STAR LEDGER - August 5, 2001 -- The New Jersey Business & Industry Association (NJBIA) has bestowed its 2000 New Good Neighbor Award to Alexander Summer, LLC for the renovation of 550 Broad St. in Newark, Serving as exclusive leasing and managing agent, Alexander Summer, LLC was responsible for overseeing this landmark office building's multi-million dollar renovation on behalf of its owners, Tremont Capital Corp. The Aztec Corp. served as the project's architect and space planner.
Since 1960, the New Jersey Business & Industry Association has presented its New Good Neighbor Award to companies in New Jersey that have built, expanded or renovated buildings and development projects to a level of excellence. The selection of the winners is based on a project's economic benefit to the community (including the creation of new jobs), its architectural merit and the recipient's participation in community affairs. An independent panel of judges selects the winners.
Joe LaFico, director of real estate from Tremont Capital Corp., commented, "Alexander Summer's high-quality work, attention to detail and community involvement helped Tremont Capital realize 550 Broad's potential. This award demonstrates Alexander Summer's full-service capability."
Tremont Capital Corp. purchased 550 Broad St. in 1998 and completed a major refurbishment program at this 282,500-square-foot property. The work included the addition of an attractive marble entrance lobby and an upgrade of the common areas, building exterior and building systems. In particular, the building has been wired for the latest voice, data and Internet technology and will include a video conferencing center. The result is a first-class office environment that can meet the needs of tenants both today and in the future.
550 Broad St. is one of the most significant properties on the Newark skyline, located between the New Jersey Performing Arts Center and the new Newark Bears baseball stadium. The location offers convenient access to Penn and Broad Street stations (the latter now offers direct access to New York Penn Station, via the Midtown Direct Service), as well as the Newark International Airport.
Following the completion of the building's capital improvement program, Alexander Summer, LLC doubled its occupancy. 550 Broad St. now stands at approximately 80 percent leased. The leasing team of James Scancarella, senior vice president, and Dan Tichio, vice-president, began this assignment while the facility was only 40 percent occupied. New tenants include SBLI Life Insurance, University Health Plans, Samuel Klein & Co. and Klett Rooney. The Alexander Summer, LLC Property Management team consists of Barbara Martinez and Lisa Sigona, who also were responsible for the successful renovation of the building.
Barbara Martinez commented, "We are pleased to accept this prestigious New Good Neighbor award on behalf of the entire leasing and management team at Alexander Summer, LLC; the building's owners, Tremont Capital; and the architects, The Aztec Corp. This was a very intensive renovation that in the end returned this landmark building to its respected place as one of the premier facilities on the Newark skyline."
Alexander Summer, LLC builds long-term relationships with it s corporate clients by delivering superior results through responsive service. With offices in Paramus and Morristown, Alexander Summer, LLC provides its clients with the full range of real estate services.
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