S. Bankruptcy Court.
“We have great foundations to build upon,” said Joe Romano, a principal with the Fairfield-based firm. “We are looking forward to creating premier office environments at each location.”
Accordia’s plan calls for updated elevators, new HVAC systems, a new roof and new lobby, the news release said. Its goal is to increase occupancy from its current level of 65 percent.
“We appreciate Accordia’s track record of successfully turning around underperforming properties and look forward to a long and successful relationship between our two firms,” said Mitch Levine, Ellington’s director of loan acquisitions.