Class-A Office Building Nears 85 Percent Occupancy Rate
TRENTON, N.J. (February 6, 2008) – Matrix Development Group, the Cranbury-based real estate investment and development company, today announced a 15,204 square foot lease with New Jersey Schools Development Authority (NJSDA) at their 66,500 square foot 32 East Front Street office building. The building is now at 85 percent occupancy with approximately 10,000 square feet available to lease for office or retail use.
Located between Broad and Warren Streets, 32 East Front Street is ideally located in the heart of Trenton’s Capitol Complex, an area that traditionally attracts professional users that need to be close to state government facilities. With easy access to Route 1, Route 29 and Interstate 295, the building has attracted significant tenant interest due to its new, premier quality space and location. The Class-A office building is also a past recipient of New Jersey Business magazine’s prestigious Good Neighbor Award for improving the landscape and economy in New Jersey.
“Matrix Development Group is pleased that 32 East Front Street continually attracts exceptional tenants such as Wachovia Bank and the New Jersey Schools Development Authority,” said Russell Tepper, vice president of Matrix Development Group. “We are committed to providing tenants with state of the art facilities in prime locations throughout New Jersey, New York and Pennsylvania.”
32 East Front Street is the first new office building developed in downtown Trenton in many years. In 2005, Matrix purchased the property after the previous owner’s planned development had stalled for several years. In January 2006, Matrix moved its first tenant, Wachovia Bank, into the top three floors of the building. Featuring open and flexible floor plan configurations that can be adapted to specific tenant requirements, the building currently has available 10,000 square feet of first-floor space available for retail or office tenants.
“The New Jersey Schools Development Authority needed additional space to relieve cramped conditions at its West State Street headquarters,” said Scott A. Weiner, chief executive officer of NJSDA. “The first-class corporate environment, proximity to our existing headquarters and continued access to many amenities – including parking, shopping and cultural centers – are an excellent fit for the NJSDA.”
The New Jersey Schools Development Authority manages and fully funds projects in 31 special-needs school districts, including hiring qualified contractors, architects and other professionals to build projects as well as acquiring land for projects. The program has completed 451 projects – including 41 new schools, 28 major renovations and additions, and nearly 400 health, safety and other projects – and has distributed $2.2 billion in grants to help finance suburban school construction throughout New Jersey.
About Matrix Development Group
Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The Company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the Northeast and mid-Atlantic regions. Since its founding in 1979, the Company has developed real estate valued in excess of $1 billion and has been recognized for its leadership by numerous charitable, community and real estate organizations.
For more information on Matrix Development Group, please contact the Company’s Cranbury, New Jersey office at (732) 521-2900 or visit www.matrixcompanies.com.
