First Industrial Realty Trust

220 Hanover Avenue, Cedar Knolls 220 Hanover Avenue, Cedar Knolls A Prescription For Success.

First Industrial Realty Trust had an issue. They were interested in selling their 158,000 SF warehouse with adjoining available land located among a hotbed of pharmaceutical companies. They also had a tenant paying below market rental rates with five years still remaining on the lease. The challenge for Resource Realty: create a value in the property by upgrading the use of the building.

Resource Realty started by pre-negotiating a lease termination agreement with the existing tenant so they could act quickly when a new tenant was secured. Then it was a matter of repositioning the property appropriately within the brokerage community, rebranding it as “Hanover Corporate Center” and highlighting features, including the additional land, in order to attract interest from high-tech and pharmaceutical companies. Within 60 days of beginning our aggressive marketing campaign, there were multiple offers, one of which came from Dendreon, a biotechnology company focused on cancer treatment. Attracted largely by the features highlighted in the marketing program and the ability to move in quickly and begin a $22 million build-out, Dendreon signed a long-term lease. An amazing recovery.

In five short months, Resource Realty took an underperforming asset, made it significantly more attractive to the investment community by securing a long-term lease at market rates, and then sold the property to Dividend Capital Trust, a major institutional investment company.

In the client’s words:
“Tom Consiglio and Scott Peck bring integrity and professionalism to everything they do. This particular deal was quite complex, with much more involved than just the nuts and bolts of a real estate transaction. Resource Realty was able to combine unparalleled knowledge of their market, an understanding of how to position the property to create value and then go to the right people to make it all happen. Plus, their customer service to owner and tenant alike is always outstanding.”

Rick Vanderbeck, Leasing/Marketing Director, First Industrial Realty Trust

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