Jones Lang LaSalle
Reckson's University Square
Reckson's giant building at Route 1 and Alexander Road has five floors, like its competitors, but each floor is 50,000 square feet, compared with 32,000 feet for Patrinely. For now at least, Reckson hopes to lease no less than one floor to a tenant, and it claims to be entertaining a couple of proposals to lease the whole building for a company's world headquarters.
Like Hilton Realty, Reckson Associates is essentially a family business, even though it is a publicly traded company. Todd Rechler, corporate senior vice president and managing director for New Jersey, is the grandson of the founder and grew up with construction talk at the dinner table. "In the late 1970s my father and uncle developed some of the first fully amenitized office buildings, perhaps on the east coast, certainly on Long Island, with cafeterias and health clubs," says Rechler. "Our goal is to have a premiere building in a premiere location, that has premiere service for our tenants."
He graduated in 1991 from Rhode Island-based Roger Williams University with a double major in business and construction. He and his wife, who is opening a New Jersey division of a charity organization, the Breast Cancer Emergency Fund, have two school-aged children. The Rechler family firm went public as a real estate investment trust. Reckson's father and uncle have retired, and his brother, Scott, is the CEO of the firm.
University Square has a granite facade (gray tinged with pink) and reflective glass windows, a two-story atrium with a 21-foot ceiling. front and rear entrances, and 1,077 parking spaces spread around the building. The amenities also include a dining facility (promised to be upscale and gourmet) a gym (promised to be state-of-the art with plasma TVs, locker rooms, and saunas), a team room for teleconferencing, four elevators, and a loading dock.
Reckson's advantages are its dominant location, overlooking Route 1, and its formidable list of amenities. But it does not have a basement or the inclination to lease to smaller tenants, at least right now. "At a later date there could be an opportunity for smaller tenants," says David Simson of GVA Williams in Parsippany. He is marketing the building along with Tom Romano and Steve Tolcash of GVA Williams Buschman on Lenox Drive.
Rental price: Not published, but around $35, or comparable to the competition. Construction is on schedule and delivery is supposed to be by the end of this year.
"If activity is at all indicative of future results, we are overwhelmed and extremely pleased with current marketing efforts," says Simson. "A high profile company from New York City is looking at a major portion of the building along with three prospective tenants within the greater Princeton area. In our opinion, the location is the preeminent site being developed in the greater Princeton area."
Reckson Associates Realty Corp., 51 JFK Parkway, Short Hills, NJ 07078. 973-313-3300; fax, 973-313-3301. Todd Rechler, corporate senior vice president.
Reckson's University Square
Reckson's giant building at Route 1 and Alexander Road has five floors, like its competitors, but each floor is 50,000 square feet, compared with 32,000 feet for Patrinely. For now at least, Reckson hopes to lease no less than one floor to a tenant, and it claims to be entertaining a couple of proposals to lease the whole building for a company's world headquarters.
Like Hilton Realty, Reckson Associates is essentially a family business, even though it is a publicly traded company. Todd Rechler, corporate senior vice president and managing director for New Jersey, is the grandson of the founder and grew up with construction talk at the dinner table. "In the late 1970s my father and uncle developed some of the first fully amenitized office buildings, perhaps on the east coast, certainly on Long Island, with cafeterias and health clubs," says Rechler. "Our goal is to have a premiere building in a premiere location, that has premiere service for our tenants."
He graduated in 1991 from Rhode Island-based Roger Williams University with a double major in business and construction. He and his wife, who is opening a New Jersey division of a charity organization, the Breast Cancer Emergency Fund, have two school-aged children. The Rechler family firm went public as a real estate investment trust. Reckson's father and uncle have retired, and his brother, Scott, is the CEO of the firm.
University Square has a granite facade (gray tinged with pink) and reflective glass windows, a two-story atrium with a 21-foot ceiling. front and rear entrances, and 1,077 parking spaces spread around the building. The amenities also include a dining facility (promised to be upscale and gourmet) a gym (promised to be state-of-the art with plasma TVs, locker rooms, and saunas), a team room for teleconferencing, four elevators, and a loading dock.
Reckson's advantages are its dominant location, overlooking Route 1, and its formidable list of amenities. But it does not have a basement or the inclination to lease to smaller tenants, at least right now. "At a later date there could be an opportunity for smaller tenants," says David Simson of GVA Williams in Parsippany. He is marketing the building along with Tom Romano and Steve Tolcash of GVA Williams Buschman on Lenox Drive.
Rental price: Not published, but around $35, or comparable to the competition. Construction is on schedule and delivery is supposed to be by the end of this year.
"If activity is at all indicative of future results, we are overwhelmed and extremely pleased with current marketing efforts," says Simson. "A high profile company from New York City is looking at a major portion of the building along with three prospective tenants within the greater Princeton area. In our opinion, the location is the preeminent site being developed in the greater Princeton area."
Reckson Associates Realty Corp., 51 JFK Parkway, Short Hills, NJ 07078. 973-313-3300; fax, 973-313-3301. Todd Rechler, corporate senior vice president.
posted by Jones Lang LaSalle NJ News Blog at 11:21 AM
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