Family Owned Portfolio
BENEROFE PROPERTIES
Westchester County, NY
A family owned portfolio of three Commercial & Industrial Real Estate Buildings.
Challenge:
As a long-established family-owned property owner and manager in Westchester County, Benerofe Properties was ready to outsource the majority of their properties to a third party property management specialist. They then interviewed and hired Alexander Summer, L.L.C.
Strategy:
We advised the Benerofes that Alexander Summer, L.L.C. would provide accounting, financial planning and property management services for the Benerofe's family portfolio. Other services that were provided to suit the particular needs of this account were: staffing, planning and the management of capital improvements and other property repairs. Alexander Summer, L.L.C assumed responsibility for all day-to-day operations of the properties, and the Benerofe family served as the asset managers and managing partners for their portfolio.
Results:
With Alexander Summer, L.L.C assuming the daily management of these properties, the principals of Benerofe were able to eliminate their time consuming involvement in running the properties in order to focus on other areas of their real estate and other business investments. The Benerofe properties are currently being operated in a cost-effective, efficient manner.
Institutional Investor
1639 ROUTE 10
Parsippany, NJ
Building Fit-Up for high-tech tenant
Challenge:
The client, Dialogic (now Intel) hired us to manage their technical fit-up to move into a 150,000 square foot building.
Strategy:
The Alexander Summer, L.L.C. project management team worked closely with Dialogic to assist them in this challenging technical project. Alexander Summer, L.L.C conducted client project meetings, interfaced with their engineer to ensure Dialogics astringent high-tech needs were met, managed the vendor bidding process on behalf of the client, assigned the contracts, oversaw the construction to completion and assisted the tenant in their relocation from their previous location in the building next door.
Results:
We moved Dialogic into the building on time and on budget. Our client met their project objectives and still operates from that building.
Partnership
55 MADISON AVENUE
Morristown, NJ
Improved Building Operations, lowered costs & increased tenant satisfaction
Challenge:
This building had a malfunctioning and obsolete electric HVAC system, which resulted in three years of expensive repair costs ($60,000/year) and problematic tenant relations as a result of the poor system. Since the building was fully occupied, it was also important to strategize on how to work creatively to keep the building operating throughout the replacement time period.
Strategy:
Our team remedied this problem after conducting a cost analysis and proving that a replacement of the entire system would reduce overall operating costs in seven years and improve tenant relations. After the project management team managed the bidding process, the contracts and the financing, they coordinated a switch to a gas system. Gas is a more complex conversion from the existing electric, but would be the better system. This gas conversion entailed bringing gas to the building, constructing piping to locate the gas on the roof and the coordination of equipment replacement. It was important not to disrupt the daily work needs of the tenants. The team scheduled work for 6 consecutive weekends and were methodical in monitoring the schedule of replacement to ensure the tenants had no interruption of the heat & air flow.
Results:
Tenant relations improved immediately and operating expenses dramatically decreased.
This section is currently
UNDER CONSTRUCTION
Institutional Investor
TREMONT CAPITAL
550 Broad Street, Newark, NJ
Project Management, Property Management & Leasing for an Institutional Investor. Award-winning exterior & interior renovations & leasing success
Challenge:
This 200,000 square foot skyscraper in Newark, NJ was the former headquarters of First Union Bank which needed to be reconfigured for a multi-tenanted environment.The project management team needed to renovate the building in order to attract new tenants and to lease the majority of the space. The leasing team focused on doubling the occupancy rate, which was at 30% when the project began.
Strategy:
For Project Management: Project management conducted a multi-milion dollar renovation of the building. Their work included hiring consultants for the design phase, bidding the vendor selections, coordinating with the vendors and the city to acquire building permits, overseeing construction and the tenant move-ins. The $1.5 million dollar renovation of the lobby necessitated creative planning to keep the First Union Bank Branch open for business. Additional renovations included an upgrade of the common areas and internal building systems as well as wiring the buildings in the latest voice, data and internet technology.
For Leasing: The leasing team leveraged their industry knowledge and effectively marketed 550 Broad's improvements.
Results:
The building's total occupancy rose from 30% to 80%. The new high occupancy rate assisted the owners when they sold the building for more than three times their purchase price. Project management and leasing worked together also to assist First Union Bank with their move-ins.
This project/property management and leasing work resulted in the 2001 BOMA (Building Owners and Managers Association) "Best Renovated Building Award, " which recognizes excellence in project management, operational efficiency, tenant retention, emergency planning and community impact.
Institutional Investor
FAIRLEIGH DICKINSON UNIVERSITY
Challenge:
Due to declining enrollment, Fairleigh Dickinson University selected our firm to dispose of a 50-year-old college campus that consisted of a total of 300,000 square feet in 13 buildings that were in disrepair.
Strategy:
The initial marketing plan was to find a similar non-competitive user to purchase the property. The second tier of the marketing plan was to search out alternative uses for portions of the property. Alexander Summer, L.L.C. spent several months in negotiations with the Borough of Rutherford, to centralize the Rutherford School System along with all town hall services. Concurrently, our firm spent time negotiating with Senior and Assisted Living firms for conversion purposes along with major apartment building developers.
Results:
Alexander Summer, L.L.C. concluded a transaction with Felician College, which is a non-competing institution with Fairleigh Dickinson University. The campus allowed Felician to expand a sports program and accept out-of-state students because of an existing Fairleigh Dickinson gymnasium and dormitory complex. The Borough of Rutherford and surrounding neighbors were delighted with the continuing use!
Partnership
85 CHALLENGER ROAD
Ridgefield Park, NJ
Building Renovation & Maintenance
Challenge:
This 120,000 square foot Class A building underwent a comprehensive renovation managed by Alexander Summer, L.L.C.
Strategy:
After a thorough analysis of the building's condition, the following upgrades were deemed necessary to improve the function, attractiveness and leasing potential of the building: Common area renovations of materials and lighting, a complete replacement of life & safety systems and a substantial renovation of the parking structure.
Results:
Since the building was 83% occupied, this renovation had to be undertaken in stages to avoid tenant interruptions. The fire & life safety systems were upgraded in order to be vigilant about adhering to the most recent state code requirements and to ensure the maximum safety of building tenants.