Media Release
FOR IMMEDIATE RELEASE
Contacts:
Kristyne Henderson, 973.486.2552, Kristyne.henderson@grubb-ellis.com
Stephen Jenco, 973.486.2538, Stephen.jenco@grubb-ellis.com
Renovations Complete at Greenbrook Executive Center
FAIRFIELD, N.J. (Sept. 22, 2008) - Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today that they had hosted an Open House that was attended by over 75 of Northern New Jersey’s top commercial real estate brokers. The purpose of the event was to introduce the brokerage community to the “New” Greenbrook Executive Center on Passaic Avenue in Fairfield, NJ. The building, which is owned by Accordia Realty Ventures LLC has completed the second phase of capital improvements.
Accordia Realty Ventures purchased the building in September of 2006 with principals Joseph Romano and Jason Bogart making a commitment to exceed tenant’s expectations by continuing to reinvest in this asset. Las year the building’s HVAC system was completely replaced. The most recent work included renovations upgrading the building’s common areas inclusive of the 3 story atrium lobby, completely renovating all bathrooms and new carpeting and wall covering in the hallways. The cost of the work was nearly $2 million.
Peter Rasmusson and Craig Fitzpatrick of Grubb & Ellis, the leasing agents for the facility and stated, “The event was a great success and the 200,000 SF Class A office building, considered to be the highest quality property in this marketplace spoke for itself. In spite of a generally slow market, because of its quality, Greenbrook continues to see strong leasing activity.”
The property has as full service cafeteria consisting of 3,000 SF and the office building is situated on an 18 landscaped acres adjacent to the Greenbrook County Club and across from the Essex County Airport.
About Grubb & Ellis
Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies. With more than 130 owned and affiliate offices worldwide, Grubb & Ellis offers property owners, corporate occupants and investors comprehensive integrated real estate solutions, including transaction, management, consulting and investment advisory services supported by proprietary market research and extensive local market expertise.
Grubb & Ellis and its subsidiaries are leading sponsors of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including tax-deferred 1031 tenant-in-common (TIC) exchanges; public non-traded real estate investment trusts (REITs) and real estate investment funds. As of March 31, 2008, more than $3.4 billion in investor equity has been raised for these investment programs. The company and its subsidiaries currently manage a growing portfolio of more than 218 million square feet of real estate. In 2007, Grubb & Ellis was selected from among 15,000 vendors as Microsoft Corporation's Vendor of the Year. For more information regarding Grubb & Ellis Company, please visit www.grubb-ellis.com.
