Jones Lang LaSalle
JV Buys Former Executive Jet HQ
By Eric Peterson
MONTVALE, NJ-Accordia Realty Ventures and Meritage/Oppenheimer Real Estate Value Partners I LP have teamed up to acquire the 62,000-sf office building at 85 Chestnut Ridge Rd. here. The deal marks their second joint acquisition in New Jersey. They earlier bought the Warren Office Center in Warren.
The latest acquisition, currently vacant, is the former headquarters of Executive Jet Corp., which shed the space when it became part of the Cincinnati-based NetJets. The price was not disclosed.
"We know from our previous experience that this is a terrific market," says Jason Bogart, a principal of Accordia, a West Orange, NJ-based firm. Plans call for "a complete repositioning of the asset to a headquarters-quality, class A building, Bogart says, "that will be versatile enough to accommodate a large single tenant or several smaller tenants." DMR Architects of Hasbrouck Heights, NJ has been hired to design a makeover that will include a new exterior wall system, a new roof, new common areas and mechanical systems. The landscaped grounds will also be upgraded.
"While there has been concern over vacancy in many parts of the state, spec office projects have already begun in the Parsippany and Princeton markets" says Accordia’s Joe Romano. "The Montvale market has been particularly active and we have already begun to receive RFP’s from prospective tenants. We think the timing is right. We plan to move quickly to fine-tune our plan and start executing our strategy for the property."
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
JV Buys Former Executive Jet HQ
By Eric Peterson
MONTVALE, NJ-Accordia Realty Ventures and Meritage/Oppenheimer Real Estate Value Partners I LP have teamed up to acquire the 62,000-sf office building at 85 Chestnut Ridge Rd. here. The deal marks their second joint acquisition in New Jersey. They earlier bought the Warren Office Center in Warren.
The latest acquisition, currently vacant, is the former headquarters of Executive Jet Corp., which shed the space when it became part of the Cincinnati-based NetJets. The price was not disclosed.
"We know from our previous experience that this is a terrific market," says Jason Bogart, a principal of Accordia, a West Orange, NJ-based firm. Plans call for "a complete repositioning of the asset to a headquarters-quality, class A building, Bogart says, "that will be versatile enough to accommodate a large single tenant or several smaller tenants." DMR Architects of Hasbrouck Heights, NJ has been hired to design a makeover that will include a new exterior wall system, a new roof, new common areas and mechanical systems. The landscaped grounds will also be upgraded.
"While there has been concern over vacancy in many parts of the state, spec office projects have already begun in the Parsippany and Princeton markets" says Accordia’s Joe Romano. "The Montvale market has been particularly active and we have already begun to receive RFP’s from prospective tenants. We think the timing is right. We plan to move quickly to fine-tune our plan and start executing our strategy for the property."
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 1:53 PM
<< Home