| #e.23183 | Tuesday 5:30PM to 8:00PM March 19,
2013 | CM | 1.00 |
Dinosaurs or Diamonds? Re-Imagining NJ's Suburban Office SpacesNAIOP New Jersey ChapterNew Brunswick, NJ Increasingly, people want to work where they can access a diversity of experiences during the work day and after. Some companies are willing to pay a premium of 30 percent or more for "downtown" space to gain access to a young, urban workforce. This urban renaissance, however, may not bode well for the stock of office buildings in outlying suburbs. Indeed, of the 10 largest suburban markets tracked by Jones Lang LaSalle, NJ's suburban office vacancy rate of 25.6 proves the highest.
Are NJ’s vacant suburban office spaces dinosaurs doomed to extinction or diamonds in the rough ripe for re-imagining? What will it take to evolve these properties into dynamic work environments that will meet the needs and wants of today’s employers and the young talent they want to attract? NAIOP NJ's March 19 Chapter Meeting will explore these issues through an interactive panel discussion that will cover the following questions: (1) What opportunities are available for retrofitting and redesigning existing suburban office buildings in order to make them more alluring for the 21st century workforce? (2) How can existing suburban office parks and corporate campuses become more economically and environmentally sustainable? (3) What are some strategies for ensuring that suburban office spaces remain competitive local and regional assets? This program will bring together some of the real estate industry’s top thought leaders, who will surely generate a lively and powerful discussion.
More Instructors: Brian Whitmer Brian Whitmer serves as senior director of the Metropolitan Area Capital Markets Group in C&W’s East Rutherford, New Jersey office. Part of a 13-member team, Mr. Whitmer is responsible for managing, underwriting, and marketing investment properties for sale and arranging joint ventures in the suburban markets surrounding New York City. While he handles all asset types, his focus is on multifamily transactions. His clients include pension fund advisors, REITs, and a range of domestic and foreign private investors.
Since joining C&W in 2004, he has been part of a team that has completed nearly 300 transactions totaling in excess of $12.5 billion in volume. His direct involvement includes the marketing and sale of over $2.2 billion of multifamily assets. Sales highlights include being part of the team that achieved the highest per unit price for an apartment building in New Jersey, as well the highest per square foot price for an office building in Bergen County.
Prior to joining C&W, Mr. Whitmer was an analyst with LaSalle Bank in Chicago, IL. During which time, he rotated through investment banking, real estate and commercial lending teams before focusing primarily on underwriting REIT transactions. During college, he interned with UBS PaineWebber in their Commercial Real Estate Group and RBC Dain Rauscher.
Mr. Whitmer graduated with high distinction from the Ross School of Business at the University of Michigan in 2002 with a BBA in finance, accounting and real estate. He remains active with his alma mater organizing alumni networking functions and returns to campus to teach financing modeling seminars.
Mr. Whitmer has received his CCIM designation and was the recipient of C&W’s New Jersey “Rookie of the Year” award in 2005. He is active in multiple industry trade organizations, holding committee positions in NAIOP and ICSC. He was appointed C&W’s representative for NMHC’s Emerging Leaders Group.
Thomas Michnewicz Tom Michnewicz joined Somerset in 2006 as Vice President of Development. Tom is responsible for land acquisitions and approvals, overseeing planning and design, and maintaining relationships with municipal and state-level departments.
Before joining Somerset Tom was a Senior Vice President at Advance Realty Group where he developed nearly 200,000 square feet of projects and consulted for corporations on an additional 500,000 square feet. Notable developments Mr. Michnewicz was involved in at Advance Realty Group included: Harrison MetroCentre, a 110-acre urban, mixed use redevelopment in Harrison; Middlebrook Center, a 104,000 square foot fully-leased retail center in Bound Brook; Advance at Bridgewater II, an 84,000 square foot spec office building; and served as an advisor to Allied Beverage in their corporate headquarters relocation to Carlstadt.
Tom is a past president for the New Jersey Chapter of NAIOP, the current Chairman for NAIOP’s National Urban Redevelopment Forum, serves on the NAIOP National Board of Directors, is a member of the Urban Land Institute and the Congress for the New Urbanism, and is a member of the New Jersey State Planning Commission.
Prior to joining Advance Realty Group, Mr. Michnewicz was a Vice President of Investment and Sales for the Prudential Realty Group. During his 17-year tenure with Prudential, he was responsible for developing the prestigious Office Center and Hilton Hotel at Short Hills, Prudential Business Campus and Giralda Farms.
Mr. Michnewicz received his M.B.A. from Rutgers University and his B.S. from Seton Hall University.
Sam Morreale Mr. Morreale is Co-Founder & Managing Partner of Vision Equities. He oversees all aspects of acquisitions, developments and leasing. He develops investment strategies and business plans for all of the company’s assets and investments, in addition to seeking new business opportunities.
Immediately prior to founding Vision, Sam spent the last ten years of his career as one of the original senior members of the Goldman Sachs Whitehall Operating Company that owned and operated over 15 million square feet of commercial real estate in the Northeast. Before joining Goldman, Sam worked for two of the largest owners/developers in the New Jersey, Philadelphia and New York markets and managed their leasing and development teams.
Sam graduated from Villanova University with a BS in Business Administration in addition to graduate studies at Seton Hall University. He is a member of the board of trustees for Berkeley College in both New York and New Jersey; a member of the Real Estate Advisory Board of The Daniel M. DiLella Center for Real Estate at Villanova's School of Business; and is a member of the Sussex Education Foundation, a non-profit organization providing housing for international students in Manhattan and Westchester. He also is a member of NAIOP.
Paul Teti Mr. Teti is a Senior Vice President at Normandy and is co-head of the leasing group, responsible for managing the leasing activities for the NY Tri-State and Mid-Atlantic regions. Previously Mr. Teti was part of Normandy’s acquisitions team. Prior to joining Normandy, he was Vice President of Operations at 52 Transom Group, where he oversaw all interactions between U.S. sales and Chinese sourcing operations. His responsibilities included the organization and maintenance of all domestic and Chinese business initiatives. Mr. Teti graduated from Princeton University with a degree in Sociology. In addition, Mr. Teti is a three-time member of the U.S. Olympic Rowing Team, competing in the Sydney, Athens and Beijing Games. As a member of the US National Team Mr. Teti has also won 10 national championships and is a winner of three World Cup medals and a Pan American Games gold medal. James Hughes Dr. James W. Hughes is the DEAN of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University, appointed to that position in 1995. He has been a member of the faculty since 1971. In addition, since 1988 he has also been the Director of the Rutgers Regional Report which, during its 15-year tenure, has produced 23 major economic/demographic/housing studies on New Jersey and the New York region. He also edits the SITAR-Rutgers Regional Report, a quarterly report on the economy and office market in New Jersey.
Dr. Hughes is a nationally-recognized academic expert on demographics, housing, and regional economics, and was a contributing editor to AMERICAN DEMOGRAPHICS from 1982 to 1996. He is author or co-author of 33 books and monographs and more than 125 articles, generally focusing on housing, demographics and economic development patterns. Among these are THE ATLANTIC CITY GAMBLE (published by the Harvard University Press), THE DYNAMICS OF AMERICA'S HOUSING, AMERICA'S NEW MARKET GEOGRAPHY, and AMERICA’S DEMOGRAPHIC TAPESTRY: BASELINE FOR THE NEW MILLENNIUM (published by the Rutgers University Press).
His articles have appeared in such journals as Scientific American, The Public Interest, Housing Policy Debate, Land Economics, Economic Development Quarterly, American Demographics and Annals of the American Academy of Political and Social Science.
He has provided extensive budgetary and economic testimony before many New Jersey State Legislative committees, and has provided numerous policy briefings both in Washington and Trenton on demographics, housing and the economy.
He is currently a Distinguished Fellow of the National Association of Industrial and Office Properties (NAIOP), and has been awarded the Rutgers Presidential Award for Distinguished Public Service, as well as the Distinguished Service Award of the New Jersey Chapter of the American Planning Association. He has been both a Woodrow Wilson and Ford Foundation Fellow and has served as a consultant to numerous federal, state and local public bodies as well as to many private and corporate clients.
He is currently a member of the (New Jersey) Governor’s Commission on Jobs, Growth and Economic Development, and the Governor’s Logistics Council. He was on the Real Estate Task Force of the (New Jersey) Governor's Economic Master Plan Commission and was a member and Trustee of the successor commission: Prosperity New Jersey. He formerly was on the Board of the E’Town Corporation (N.Y. Stock Exchange) and the Board of the Cali Real Estate Investment Trust (NY Stock Exchange). He was also a member of the Board of Advisors of the Mack-Cali Real Estate Investment Trust (N.Y. Stock Exchange). He has also served on numerous other boards and task forces, including the Board of Directors of the Cooperative Housing Foundation (Washington, D.C.), the Economic Advisors Board of the Council of the City of New York, the (New Jersey) Governor’s Property Tax Commission, and the (New Jersey) Governor’s World Class Economy Task Force.
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