NJBIA BESTOWS MATRIX DEVELOPMENT GROUP WITH
PRESTIGIOUS NEW GOOD NEIGHBOR AWARD
New Trenton Office Building is Selected for Prestigious Award
CRANBURY, N.J. (July 18, 2007) – The New Jersey Business and Industry Association (NJBIA) and New Jersey Business magazine recently honored Matrix Development Group’s 32 Front Street mixed-use development in Trenton, New Jersey with its prestigious New Good Neighbor Award. The annual honor recognizes companies that have built, expanded or renovated buildings that improve the landscape as well as the overall economy in New Jersey.
32 Front Street is a 66,500-square-foot, five-story Class-A office building built by Matrix in 2006 – the first new office building developed in Trenton in many years. In October 2005, Matrix purchased the property, located in the heart of downtown Trenton between Broad and Warren Streets, after the previous owners planned development had stalled for several years.
Caren S. Franzini, chief executive officer of New Jersey Economic Development Authority (EDA), nominated 32 Front Street for this award. “The design and construction of this building stemmed from a shared vision of creating a healthier community by stimulating the local economy of the state’s Capital City,” Franzini said. “This significant project truly represents the very best in public-private partnerships and we are honored that it has been recognized by the NJBIA in this way.”
The first class corporate environment of 32 Front Street prompted Wachovia Bank to move its southern New Jersey headquarters to Trenton. Wachovia occupies 43,500-square-feet and the top three floors of the building and has moved 125 full-time employees into the facility. In addition to the office space on the upper levels, the first floor offers up to 10,000-square feet of prime retail space with access from the street and within the building. When fully leased, the building is expected to provide workspace for 300 full-time employees. The building also benefits from a newly developed, adjacent parking garage, which is open to all visitors and tenants of the building, as well as to the public.
“We are extremely honored to have been bestowed with this prestigious recognition by the NJBIA and New Jersey Business magazine,” said Russell Tepper, vice president, Matrix Development Group. “This New Good Neighbor Award is a reflection of Matrix’s belief that the health of our state’s urban centers is vital to all of New Jersey’s constituents. At Matrix, we are proud to be reinvesting in Trenton and other urban markets throughout New Jersey and helping to create additional investment opportunities, ratables and jobs in these critical areas.”
EDA provided a $5.3 million loan that was part of the permanent financing obtained by Matrix to purchase and complete the building.
32 Front Street has a prime location in downtown Trenton with immediate access to Routes 1 and 29 as well as Interstate 295 and has attracted significant tenant interest with its quality space and location.
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.