It may well be decades before New Jersey’s suburban office market is no longer overbuilt. That is, of course, assuming that property owners and local officials find the type of common ground needed for redevelopment, as we try to highlight when we come across those stories.
We have one such example in our latest issue. As you’ll read in this month’s cover story, Reynolds Asset Management is spearheading a plan to reposition the Princeton Pike Office Park in Lawrence Township. Notably, the project calls for razing only half of the site’s existing office space, leaving three buildings that are now thriving and nearly fully leased after a recent makeover. The other three are slated to come down starting this fall or in early 2025, making way for 204 apartments and 17,000 square feet of restaurant and retail space.
“There was a lot of compromise,” Lou Reynolds, CEO of Paramus-based Reynolds Asset Management, told us while discussing the project. “I think we struck a really nice balance between what the town wants and something that’s economically viable.”
Our September issue also includes our coverage of Advance Realty Investors’ recent groundbreaking of Freshpet Inc.’s new 30,000-square-foot, built-to-suit headquarters in Bedminster. The rare ground-up office project is jumpstarting the developer’s expansion of a campus on Route 206, the site of its own headquarters, where it also plans to add 20,000 square feet of new retail space that will serve a growing corridor of blue-chip companies.
Elsewhere in this edition, we explore how commercial real estate clients have been a key source of growth for Splendor, a full-service creative agency that’s marking its 25th anniversary, accounting for some 40 to 60 percent of its business in recent years. Those clients have included the likes of Russo Development, SJP Properties, Onyx Equities and J&L Cos. All the while, the firm’s decision to locate in Red Bank in 2011 continues to pay dividends when it comes to business development and attracting talent, prompting it to expand several times.
You can find those stories and more in our latest issue, including a feature highlighting a key milestone for Prism Capital Partners. The Nutley-based developer recently reached its long-held goal of taking its residential property management in-house, with a growing portfolio that now has more than 800 apartments. The move is already bearing fruit, providing real-time data that can boost performance, while reducing turnover and optimizing rental rates to ensure that the firm is enhancing the value of each property.
There’s more to come as we head into the fall, following a busy summer that saw some high-profile office deals in the days before Labor Day. That could speak to a strong end of the year and what will undoubtedly be a busy event season. Until then, thanks for reading and enjoy the issue!
Joshua Burd
Editor
