Jones Lang LaSalle
Hilton: Carnegie 902
Carnegie 902 is a five-story Class A structure with 136,000 square feet of office space. Rental cost: $35 per square foot plus electricity and heating costs.
"Location and quality is the pitch on this," says Matt Malatich, who recently came to Hilton Realty from marketing the American Metro Center for Preferred Real Estate Investments. "Our mechanicals are state of the art, and we have access to Route 1 from Meadow Road, Alexander Road, and Carnegie Center Boulevard."
Other advantages: Covered parking, proximity to restaurants and shops, and willingness to divide the building for tenants who need 5,000 to 15,000 feet. "What will make us unusual is that with a brand new Class A building, we are willing to split floors in two or four tenants per floor," says Hilton Realty's Mark Hill. The first floor could accommodate offices from 4,612 square feet to 7,400 square feet.
Another deal maker might be the basement. Basement? Few Class A buildings come with basements, but they are useful for storing files. Space underground will rent for just $10 or less than a third of the swanky space. "Some of our tenants in other buildings may have filing and storage requirements, and the humidity-controlled basement can free up the more expensive office space. It is more costly to construct but is an amenity," says Malatich. The design also allows the landlord to stow mechanical systems underground, thus saving space on the first floor.
George Sands has been a developer since 1952, and now his son Jeffrey is in the business as well. George Sands began by buying farms and building housing developments and apartments in Montgomery, East Windsor, and Hamilton. Research Park took a decade to build, starting in the mid 1960s, and the first tenants were Educational Testing Service and the Gallup Poll. The small retail strip near Research Park grew into a Buxton ice cream store at Montgomery Center (now Friendly's) and then into shopping centers on Route 206 and in the Windsors.
The first Class A buildings were two acquired in 1999 near Philadelphia, flanking the Pennsylvania Turnpike. Other Class A acquisitions were 821 Alexander, 4301 Route South, plus 101 and 104 Interchange Plaza, located at Exit 8A, where the firm is seeking approvals for a 60,000 square foot building.
Hilton bought the Carnegie Center property, complete with architectural designs and approvals, from Advance Realty Group. Unlike the Patrinely firm, Hilton Realty does not "build to sell." It operates on a conservative investment model. "We like multi tenant assets, five solid tenants rather than one building with one tenant," says Hill. "We buy or build the best building that can possibly be built, fill it with the best tenants, and own it forever."
Hilton now owns seven million square feet of real estate, including office, retail, and apartments. Though the firm has 16 people in the Princeton office, it has 115 nationally, including facilities and apartment managers and leasing brokers. Robert Parry, who is doing the Carnegie Center job, is one of three project managers who do the general contracting. Fletcher Thompson of East Brunswick did the design, which Malatich describes as having "a ton of glass on the outside and a two-story atrium lobby with four entry doors."
As for leasing activity, "I have talked to quite a few existing tenants about expansion to 902 and have gone into second and third meetings," says Hill.
Hilton Realty Co. LLC, 194 Nassau Street, Suite 21, Princeton 08542; 609-921-6060; fax, 609-921-0939. George H. Sands, senior partner. www.hiltonrealtyco.com
Hilton: Carnegie 902
Carnegie 902 is a five-story Class A structure with 136,000 square feet of office space. Rental cost: $35 per square foot plus electricity and heating costs.
"Location and quality is the pitch on this," says Matt Malatich, who recently came to Hilton Realty from marketing the American Metro Center for Preferred Real Estate Investments. "Our mechanicals are state of the art, and we have access to Route 1 from Meadow Road, Alexander Road, and Carnegie Center Boulevard."
Other advantages: Covered parking, proximity to restaurants and shops, and willingness to divide the building for tenants who need 5,000 to 15,000 feet. "What will make us unusual is that with a brand new Class A building, we are willing to split floors in two or four tenants per floor," says Hilton Realty's Mark Hill. The first floor could accommodate offices from 4,612 square feet to 7,400 square feet.
Another deal maker might be the basement. Basement? Few Class A buildings come with basements, but they are useful for storing files. Space underground will rent for just $10 or less than a third of the swanky space. "Some of our tenants in other buildings may have filing and storage requirements, and the humidity-controlled basement can free up the more expensive office space. It is more costly to construct but is an amenity," says Malatich. The design also allows the landlord to stow mechanical systems underground, thus saving space on the first floor.
George Sands has been a developer since 1952, and now his son Jeffrey is in the business as well. George Sands began by buying farms and building housing developments and apartments in Montgomery, East Windsor, and Hamilton. Research Park took a decade to build, starting in the mid 1960s, and the first tenants were Educational Testing Service and the Gallup Poll. The small retail strip near Research Park grew into a Buxton ice cream store at Montgomery Center (now Friendly's) and then into shopping centers on Route 206 and in the Windsors.
The first Class A buildings were two acquired in 1999 near Philadelphia, flanking the Pennsylvania Turnpike. Other Class A acquisitions were 821 Alexander, 4301 Route South, plus 101 and 104 Interchange Plaza, located at Exit 8A, where the firm is seeking approvals for a 60,000 square foot building.
Hilton bought the Carnegie Center property, complete with architectural designs and approvals, from Advance Realty Group. Unlike the Patrinely firm, Hilton Realty does not "build to sell." It operates on a conservative investment model. "We like multi tenant assets, five solid tenants rather than one building with one tenant," says Hill. "We buy or build the best building that can possibly be built, fill it with the best tenants, and own it forever."
Hilton now owns seven million square feet of real estate, including office, retail, and apartments. Though the firm has 16 people in the Princeton office, it has 115 nationally, including facilities and apartment managers and leasing brokers. Robert Parry, who is doing the Carnegie Center job, is one of three project managers who do the general contracting. Fletcher Thompson of East Brunswick did the design, which Malatich describes as having "a ton of glass on the outside and a two-story atrium lobby with four entry doors."
As for leasing activity, "I have talked to quite a few existing tenants about expansion to 902 and have gone into second and third meetings," says Hill.
Hilton Realty Co. LLC, 194 Nassau Street, Suite 21, Princeton 08542; 609-921-6060; fax, 609-921-0939. George H. Sands, senior partner. www.hiltonrealtyco.com
posted by Jones Lang LaSalle NJ News Blog at 11:21 AM
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