Needleman Management has made its first foray into
Camden, N.J., and acquired the L3 Communications building for around $35
million.
Needleman bought the building along with a group of
undisclosed investors.
The transaction is significant for other reasons for the
Cherry Hill, N.J., office landlord. "It's the biggest thing I have ever
done in terms of dollars and in terms of size," Howard Needleman said.
"We've been working on this for a good six months and it was complicated.
Nothing is easy anymore."
Needleman bought the 575,000-square-foot building at 100
Market St. from the New Jersey Economic Development Authority by way of the Cooper's
Ferry Partnership, which was in line earlier this year to acquire the property.
Needleman essentially bought the agreement the state had with Cooper's Ferry,
he said.
NJEDA had the building constructed in 1992 for the
defense contractor. The property is comprised of a three-story,
350,000-square-foot office building and a two-story manufacturing structures
that total 225,000 square feet.
For all those years, L3 occupied the entire building but
has shrunk in size and the structure, for the first time, houses multiple
tenants. Cooper University Hospital signed a lease for 123,000 square feet and
its administrative offices will be housed in the building. A Camden law
enforcement department leases 10,000 square feet and Lockheed Martin subleases
50,000 square feet.
Needleman plans to invest in several upgrades to the
property including a new roof and landscaping.
Though this is the first acquisition in Camden for
Needleman, it may not be the last. He is on the hunt for additional buys.
"There's a lot of money that is being thrown around
in Camden and the incentives are working," he said. "That part of
Camden is hot."
Source: Philadelphia
Business Journal
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