JOTFOC-Redacted.pdf

Justification for Other Than Full and Open Competition

U.S. General Services Administration GSA Region 2

PBS Leasing Division

JUSTIFICATION FOR OTHER THAN FULL AND OPEN COMPETITION

PROJECT NUMBER: 9NY2875

Agency Name: SSA

1. NATURE AND/OR DESCRIPTION OF ACTION BEING APPROVED.

The General Services Administration currently leases 11,270 ABOA/13,250 RSF of office space at 2389 Richmond Avenue, Staten Island, New York under lease number GS-02B-23061 for the Social Security Administration. The current lease expires on November 30, 2019. Approval is requested to negotiate an extension with the incumbent Lessor without full and open competition for continued occupancy at this leased location.

2. DESCRIPTION OF THE SUPPLIES OR SERVICES REQUIRED TO MEET THE AGENCY’S NEEDS

(INCLUDING ESTIMATED VALUE).

This requirement is for 11,270 ABOA/13,250 RSF of space for a (9) nine day term to commence on December 1 through December 8, 2019.

The anticipated extension rate is the current rent of /RSF for an annual rent of for a total 9 day contract value of the extension of .

3. IDENTIFICATION OF STATUTORY AUTHORITY PERMITTING OTHER THAN FULL AND OPEN

COMPETITION.

41 U.S.C. 3304(a)(1): Only one responsible source and no other supplies or services will satisfy agency requirements.

4. DEMONSTRATION THAT THE PROPOSED CONTRACTOR’S UNIQUE QUALIFICATIONS OR

NATURE OF THE ACQUISITION REQUIRES THE USE OF THE AUTHORITY CITED.

It is in the best interest of the Government to remain at the current location. The current space is already built to meet SSA’s requirements. GSA conducted a (10) ten year competitive lease procurement in 2018 and awarded a new/replacing lease to the Lessor of 1441 South Avenue, Staten Island, NY on 7/13/2018.

GSA Region 2 is currently engaged in TI price negotiations and completion of the new/replacing lease is scheduled for May of 2020. The current Lessor has a new private sector tenant that will start occupying the current leased space on 12/8/2019. GSA Region 2 has secured a temporary swing space from the current Lessor which will be available on 12/1/2019. This swing space will be utilized by SSA until the long term lease solution is completed. This 9 day extension will protect SSA’s occupancy in its current location until the swing space is ready for occupancy.

Moreover, award to other than the current Lessor would require relocation of the entire requirement and would cause SSA to incur move and replication costs that would not be recovered through competition.

Relocation costs are estimated to be $125,502.72. Additionally, this allows the Government to make use of existing tenant improvements, avoiding replication costs of $674,252.54 along with rent costs paid to the old location during the move estimated to be $32,965.46. A cost-benefit analysis was completed following the procedures set forth in GSAR 570.402-6 and is attached to this justification. The cost of relocating SSA using the lowest priced alternative exceeds the cost of remaining at 2389 Richmond Avenue with a total savings to the Government of .

(b)(5) (b)(5) (b)(5)

(b)(5)

EduardoJVidal Sticky Note Accepted set by EduardoJVidal

EduardoJVidal Sticky Note None set by EduardoJVidal

5. DESCRIPTION OF EFFORTS MADE TO ENSURE THAT OFFERS ARE SOLICITED FROM AS MANY

POTENTIAL SOURCES AS IS PRACTICABLE.

Per the requirements of GSAR 570.402, the GSA Leasing Specialist conducted market research using the CoStar Group.

6. DEMONSTRATION BY THE CONTRACTING OFFICER THAT THE ANTICIPATED COST TO THE

GOVERNMENT WILL BE FAIR AND REASONABLE.

Based on the market research conducted by the PBS LCO, the delineated area surrounding the current lease location rental rates’ for three star commercial properties ranges from $21.95 p.s.f. - $32.73 p.s.f for terms of 5 years and over.

The anticipated fully serviced rental rate for this lease extension of p.s.f. As the anticipated rent for this extension is within the market rent range for this delineated area and based on the short term nature of this extension, the anticipated rate is therefore deemed fair and reasonable and the best value to the Government.

7. DESCRIPTION OF MARKET RESEARCH CONDUCTED AND THE RESULTS.

On November 8th, 2019, PBS conducted market research using the CoStar and identified five potentially acceptable locations (four [4] plus the incumbent) that might meet the agency’s needs within the delineated area.

See Figure 1 below for the results the CoStar Group’s market research report:

Address Source (CoStar, Market Research) Asking Rent

2389 Richmond Avenue Present lease Rate

550 US Highway 1 South CoStar

1090 King Georges Post Rd. CoStar

517 Route One South CoStar

1855 Richmond Avenue CoStar

Figure 1: Market Research Comparables

8. OTHER FACTS SUPPORTING USE OF OTHER THAN FULL AND OPEN COMPETITION.

According to the GSA Lease Administration Manager, there are no outstanding lease administrative concerns with the space.

9. LIST OF SOURCES, IF ANY, THAT EXPRESSED, IN WRITING, AN INTEREST IN THE ACQUISITION.

N/A

10. STATEMENT OF ACTIONS, IF ANY, THE AGENCY MAY TAKE TO REMOVE OR OVERCOME ANY

BARRIERS TO COMPETITION BEFORE ANY SUBSEQUENT ACQUISITION.

The Government is currently completing construction of a new/replacing competitive 10 year procurement located at 1441 South Avenue, Staten Island, NY. This office will relocate to the new/replacing lease upon completion of that location. Completion of the new/replacing lease is slated for May of 2020

(b)(5)

(b)(4)

(b)(4)

(b)(4)

11. PREPARER’S TECHNICAL CERTIFICATION.

I certify that the supporting data used to form the basis of this Justification is complete and accurate to the best of my knowledge and belief.

__________________________________________ Date_____________________

Eduardo Vidal Leasing Contracting Officer

12. CONTRACTING OFFICER CERTIFICATION.

By signature on this Justification for Other than Full and Open Competition, the GSA Lease Contracting Officer certifies that the award of a lease extension of 12,299 r.s.f. is in the Government’s best interest and that this Justification is accurate and complete to the best of the GSA Lease Contracting Officer’s knowledge and belief.

_________________________________________ Date_____________________

Eduardo Vidal Lease Contracting Officer

13. APPROVED BY:

I certify that the supporting data used to form the basis of this Justification is complete and accurate to the best of my knowledge and belief.

________________________________________ Date______________________

Daren Marshall Branch Chief

Project Number Agency Date Prepared City State

9NY2867 SSA 11.8.2019 Staten Island New York

Address 2389 Richmond Avenue Address 550 US Highway 1 South Square Footage (ABOA SF) 11,270 Square Footage (ABOA SF) 11,270 Common Area Factor 1.175687666 Common Area Factor 1.20

RSF 13,250 RSF 13,524

Total Term (Years) 1 Total Term (Years) 1 Total Contract Shell (from table) $309,245.41 Total Contract Shell (from table) $215,707.80 Operating Rate Escalation 2.50% Operating Rate Escalation 2.50% Total Contract Operating (from table) $86,340.07 Total Contract Operating (from table) $94,668.00 Total Contract Parking Cost $0.00 Total Contract Parking Cost $0.00 Total Rental Payments over Term $395,585.48 Total Rental Payments over Term $310,375.80

Annual Shell Rent Rate (pRSF) Annual Operating Rate (pRSF) Year Annual Shell Rent Rate (pRSF) Annual Operating Rate (pRSF) $23.34 $6.52 1 15.95$ 7.00$

Estimate Date Estimate Date 11.8.2019 Estimate Total Estimate Total $674,252.54 Amount to be Amortized Amount to be Amortized $674,252.54 Lump Sum TI Amount $0.00 Lump Sum TI Amount $0.00 Amortization Rate 0% Amortization Rate 0% Amortization Term 1 Amortization Term 1 Total of TI Amortization Payments $0.00 Total of TI Amortization Payments $674,252.54

Estimate Date Estimate Date Cost based on Estimate Cost based on Estimate

Estimate Date Estimate Date 11.8.2019 Cost based on Estimate Cost based on Estimate $125,502.72

Rent Being Paid in Old Location during

Move $32,965.46

Estimate Date Estimate Date 11.8.2019 Cost based on Estimate Cost based on Estimate $169,050.00

Description of Other Costs Description of Other Costs Rent paid to present Lessor

Total of Rent Payments Over Term $395,585.48 Total of Rent Payments Over Term $310,375.80 Total of TI Amortization Payments Over

Term $0.00

Total of TI Amortization Payments Over

Term $674,252.54 Lump Sum Portion of TI $0.00 Lump Sum Portion of TI $0.00 Furniture Costs $0.00 Furniture Costs $0.00 Total Move Costs $0.00 Total Move Costs $125,502.72

Rent Being Paid in Old Location during

Move $32,965.46 Other Costs $0.00 Other Costs $169,050.00 Aggregate Total Project Cost of

Current Location $395,585.48 Aggregate Total Project Cost of

Lowest Priced Alternative $1,312,146.52

$916,561

Prepared By: Date: 11.8.2019

INTERNAL USE ONLY- Do not send outside of GSA. Use "Generate Customer Report" button at bottom of sheet if sharing with Customer.

Aggregate Cost Savings associated with

Staying in Place

Note: If the aggregate cost savings associated with staying in place is positive and substantial enough based on the LCO's discretion, this CBA is intended to support a JOTFOC based on

GSAM 570.104 and FAR 6.302-1(a)(2)(ii)(A). (A) "Substantial duplication of cost to the

Government that is not expected to be recovered through competition."

Eduardo Vidal

Summary - Current Location - OFFER/ Estimate Summary - Lowest Priced Alternative - OFFER/Estimate

Other Costs Other Costs

Move Costs

Formal Cost Benefit Analysis

Furniture CostsFurniture Costs

Current Location Lowest Priced Alternative

Move Costs

Tenant Improvements for Current Location Tenant Improvements for Lowest Priced Alternative

Annual Rent Input Table Annual Rent Input Table

= User Input Required

Generate Customer Report

Subject Property

2389 Richmond Ave Staten Island, NY 10314 - Staten Island Submarket

PROPERTY

Type: Class C Office

Yr Blt/Renov: 2000

Property Size: 13,250 SF

Stories: 2

Typical Floor: 6,625 SF

Parking Spaces: 34: 2.57/1,000 SF

LOCATION

Walk Score®: Very Walkable (76)

Transit Score®: Good Transit (60)

EXPENSES PER SF

Taxes: $10.83/SF (2018)

Op. Exp: $2.54/SF (2010-Est)

-VACANCY

Current:

Last Quarter:

0.0%

0.0%

Year Ago: 0.0%

Peers: 12.6%

Submarket 2-4 Star: 4.2%

GROSS ASKING RENT PER SF

Current:

Last Quarter:

Year Ago: -

Peers: $22.82

Submarket 2-4 Star: $35.55

12 MO. LEASING SF ACTIVITY

Subject Property:

Peers Total:

19,840

Peers Avg: 1,167

Submarket Total: 243,018

Submarket Avg: 259

AVAILABLE SPACES

Currently No Available Spaces

Tenant # Emps Move Date Exp DateFloor SFIndustry

KEY TENANTS

Social Security Administration 13 Nov 2000 -13,2501-2Government

CoStar Research Moving Out Moving In My Data Shared Data

11/8/2019 Copyrighted report licensed to GSA Northeast and Caribbean Region 2 -

754991.

Subject Property

TRUE OWNER

2389 Realty LLC

Staten Island, NY 10314

2391 Richmond Ave

(718) 494-4300

Scott Markoff

SMARKOFF@FOXFLOORS.COM

(718) 494-4300

RECORDED OWNER

2389 Realty LLC

Staten Island, NY 10314

2391 Richmond Ave

(718) 494-4300

PROPERTY MANAGEMENT

2389 Realty LLC

Staten Island, NY 10314

2391 Richmond Ave

(718) 494-4300

Scott Markoff

SMARKOFF@FOXFLOORS.COM

(718) 494-4300

11/8/2019 Copyrighted report licensed to GSA Northeast and Caribbean Region 2 -

PREPARED BY

Tracy Misch

Program Manager, AAAP - Region 2, Leasing Division

Lease Comps

13,250 SF Office Building

Lease Comps Summary

9 $26.41 $26.47 11 Deals Gross Asking Rent Per SF Gross Starting Rent Per SF Avg. Months On Market

LEASE COMPARABLES

SUMMARY STATISTICS

Rent Deals Low Average Median High

Gross Asking Rent Per SF

Gross Starting Rent Per SF

Gross Effective Rent Per SF

Asking Rent Discount

TI Allowance

Months Free Rent

$13.33

$13.33

$13.33

-9.1%

$26.41

$26.47

$27.45

-0.3%

$24.45

$24.45

$24.82

0.0%

14.3%

$44.22

$46.95

$46.95

Lease Attributes Deals Low Average Median High

Months on Market

Deal Size

Lease Deal in Months

Floor Number

12.0

2,019

37.0

2,000

36.0

1 5

3,567

60.0

11/8/2019 Copyrighted report licensed to GSA Northeast and Caribbean Region 2 -

Lease Comps Summary

Property Name - Address Rating SF Leased Floor Sign Date Rent Rent Type

Lease

Type

Rents

-1 Woodbridge Office Tower

3,567 5th 10/21/2019 $29.50/te Starting 10 Woodbridge Center Dr

New

-2 37 Josephine St

1,350 1st 10/11/2019 $13.33/mg EffectiveNew

-3 1855 Richmond Ave

2,200 2nd 9/25/2019 $32.73/nnn EffectiveNew

-4 811 Inman Ave

2,000 1st 4/30/2019 $15.60/mg StartingNew

-5 Bldg 1-2

2,838 1st 3/18/2019 $23.81/te Effective 1090 King Georges Post Rd

New

-6 312 North Ave E

951 1st 3/14/2019 $20.19/+util StartingNew

-7 Woodbridge Place

2,115 1st 1/30/2019 $26.31/te Effective 517 Route One South

New

-8 Schindler Plaza

1,400 2nd 1/16/2019 $17.14/+util Effective 1317 Morris Ave

New

-9 Woodbridge Towers

1,755 1st 11/25/2018 $21.95/te Effective 555 Us Highway 1 S

New

11/8/2019 Copyrighted report licensed to GSA Northeast and Caribbean Region 2 -

Lease Comps Details

1 10 Woodbridge Center Dr - Woodbridge Office Tower Woodbridge, NJ 07095 - North Edison/Woodbridge Submarket

RENTS

Asking Rent: $29.50/TE

Starting Rent: $29.50/TE

CONCESSIONS AND BUILDOUT

Asking Discount: 0.00%

PROPERTY EXPENSES

Taxes: $3.56/SF (2018)

Operating Exp.: $7.26/SF (2010-Est)

LEASE

SF Leased: 3,567 SF

Sign Date: Oct 2019

Space Use: Office

Lease Type: Direct

Floor: 5th Floor

LEASE TERM

Start Date: Nov 2019

Lease Term: 5 Years

TIME VACANT

Date Vacated: Feb 2019

Date Occupied: Nov 2019

Months Vacant: 9 Months

TIME ON MARKET

Date On Market: Feb 2019

Date Off Market: Oct 2019

Months on Market: 8 Months

LEASING REP

Cushman & Wakefield of New Jersey, L…

99 Wood Ave S, Suite 806

Iselin, NJ 08830

Kevin Carton (732) 452-6186

Paul Giannone (732) 452-6184

Joseph Vacca (732) 452-6169

PROPERTY

Rentable Area: 215,000 SF

Stories: 10

Floor Size: 21,000 SF

Vacancy at Lease: 22.9%

Land Acres: 8.64

Property Type: Office

Status: Built 1985

Tenancy: Multi

Class: A

Construction: Steel

Parking: 300 free Surface Sp…

MARKET AT LEASE

Vacancy Rates 2019 Q4 YOY

0.6%

0.0%

8.4%Current Building 22.9%

Submarket 3-5 Star

Market Overall 8.3%

11.7%

Same Store Asking Rent/SF 2019 Q4 YOY

1.1%

0.6%

0.4%Current Building $32.08

Submarket 3-5 Star

Market Overall $57.41

$34.78

Submarket Leasing Activity 2019 Q4 YOY

5.3

51.3%12 Mo. Leased SF 371,526

Months On Market 18.4

11/8/2019 Copyrighted report licensed to GSA Northeast and Caribbean Region 2 -

2 37 Josephine St Staten Island, NY 10314 - Staten Island Submarket

RENTS

Asking Rent: $13.33/MG

Starting Rent: $13.33/MG

Effective Rent: $13.33/MG

CONCESSIONS AND BUILDOUT

Asking Discount: 0.00%

Buildout Status: Shell Space

Space Condition: Excellent

PROPERTY EXPENSES

Taxes: $6.19/SF (2018)

LEASE

SF Leased: 1,350 SF

Sign Date: Oct 2019

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: Ground

LEASE TERM

Start Date: Nov 2019

Expiration Date: Nov 2022

Lease Term: 1 Year

TIME VACANT

Date Vacated: Aug 2019

Date Occupied: Nov 2019

Months Vacant: 3 Months

TIME ON MARKET

Date On Market: Aug 2019

Date Off Market: Oct 2019

Months on Market: 3 Months

LEASING REP

NextHome Prestige Realty

3195 Richmond Rd, Suite 2F

Staten Island, NY 10306

Dennis Shteiman (718) 980-2100

PROPERTY

Rentable Area: 1,350 SF

Stories: 1

Floor Size: 1,350 SF

Vacancy at Lease: 100%

Land Acres: 0.11

Property Type: Office

Status: Built 2007

Tenancy: Multi

Class: B

Construction: Masonry

Parking: 3 free Surface Spac…

MARKET AT LEASE

Vacancy Rates 2019 Q4 YOY

1.0%

0.0%

100%Current Building 100%

Submarket 2-4 Star

Market Overall 8.3%

4.1%

Same Store Asking Rent/SF 2019 Q4 YOY

-0.5%

0.6%

Current Building $13.33

Submarket 2-4 Star

Market Overall $57.41

$30.36

Submarket Leasing Activity 2019 Q4 YOY

0.5

87.4%12 Mo. Leased SF 231,708

Months On Market 7.8

11/8/2019 Copyrighted report licensed to GSA Northeast and Caribbean Region 2 -

3 1855 Richmond Ave Staten Island, NY 10314 - Staten Island Submarket

TENANT

Tenant Name: RUMC

Industry: Medical

RENTS

Asking Rent: $30.00/NNN

Starting Rent: $32.73/NNN

Effective Rent: $32.73/NNN

CONCESSIONS AND BUILDOUT

Asking Discount: -9.10%

Buildout: Professional Services

Buildout Status: Full Build-Out

Space Condition: Excellent

PROPERTY EXPENSES

Taxes: $5.32/SF (2018)

LEASE

SF Leased: 2,200 SF

Sign Date: Sep 2019

Space Use: Office

Lease Type: Direct

Floor: 2nd Floor

Suite: 202

LEASE TERM

Start Date: Nov 2019

Expiration Date: Oct 2024

Lease Term: 3 Years

TIME VACANT

Date Vacated: Jun 2019

Date Occupied: Nov 2019

Months Vacant: 4 Months

TIME ON MARKET

Date On Market: Jun 2019

Date Off Market: Oct 2019

Months on Market: 4 Months

LEASING REP

Mark D Lipton Associates Inc

1855 Richmond Ave, Suite 102

Staten Island, NY 10314

Mark Lipton (718) 979-1313

PROPERTY

Rentable Area: 12,518 SF

Stories: 3

Floor Size: 4,173 SF

Vacancy at Lease: 17.6%

Land Acres: 0.45

Property Type: Office

Status: Built 2004

Tenancy: Multi

Class: B

Construction: Reinforced Concrete

Parking: 38 free Surface Spa…

MARKET AT LEASE

Vacancy Rates 2019 Q3 YOY

0.8%

0.1%

4.8%Current Building 17.6%

Submarket 2-4 Star

Market Overall 8.3%

4.1%

Same Store Asking Rent/SF 2019 Q3 YOY

0.3%

0.8%

7.7%Current Building $35.00

Submarket 2-4 Star

Market Overall $57.48

$30.56

Submarket Leasing Activity 2019 Q3 YOY

0.1

73.5%12 Mo. Leased SF 241,975

Months On Market 6.9

11/8/2019 Copyrighted report licensed to GSA Northeast and Caribbean Region 2 -

4 811 Inman Ave Colonia, NJ 07067 - North Edison/Woodbridge Submarket

RENTS

Asking Rent: $15.60/MG

Starting Rent: $15.60/MG

CONCESSIONS AND BUILDOUT

Asking Discount: 0.00%

PROPERTY EXPENSES

Taxes: $6.46/SF (2011)

LEASE

SF Leased: 2,000 SF

Sign Date: Apr 2019

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

LEASE TERM

Start Date: Apr 2019

TIME VACANT

Date Occupied: May 2019

LEASING REP

Grover Investments Llc

3 Parson Pl

Colonia, NJ 07067

Joe Fennelly, Jr. (732) 921-1655

PROPERTY

Rentable Area: 3,949 SF

Stories: 2

Floor Size: 1,974 SF

Vacancy at Lease: 0.0%

Land Acres: 0.62

Property Type: Office

Status: Built 1982

Tenancy: Multi

Class: C

Construction: Masonry

Parking: 25 free Surface Spa…

MARKET AT LEASE

Vacancy Rates 2019 Q2 YOY

0.4%

0.2%

0.0%Current Building 0.0%

Submarket 1-3 Star

Market Overall 8.4%

8.1%

Same Store Asking Rent/SF 2019 Q2 YOY

1.0%

1.0%

Current Building -

Submarket 1-3 Star

Market Overall $57.50

$30.04

Submarket Leasing Activity 2019 Q2 YOY

0.2

2.5%12 Mo. Leased SF 524,196

Months On Market 15.7

11/8/2019 Copyrighted report licensed to GSA Northeast and Caribbean Region 2 -

5 1090 King Georges Post Rd - Bldg 1-2 Edison, NJ 08837 - South Edison Submarket

TENANT

Tenant Name: SBM Management

Industry: Business Services

RENTS

Asking Rent: $22.50/TE

Starting Rent: $22.50/TE

Effective Rent: $23.81/TE

Escalations: Steps

CONCESSIONS AND BUILDOUT

Asking Discount: 0.00%

Mo. Free Rents: 0 Months

PROPERTY EXPENSES

Taxes: $5.36/SF (2018)

LEASE

SF Leased: 2,838 SF

Sign Date: Mar 2019

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: 1204

LEASE TERM

Start Date: Jun 2019

Expiration Date: May 2024

Lease Term: 5 Years

TIME VACANT

Date Vacated: Dec 2018

Date Occupied: Jun 2019

Months Vacant: 6 Months

TIME ON MARKET

Date On Market: Oct 2018

Date Off Market: Mar 2019

Months on Market: 6 Months

LEASING REP

Zimmel Associates, Inc.

1090 King Georges Post Rd, Suite 808

Edison, NJ 08837-3701

David Zimmel (732) 661-9200 X106

PROPERTY

Rentable Area: 20,333 SF

Stories: 1

Floor Size: 20,333 SF

Vacancy at Lease: 38.9%

Land Acres: 3.36

Property Type: Office

Status: Built 1985

Tenancy: Multi

Class: B

Construction: Masonry

Parking: 25 Surface Spaces a…

MARKET AT LEASE

Vacancy Rates 2019 Q1 YOY

0.6%

0.1%

38.9%Current Building 38.9%

Submarket 2-4 Star

Market Overall 8.4%

6.4%

Same Store Asking Rent/SF 2019 Q1 YOY

1.1%

0.2%

3.4%Current Building $24.81

Submarket 2-4 Star

Market Overall $57.32

$24.53

Submarket Leasing Activity 2019 Q1 YOY

0.8

60.9%12 Mo. Leased SF 188,539

Months On Market 9.2

11/8/2019 Copyrighted report licensed to GSA Northeast and Caribbean Region 2 -

6 312 North Ave E Cranford, NJ 07016 - Parkway Cranford Corridor Submarket

RENTS

Asking Rent: $20.19/+UTIL

Starting Rent: $20.19/+UTIL

CONCESSIONS AND BUILDOUT

Asking Discount: 0.00%

Space Condition: Excellent

LEASE

SF Leased: 951 SF

Sign Date: Mar 2019

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: C08

LEASE TERM

Start Date: Apr 2019

Expiration Date: Apr 2021

Lease Term: 2 Years

TIME VACANT

Date Vacated: Aug 2018

Date Occupied: Apr 2019

Months Vacant: 7 Months

TIME ON MARKET

Date On Market: Aug 2018

Date Off Market: Mar 2019

Months on Market: 8 Months

LEASING REP

RE/MAX Achievers

315 Springfield Ave

Summit, NJ 07901-3626

James Rembish (908) 522-9444

PROPERTY

Rentable Area: 10,405 SF

Stories: 2

Floor Size: 5,203 SF

Vacancy at Lease: 9.1%

Land Acres: 0.57

Property Type: Office

Status: Built 1991

Tenancy: Single

Class: C

Parking: 38 free Surface Spa…

MARKET AT LEASE

Vacancy Rates 2019 Q1 YOY

1.0%

1.6%

9.1%Current Building 9.1%

Submarket 1-3 Star

Market Overall 12.6%

5.2%

Same Store Asking Rent/SF 2019 Q1 YOY

1.1%

0.8%

Current Building $23.12

Submarket 1-3 Star

Market Overall $26.14

$22.33

Submarket Leasing Activity 2019 Q1 YOY

4.1

19.1%12 Mo. Leased SF 161,990

Months On Market 7.9

11/8/2019 Copyrighted report licensed to GSA Northeast and Caribbean Region 2 -

7 517 Route One South - Woodbridge Place Iselin, NJ 08830 - North Edison/Woodbridge Submarket

RENTS

Asking Rent: $26.00/TE

Starting Rent: $26.00/TE

Effective Rent: $26.31/TE

Escalations: $1 Annual

CONCESSIONS AND BUILDOUT

Asking Discount: 0.00%

PROPERTY EXPENSES

Taxes: $3.72/SF (2016)

LEASE

SF Leased: 2,115 SF

Sign Date: Jan 2019

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

LEASE TERM

Start Date: Mar 2019

Expiration Date: Feb 2022

Lease Term: 3 Years

TIME VACANT

Date Vacated: May 2015

Date Occupied: Mar 2019

Months Vacant: 46 Months

TIME ON MARKET

Date On Market: May 2015

Date Off Market: Feb 2019

Months on Market: 45 Months

LEASING REP

American Properties Realty, Inc.

517 Route 1 South

Iselin, NJ 08830-3023

Steven Rinn (732) 692-1322

PROPERTY

Rentable Area: 146,600 SF

Stories: 5

Floor Size: 29,320 SF

Vacancy at Lease: 10.8%

Land Acres: 5.97

Property Type: Office

Status: Built 1985

Tenancy: Multi

Class: A

Construction: Steel

Parking: 500 free Surface Sp…

MARKET AT LEASE

Vacancy Rates 2019 Q1 YOY

0.8%

0.1%

2.8%Current Building 10.8%

Submarket 2-4 Star

Market Overall 8.4%

11.5%

Same Store Asking Rent/SF 2019 Q1 YOY

0.9%

0.2%

6.1%Current Building $29.95

Submarket 2-4 Star

Market Overall $57.32

$34.70

Submarket Leasing Activity 2019 Q1 YOY

3.3

90.1%12 Mo. Leased SF 722,891

Months On Market 13.7

11/8/2019 Copyrighted report licensed to GSA Northeast and Caribbean Region 2 -

8 1317 Morris Ave - Schindler Plaza Union, NJ 07083 - Route 22 East Submarket

RENTS

Asking Rent: $18.00-$22.00/+UTIL

Starting Rent: $17.14/+UTIL

Effective Rent: $17.14/+UTIL

CONCESSIONS AND BUILDOUT

Asking Discount: 14.30%

LEASE

SF Leased: 1,400 SF

Sign Date: Jan 2019

Space Use: Office

Lease Type: Direct

Floor: 2nd Floor

LEASE TERM

Start Date: Feb 2019

Expiration Date: Feb 2021

Lease Term: 2 Years

TIME VACANT

Date Vacated: Apr 2018

Date Occupied: Feb 2019

Months Vacant: 9 Months

TIME ON MARKET

Date On Market: May 2018

Date Off Market: Feb 2019

Months on Market: 9 Months

LEASING REP

LPZ-Bertram Management

39 Main St

Chatham, NJ 07928

Teresa Burdzy (908) 688-7711 X138

PROPERTY

Rentable Area: 6,374 SF

Stories: 2

Floor Size: 3,187 SF

Vacancy at Lease: 2.3%

Property Type: Office

Status: Built 2002

Tenancy: Multi

Class: C

Parking: 30 Surface Spaces a…

MARKET AT LEASE

Vacancy Rates 2019 Q1 YOY

1.2%

1.6%

2.3%Current Building 2.3%

Submarket 2-4 Star

Market Overall 12.6%

9.5%

Same Store Asking Rent/SF 2019 Q1 YOY

1.4%

0.8%

Current Building $22.90

Submarket 2-4 Star

Market Overall $26.14

$22.46

Submarket Leasing Activity 2019 Q1 YOY

1.8

455.1%12 Mo. Leased SF 210,220

Months On Market 11.6

11/8/2019 Copyrighted report licensed to GSA Northeast and Caribbean Region 2 -

9 555 Us Highway 1 S - Woodbridge Towers Iselin, NJ 08830 - North Edison/Woodbridge Submarket

RENTS

Asking Rent: $24.00/TE

Starting Rent: $23.50/TE

Effective Rent: $21.95/TE

CONCESSIONS AND BUILDOUT

Asking Discount: 2.08%

Mo. Free Rents: 3 Months

PROPERTY EXPENSES

Taxes: $2.77/SF (2018)

LEASE

SF Leased: 1,755 SF

Sign Date: Nov 2018

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: 150

LEASE TERM

Start Date: Dec 2018

Expiration Date: Feb 2023

Lease Term: 4 Years 3 Months

OPTIONS

(1) 5 Year Renewal Option

TIME VACANT

Date Vacated: Oct 2018

Date Occupied: Dec 2018

Months Vacant: 2 Months

TIME ON MARKET

Date On Market: Apr 2018

Date Off Market: Oct 2018

Months on Market: 8 Months

TENANT REP

Avison Young

4 Speedwell Ave, Suite 8th Floor

Morristown, NJ 07960-6897

Paul Errigo (973) 753-1080

LEASING REP

Bergman Real Estate Group

555 Us Highway 1 S, Suite 210

Iselin, NJ 08830-3179

John Osborne (732) 855-8600 X115

Isabel Freire (732) 855-8600 X120

PROPERTY

Rentable Area: 85,109 SF

Stories: 4

Floor Size: 21,277 SF

Vacancy at Lease: 14.9%

Land Acres: 4.41

Property Type: Office

Status: Built 1984

Tenancy: Multi

Class: B

Construction: Steel

Parking: 140 free Surface Sp…

MARKET AT LEASE

Vacancy Rates 2018 Q4 YOY

1.5%

0.3%

8.5%Current Building 14.9%

Submarket 2-4 Star

Market Overall 8.4%

11.3%

Same Store Asking Rent/SF 2018 Q4 YOY

1.0%

0.0%

5.3%Current Building $27.45

Submarket 2-4 Star

Market Overall $57.13

$34.50

Submarket Leasing Activity 2018 Q4 YOY

0.3

98.4%12 Mo. Leased SF 762,554

Months On Market 13.1

11/8/2019 Copyrighted report licensed to GSA Northeast and Caribbean Region 2 -