Though the company just hit the ground running in the last weeks, it already has several projects under way and more in the pipeline, according to a company spokesperson. In Secaucus, NJ, a $4.5-million industrial project is under way in a 170,000-sf space. In North Bergen, NJ, a 15,000-sf project is now in progress, and here, a 7,000-sf building renovation is in progress. Several more are in the discussion stage.
The firm is headed up by Mike Caunedo. Before forming the firm, he was a property manager, as well as a construction coordinator, with Tishman Speyer Properties, where he supervised and managed more than $60 million in various construction projects. He also oversaw construction, security, maintenance and engineering aspects of three class A office properties at Rockefeller Center.
Ken Cohen, founder and president of Pantheon Properties, says this new alliance is an indication of what he sees for the future in the real estate marketplace. The construction firm joins Pantheon Properties and the firm's lending arm, Pantheon Financial. "Having these three companies together creates synergy between them and strengthens our position as a value-added lender and as a development company."
He says Oculus is "an avenue through which Pantheon Properties can take over and salvage stalled development projects that have become victims of the market, construction costs, poor planning or any number of reasons that derail projects." Cohen says he expects to see more similar partnerships "I think we will see more development companies involved in build-outs will feel the need to take control of their building projects. Investments in buildings and build-outs are too important--and too expensive--to cede control of them to someone else."
In other company news, Gary Capetta has joined the firm as a partner. He comes to Pantheon from CB Richard Ellis where he was first vice president of the industrial services group. He will oversee the sourcing of new investment opportunities and facilitate the growth of the firm's tenant base.
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