HOBOKEN, NJ-The rapid expansion of Chronakis Siachos LLC from 800 square feet to 2,800 square feet at the Hoboken Business Center at 50 Harrison St. is about more than just the success of one law firm – it’s a testament to the flexibility and relationships fostered between landlord JDA Group and its tenants, according to both parties.
Just seven months after its April 2011 founding with two partners, the law firm had grown to a staff of eight, requiring more space, firm co-founder Phil Chronakis tells GlobeSt.com.“We were bursting at the seams,” says Chronakis, who founded the firm with Peter Siachos. “We wanted to stay at the Hoboken Business Center because we like the location.”
The relationship with the landlord also was important, Chronakis says. “They would check to see how we were doing,” Chronakis recalls. “They took affirmative, insightful interest in what we were doing.”
JDA Group is a tenant in the building, and maintaining relationships with its lessees is critical, says Greg Dell’Aquila, president of JDA. “We’re on-site managers and family owned. Our tenants don’t hesitate to call us and say, ‘I need to quadruple in size,’” Dell says. “I try to start the conversation.”
However, the 80,000-square-foot building is about 96% leased, requiring some juggling. Fortunately, Chronakis Siachos’ need to increase in size coincided with a number of lease turnovers, with some of those tenants looking to downsize. An architecture firm occupying 2,250 square feet moved to a 1,600-square-foot space, even as other tenants increased in size. “This is a very busy time,” Dell’Aquila says.
Last week, Chronakis Siachos moved to a three-level space outfitted with eight private offices, a glass-paneled conference room, kitchen, and reception area. Perhaps most appealing of all: four parking spots in HBC’s gated parking lot, a rarity in Hoboken.
As the law firm waited for its new space to be built out, it also could take advantage of a unique amenity at the Hoboken Business Center: Mission Fifty, a penthouse originally intended as a co-working space for technology companies, but which has evolved to a more general use.
“We brought it to market with the expectation that New Jersey tech meetings would fill the space,” Dell’Aquila says. “But we had a financial planner who asked out of his lease, and we moved him to Mission 50. We’re now seeking out other avenues.”
The space offers flexible leasing terms, including monthly, and even daily options, with services including Internet access, phones, copying and faxing. “We may still use it,” Chronakis says. “It’s a great add-on.”
Rents at HBC are $26 per square foot, significantly lower than waterfront space, which averages $33 per square foot to $40 per square foot, Dell’Aquila says. HBC has maintained between 90 to 100% occupancy since JDA completed its redevelopment in late 2004 by focusing on small tenants, with approximately 80 small to mid-sized companies occupying the building. “It really helps us market our firm,” Chronakis says. “And we have room to grow.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.