55 Broad Street in Red Bank, the first acquisition under a fund by Saxum Real Estate — Courtesy: Saxum Real Estate
By Joshua Burd
Saxum Real Estate has hired a new director of leasing for its growing roster of downtown commercial buildings.
The real estate investment and development firm on Monday announced the addition of Matthew Wassel, who joins Saxum from CBRE. In the new role, he will be based in the firm’s Parsippany headquarters and focus on the leasing and marketing of its portfolio.
The new hire comes as Saxum continues to expand its holdings and platform. Over the last 18 months, the firm has launched its first fund, the Saxum Adamas Fund I LP, and acquired more than 10 new assets in walkable downtowns of communities such as Red Bank, Montclair and Summit.
“The developers that have had leasing success over the last several years in New Jersey are those that have been able to forecast the changing demands of tenants and their employees,” Wassel said. “The competition to attract a talent pool with evolving expectations has forced employers to use their space as a recruiting tool, and Saxum’s portfolio and acquisition strategy positions itself to create solutions for this demand.”
“Saxum’s focus on creating trophy buildings in vibrant downtowns is unique, and I look forward to working with the team to help the portfolio realize its potential.”
Wassel specialized in office brokerage with CBRE, where he completed leases valued at more than $300 million, according to a news release. He worked on behalf of landlords and tenants across various asset classes during his tenure, giving him a diverse range of transactional experience.
“Matt’s impressive track record and experience has enabled him to gain an incredible understanding of the demands of today’s most forward-thinking tenants,” said Anthony Rinaldi, managing principal of Saxum. “Matt’s unique perspective and entrepreneurial spirit is a great compliment to our dynamic team and will further enhance Saxum’s ability execute our investment strategy.”
Wassel has also overseen the marketing and leasing of more than 4 million square feet of Class A office and mixed-use product in New Jersey, Saxum said. He was involved in deals such as iCIMS’ headquarters relocation to Bell Works in Holmdel, a transaction that was a finalist for NAIOP New Jersey’s 2017 mixed-use deal of the year.
Most recently, Saxum acquired two neighboring properties in downtown Montclair, including a 25,000-square-foot former bank building and an adjacent three-story, 9,000-square-foot property at 483 Bloomfield Ave. The firm said it will renovate and reposition the properties as high-end, boutique office and retail space.
Downtown Montclair buildings are latest acquisitions for Saxum
