News

MATRIX DEVELOPMENT GROUP ANNOUNCES 432,140 SF LEASE RENEWAL
WITH CORY FURNITURE AT BAYWAY INDUSTRIAL CENTER

Location Within Urban Enterprise Zone Entitles Tenants to Significant
Tax Savings and Incentives

ELIZABETH, N.J. (March 9, 2009) – Matrix Development Group, one of the Northeast’s most respected real estate investment and development companies, has announced a 432,140 square foot lease renewal with Cory Furniture at Bayway Industrial Center. This lease represents one of the largest industrial transactions in New Jersey in quite some time.

Located within Elizabeth, N.J.’s Urban Enterprise Zone, the industrial center offers more than 1 million square feet of medium industrial warehouse space within four stand-alone buildings. The property is currently 75 percent leased.

Cory Furniture is a Jersey City-based warehousing, storage and home delivery service provider for many name‑brand furniture manufacturers. The company serves markets throughout the United States, Puerto Rico and the U.S. Virgin Islands, delivering to more than 1 million consumer households every year.

“Cory Furniture has operated out of this location for more than 40 years and we are pleased that they continue to see the value of this outstanding industrial center,” said Patrick J. Connelly, Vice President of Asset Management for Matrix. “This site’s close proximity to major highways and shipping facilities make it a prime location for warehousing and distribution companies.”

Bayway Industrial Center consists of more than 1 million square feet of medium industrial warehouse space and has all utilities including heavy power, which makes the property ideal for manufacturing and warehousing. Facilities are currently being redeveloped to accommodate a wide variety of warehouse and office uses.

Units are available at the center, ranging from 60,000 square feet to 300,000 square feet.

Located just south of Goethals Bridge and Staten Island, and less than a mile from Exit 13 on the New Jersey Turnpike, Bayway Industrial Center offers immediate access to key markets in the Northeast. The site is also within close proximity to Newark Liberty International Airport, as well as Routes 1 and 9, and world-class seaports, including Port Marine Terminal and Port Newark/Port Elizabeth, the most complete port facility in the world.

In an otherwise challenging economy and real estate market, Matrix Development Group remains one of the most active developers in the region. Matrix recently purchased the former Mid-Atlantic Corporate Center, now Matrix Corporate Campus, a 342,000 square foot office, laboratory and flex space development located at Exit 8A of the New Jersey Turnpike. Matrix has made two significant land sales at Gateway Business Park in Salem County, N.J., with National Freight Industries for 1 million square feet and Manfredi Companies for 174,000 square feet. Matrix also recently leased 60,000 square feet of urban office space at the Legal Center in Newark, N.J., and 44,795 square feet to Yellow Roadway Company Inc. at 15 Quakerbridge Plaza Drive, located in Hamilton Township, N.J.

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.

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Location Within Urban Enterprise Zone Entitles Tenants to Significant
Tax Savings and Incentives

ELIZABETH, N.J. (March 9, 2009) – Matrix Development Group, one of the Northeast’s most respected real estate investment and development companies, has announced a 432,140 square foot lease renewal with Cory Furniture at Bayway Industrial Center. This lease represents one of the largest industrial transactions in New Jersey in quite some time.

Located within Elizabeth, N.J.’s Urban Enterprise Zone, the industrial center offers more than 1 million square feet of medium industrial warehouse space within four stand-alone buildings. The property is currently 75 percent leased.

Cory Furniture is a Jersey City-based warehousing, storage and home delivery service provider for many name‑brand furniture manufacturers. The company serves markets throughout the United States, Puerto Rico and the U.S. Virgin Islands, delivering to more than 1 million consumer households every year.

“Cory Furniture has operated out of this location for more than 40 years and we are pleased that they continue to see the value of this outstanding industrial center,” said Patrick J. Connelly, Vice President of Asset Management for Matrix. “This site’s close proximity to major highways and shipping facilities make it a prime location for warehousing and distribution companies.”

Bayway Industrial Center consists of more than 1 million square feet of medium industrial warehouse space and has all utilities including heavy power, which makes the property ideal for manufacturing and warehousing. Facilities are currently being redeveloped to accommodate a wide variety of warehouse and office uses.

Units are available at the center, ranging from 60,000 square feet to 300,000 square feet.

Located just south of Goethals Bridge and Staten Island, and less than a mile from Exit 13 on the New Jersey Turnpike, Bayway Industrial Center offers immediate access to key markets in the Northeast. The site is also within close proximity to Newark Liberty International Airport, as well as Routes 1 and 9, and world-class seaports, including Port Marine Terminal and Port Newark/Port Elizabeth, the most complete port facility in the world.

In an otherwise challenging economy and real estate market, Matrix Development Group remains one of the most active developers in the region. Matrix recently purchased the former Mid-Atlantic Corporate Center, now Matrix Corporate Campus, a 342,000 square foot office, laboratory and flex space development located at Exit 8A of the New Jersey Turnpike. Matrix has made two significant land sales at Gateway Business Park in Salem County, N.J., with National Freight Industries for 1 million square feet and Manfredi Companies for 174,000 square feet. Matrix also recently leased 60,000 square feet of urban office space at the Legal Center in Newark, N.J., and 44,795 square feet to Yellow Roadway Company Inc. at 15 Quakerbridge Plaza Drive, located in Hamilton Township, N.J.

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.