Matrix plans development and acquisitions in NJ and PA.

Matrix Development Group is aggressively pursuing industrial development and acquisition opportunities, including a pipeline for $200 million of development throughout northern and central New Jersey, with their new partners, Reckson Associates Realty Corp.

Matrix has geared up for this significant activity by realigning their management team and adding new personnel to their development team.

"Matrix is a diversified real estate services company, offering a broad range of expertise in all phases of construction, development and management of properties," said Joseph S. Taylor, president and CEO of Matrix. "Even so, real estate development remains at the heart of our business. We are looking for property that has been under-estimated or unappreciated. By applying our expertise as builders and developers we can add real, substantive value to that under-valued property. That is how we have built our portfolio in the past, and our reputation as well. I believe that is also how we can continue to distinguish ourselves from our competitors in the marketplace."

In response to the partnering with Reckson and the more aggressive pursuit of new acquisitions, Matrix has re-aligned its management team so that more of its partners are actively involved in pursuing acquisition opportunities. Paul Rubincam, Richard Johnson, Ken Griffin and Don Epstein, led by President Joseph Taylor, spearhead the acquisitions activities at the company. Alec Taylor has assumed the responsibilities of Chief Operating Officer. In addition to managing the internal operations of the company, Taylor also has the responsibility of recruiting and hiring new personnel for the company and is currently focusing those activities on Matrix's development area.

New members of the development group include the following from both inside and outside of Matrix:

Jeffrey Horn, who recently joined Matrix after a 10-year tenure as Executive Director of NAIOP, the National Association of Industrial and Office Properties, and as Vice President Land Planning and Development, will be overseeing the land planning and regulatory approval process for new acquisitions.

Jon Tesser, formerly vice president of Colliers-Houston, assumed the responsibilities of Director of Leasing, and is responsible for the leasing of all property currently available or under construction.

James Murray joined the company as Development Project Manager in charge of the areas adjacent to Exits 7A and 8A of the NJ Turnpike; Russell Tepper has been promoted to Project Manager in charge of prosecuting development efforts for the office projects in the Matrix portfolio; and Patrick Connelly has been promoted to Assistant Project Manager.

Commenting on these new members of the Matrix development team and the other changes, Taylor said "We have the capital resources to be aggressive in our search for development opportunities. We are making sure that we have the people at Matrix in place who can convert those opportunities into successful Matrix projects."

Matrix's recent development activities in New Jersey reach from its headquarters in the Exit 8A area of the New Jersey Turnpike south to Exit 7A, and further south to Mt. Laurel, NJ.

In the Exit 8A area, the company has begun work on a unique development project that will ultimately create the largest facility of its kind in the state, a 1.2 million square-foot warehouse/distribution facility. Under a joint venture with Boston-based AMB Realty Advisors, Matrix has started the process of demolishing in part, renovating, and expanding by 650,000 square feet an existing building at 200 Docks Corner Road at Exit 8A in South Brunswick. This project, creating a state-of-the-art facility using an older, antiquated structure, is one of the newest trends in real estate. Currently, the project has two tenants, Cosmair and Home Depot.

In the same area, Matrix has begun construction on a new 265,000 square-foot speculative building in the CenterPoint at 8A park. This building is scheduled for completion in the second quarter of 1998.

Matrix has also announced three major transactions at its Northeast Business Park project, located adjacent to Exit 7A of the NJ Turnpike. The transactions are with Amway Corporation, Hann and DePalmer, and McLean Engineering, totalling more than one-half million square feet. Matrix expects to close more deals here in the near future.

Amway is building a 113,306 square-foot warehouse/distribution facility; McLean Engineering is building a 130,000 square-foot office, warehouse and light manufacturing building; and Matrix Construction is building a 265,000 square-foot warehouse/distribution and office facility for Hann and DePalmer. The park has the capacity to house at least 15 additional tenants. Northeast Business Park will be the first joint venture project between Matrix and its new financial partner, Reckson Associates Realty Corp. of Melville, NY.

In South Jersey, at its Bishops Gate Center in Mount Laurel, Matrix recently broke ground for a new 434,000 square-foot office, warehouse and assembly complex for Okidata. PHH Mortgage has agreed to purchase 51 acres to build a 300,000 square-foot headquarters building, and a national hotel chain has also expressed interest in building in the park. With all approvals in place at the 179-acre business park, as well as all major infrastructure improvements, Bishops Gate is a dramatic success story for the Southern New Jersey/Philadelphia commercial real estate market. Matrix anticipates the announcement of other deals here soon.

Matrix has also seen great activity at its Commonwealth Corporate Center in Horsham, PA, during recent months. Advanta Mortgage is scheduled to move into its new 90,000 square-foot corporate headquarters building at Commonwealth, constructed by Matrix, and has also contracted to have mother, 108,000 square-foot building built For them by Matrix at Commonwealth.

General Instrument's division, Next Level Systems, is constructing a new headquarters at Commonwealth as well.

In less than two decades, Matrix has established an outstanding reputation in the real estate development industry in New Jersey and Pennsylvania.