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Conditions improving at Fort Lee executive park.

If the last two months are an indication of trends in the corporate real estate market, conditions are improving. At Fort Lee Executive Park, we have observed a significant increase. in leasing requirements since August from. both small and large users. Our prospect list for space ranging from 500 square-feet to 40,000 square-feet has nearly doubled in that time.

We credit much of our activity to the brokerage community which, during the past few years, has become somewhat smaller and closer-knit. Those remaining active are the most experienced professionals who really know the industry. This group has been able to adapt to the changing marketplace by pinpointing tenant needs and working successful transactions.

Tenants Seek Low Rates/More Amenities

The bottom line is that today's tenants, both large and small, are looking for good deals - and they know they can find them. In the Fort Lee marketplace, average quoted rentals are $21 per square-foot, which is well below rentals of the late 1980s which ranged from $24 to $25 and higher.

Class-A prospects are also seeking environments that offer modern accommodations with value-added services. This includes upgraded finishes and higher ceilings as well as cafeterias, convenience stores, dry cleaning, tenant conference rooms, day care and fitness facilities. Those first-class buildings that are not brand new need to upgrade and renovate to remain competitive.

For example, since Fort Lee Executive Park's development in the early 1980s, we've established a reputation as the home of leading corporations. To enhance our Class-A office environment and compete with the newest corporate developments, we are currently introducing new services and upgrading our facilities.

In fact, we've already added one of the region's only day care centers in a multi-tenant business park. In addition, a major renovation will incorporate a brand-new conference room to accommodate a variety of tenant meeting needs. Situated ,off the lobby of Two Executive Drive, the space will be available for working breakfasts and lunches, as well seminars for up to 35 people. The refurbished lobby will also contain a second informal meeting room available to tenants on a reservation basis. We're also working to incorporate a franchise fitness club as a new amenity.

Another unique space at Two Executive Drive features Wall Street trading accommodations. The 20,000-square-foot unit formerly served as the headquarters for AIG Trading Corporation. Located on the lobby level, the unit contains 20,000 square-feet that includes a fully equipped trading room which can accommodate up to 135 brokers, with communications systems in place for all stock exchanges. The facility has 12-foot ceilings, raised floors throughout, a full kitchen, an executive board room and beautiful views.

We expect increased leasing to continue through the remainder of 1993 and into 1994, with new tenants seeking affordable office space complimented by key amenities. As conditions improve, we are looking to the brokerage community to continue making deals and filling space. At the same time, we are taking the necessary steps to ensure Fort Lee Executive Park's place in the Class-A competitive market for the coming years.
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Title Annotation:Suburban Markets; Fort Lee Executive Park, Fort Lee, New Jersey
Author:Lessing, Dan
Publication:Real Estate Weekly
Article Type:Column
Date:Oct 20, 1993
Previous Article:High-tech park leasing remains strong.
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