MORRISTOWN, NJ- NAI James E. Hanson has taken on the assignment of managing the Mt. Kemble Corporate Center, a 228,000-square-foot complex at 350-360 Mt. Kemble Avenue here that was bought by an institutional investor for $56.7 million seven years ago, GlobeSt.com has learned.
NAI Hanson Management, led by Steve De Mattheis, Ivette Correa and Virginia Conrad, will oversee management of the property.
“In tough market times like this, owners increasingly need professional assistance to run their assets,” De Mattheis tells GlobeSt. “We have a very large portfolio. We are able to get much better pricing for insurance and services, and create over-all efficiencies that an individual operator doesn't necessarily have the ability to put in place.”
De Mattheis said he is bound by confidentiality not to disclose the identity of the financial institution that owns the two-building complex. However, it reportedly changed hands in 2006, with Brookwood Financial Partners selling to the Brickman Real Estate Fund II.
The complex is overall 72% leased at this time, said De Mattheis. A 112,860-square-foot building fully leased, while a 115,000-square-foot building is only 20% leased.
“This building the last few years has had to contend with a decline in rents,” said De Mattheis. “With increasing costs, this creates a cash flow pinch.”
But he added, “Morristown is a premier location for Fortune 500 companies and corporate headquarters, and this office park offers our tenants a great location within a beautiful office setting.”
NAI Hanson Management's team has added about 800,000 square feet to their portfolio over the last year. The Hackensack-based company, established in 1955, manages traditional office, industrial, flex and retail space.
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