Veris Residential, Inc. · NYSE:VRE
Veris Residential — Mack-Cali Realty — Investor Day (September 2015)
81 slides from Veris Residential's investor day presentation, Sep 10, 2015
Slide 1: Investor Day September 10, 2015
Investor Day September 10, 2015
Slide 2: [LOGO]
[LOGO]
Slide 3: Disclosure Regarding Forward-looking Statements
Disclosure Regarding Forward-looking Statements 3 Statements made in this presentation may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan
Slide 4: Introduction
Introduction 4 On behalf of senior management and all of our 600 employees, we thank all of you who have joined us today to discuss Mack-Cali’s future. We realize that we have been the beneficiary of your confidence in our plan and we greatly appreciate your support. We have been at the process of c
Slide 5: The New Leadership Team
The New Leadership Team 5 Tony Krug CFO Gary Wagner General Counsel Mitch Rudin CEO Mike DeMarco President Marshall Tycher President of Roseland Andrew Marshall COO OFFICE MULTI-FAMILY Ricardo Cardoso CIO & EVP Chris DeLorenzo EVP of Leasing
Slide 6: Today's Discussion
Today’s Discussion 6 Company Today Overview of the 2015-2018 Business Plan The Process of Change Accomplishments First 100 days Office Platform Market Selection Leasing Fundamentals Jeff Hipschman, CBRE Peter Turchin, CBRE Roseland Platform Capital Plan Repositioning & Capital Plan Capital Markets J
Slide 7: Company Today
Company Today 7 25 million sq. ft. of office in 27 submarkets Leased percentage for office 82.3%* Substantial development opportunities for office 6,000 multi-family units principally owned in joint ventures Leased percentage for multi-family 97.6%* Pipeline of 12,000 multi-family units to be develo
Slide 8: Overview of the 2015-2018 Business Plan
Overview of the 2015-2018 Business Plan 8 Created a simple, easy to communicate 39-month plan called 20 / 15 20 million sq. ft. of office / 15,000 units luxury apartments The sole focus is to drive our operating performance Results should enable us to trade at our NAV and then at a premium Set ambit
Slide 9: Process of Change 20 / 15
Transform the Company into a premier Waterfront and transit-based office owner and a regional owner of luxury multi-family properties 9 Process of Change 20 / 15 Own 20 million sq. ft. of class A office buildings Exit non-core assets wisely Own 15,000 (operating or in construction) units of luxury a
Slide 10: The Process of Change: Legacy Challenges
The Process of Change 20 / 15 The first step to solving any problem is recognizing that there is a problem 10 Our legacy challenges: Inefficient operations Declining occupancy Opaque disclosure Poor capital allocation Strained cash flows
Slide 11: Focus List: Ten things that will change over 39 months
Focus List 11 Now (Generate Increased Cash Flow) 1. Staffing levels 2. Cost of operations 3. G&A expenses First 12 – 18 Months (Balance Sheet / Capital Expenditures / Long-term Cash Flow) 4. Increase occupancy 5. Extend credit facility and refinance debt for savings 6. Plan dispositions 7. Repositio
Slide 12: First Days Results
First 100 Days Results 12 Approximate 2016 Savings Personnel — headcount reduction (all departments) $7.5 million G&A — marketing, legal, and other services $3.0 million Operations — re-bid all services $7.5 million Refinancing for 2016 and 2017 interest expense savings $7.0 million Total $25.0 mill
Slide 13: Mitch Rudin Office Markets & Portfolio
Mitch Rudin Office Markets & Portfolio
Slide 14: New Jersey — targeting the right markets
New Jersey — targeting the right markets 14 Richest state in America, with one of the highest educated workforces NJ is ranked 7th in the country for concentration of Fortune 500 companies with a total of 21 Many other Fortune 500 companies with HQ in NYC also have a significant presence in NJ Stron
Slide 15: Mass Transit vs. Non Mass Transit Statistics
Mass Transit vs. Non Mass Transit Statistics 15 MARKET GROUP CLASS A INVENTORY DIRECT VACANCY RATE OVERALL VACANCY RATE DIRECT GROSS ASKING RENT RATE TRANSIT SERVED (MSF) Hudson Overall 21.5 12.8% 13.7% $37.92 Short Hills Overall 1.1 7.3% 7.3% $36.50 Metropark Overall 3.9 14.9% 16.4% $32.96 Princeto
Slide 16: Current Portfolio
Current Portfolio 16 19 million sq. ft. of suburban and 5.8 million sq. ft. of Waterfront and CBD 75% of portfolio sq. ft. has been identified as core contributes 80% to NOI* 25% of portfolio sq. ft. is non-core and contributes 20% to NOI* Non-core is a broad collection of buildings Wrong product Sl
Slide 17: Jeff Hipschman, CBRE New Jersey Market Fundamentals
Jeff Hipschman, CBRE New Jersey Market Fundamentals
Slide 18: Current Markets
Current Markets 18 *As of 6/30/15 * * SF by Category Current % of Percent Leased (MSF) Total Flex Assets 5.3 21.3% 92.5% Other Assets 3.6 14.7% 82.8% Waterfront 4.3 17.4% 82.5% Paramus Area 3.1 12.7% 65.2% Parsippany 2.9 11.5% 76.5% DC & Maryland Region 1.3 5.2% 75.0% Cranford Area 0.8 3.2% 86.4% Pr
Slide 19: Commercial Land Assets
Commercial Land Assets 19 Land Description Region Estimated Value in Millions Harborside Plaza 4 Jersey City, NJ $70.0 - $80.0 Princeton Land Sites West Windsor, NJ $35.0 - $41.0 Parsippany Land Sites Parsippany, NJ $10.0 - $13.2 Flex Land Sites NJ & NY $7.0 - $11.0 Eastpoint 2 Lanham, MD $3.0 - $4.
Slide 20: Waterfront Opportunity
Waterfront Opportunity Dominant office and multi-family owner on the New Jersey Waterfront Own 4.3 million sq. ft. that could command $400 to $450 per sq. ft. stabilized Development rights for up to 1.7 million sq. ft. of office 50% ownership in the 350-key Hyatt Regency, in Jersey City 3,400 multi-
Slide 21: Peter Turchin, CBRE Waterfront
Peter Turchin, CBRE Waterfront
Slide 22: Flex Space - Westchester/New Jersey/Connecticut
Flex Space - Westchester/New Jersey/Connecticut Local business drive decision — proximity to home — aversion to traffic Company’s 99 office / flex properties are well located with no new supply 22 Occupancy in excess of 90%, contributes approximately 17% of Mack-Cali NOI Close to client base Very st
Slide 23: Roseland Platform
Roseland Platform Marshall Tycher & Andrew Marshall
Slide 24: Roseland Property Trust
Roseland Property Trust Create new subsidiary (9/30/15) — Roseland Property Trust Integrated and scalable platform Will execute development, construction, financing, and property management Put together one of the best teams in the business Build out and monetize geographically desirable land portfo
Slide 25: Roseland Portfolio Well Positioned
Roseland Portfolio Well Positioned 25 Portfolio has the highest revenue per home Portfolio will be newer and more transit-based than competitors 0 $500 $1,000 $1,500 $2,000 $2,500 Revenue per Home Equity Residential Post Properties Camden Essex UDR Avalon Bay Roseland Source: Public company filings
Slide 26: Residential Portfolio Overview
Residential Portfolio Overview 26 Multi-family portfolio producing consistent growth in cash flow and NAV by end of 2018 Apartments 2Q15 2016 2017 2018 2Q15 2016 2017 2018 By 2018: 14,843 operating or in construction units 3,111 units of future development 2Q-15 2017 2017 2017 2018 2018 2018 2016 20
Slide 27: Residential Portfolio Overview: Portfolio Growth (Units)
Residential Portfolio Overview 27 Portfolio Growth (Units) 2Q 2015 Year end 2018 Operating 5,674 10,453 In-Construction 1,182 4,390 Subtotal — Operating / In-Construction 6,856 14,843 Residential Land 10,042 3,111 Total 16,898 17,954
Slide 28: Roseland Ownership Evolution
Roseland Ownership Evolution 28 PORTFOLIO OWNERSHIP (UNITS) PORTFOLIO OWNERSHIP (CASH FLOW CONTRIBUTION ) 100% Seek to increase ownership and economic participation on future, and existing, communities Subordinated Joint Ventures Joint Ventures Consolidated Interests 44.1% 35.3% 20.6% Current (2Q 20
Slide 29: Multi-family Capital Plan
29 Note: Includes select ownership buy-up opportunities. Capital Needs ($ in thousands) In-Construction Projects $ 44,000 2015 Starts 75,000 2016 Starts 152,000 2017 Starts 253,000 2018 Starts 115,000 Additional Uses of Capital (1) 54,000 Total - Gross Capital Requirements $ 693,000 Less: Land Recei
Slide 30: Value Creation — Illustrative Economics
Value Creation — Illustrative Economics Project Overview ($000’s) Total Project Costs $ 100,000 Stabilized NOI* 6,500 Yield On Total Costs 6.50% Market Cap Rate 5.00% Stabilized Value $ 130,000 Capital Overview Construction/Perm Financing @ 65% $ 65,000 Equity Requirement 35,000 Total Capital $ 100,
Slide 31: Repurposing and Value Creation — Short Hills
Repurposing and Value Creation — Short Hills* One of 10 sites for potential repurposing Site is adjacent to The Mall at Short Hills Secured rezoning for multi-family (200 units) and hotel (250 keys) use Value of land with rezoning rights now worth in excess of $20 million Value of future development
Slide 32: Port Imperial Waterfront Master Plan
Port Imperial Waterfront Master Plan 32 200-acre master plan community with two miles of waterfront directly across from Midtown Manhattan Future development opportunities: 2,250 units, 364 hotel keys, and 290,000 sq. ft. office
Slide 33: Repositioning and Capital Plan
Repositioning and Capital Plan Mike DeMarco
Slide 34: Proposed Disposition Plan
Proposed Disposition Plan 34 Increase overall portfolio quality — no rush to sell Sell NYC, DC, and Maryland Reduce footprint in Parsippany and Paramus – exclusive to class “A” office Sell “B” quality assets across all markets Sell out of slow-growth markets 30 to 40 assets with a value of $600 to $
Slide 35: Capital Markets Jose Cruz, HFF
Capital Markets Jose Cruz, HFF
Slide 36: Core Portfolio After Proposed Disposition Plan
Core Portfolio After Proposed Disposition Plan Focused on Markets with Multiple Demand Drivers 36 Market Current After Dispositions (MSF) % of Total (MSF) % of Total Flex Portfolio 5.3 21.3% 5.3 27.8% Other Assets 3.6 14.7% 1.4 7.4% Waterfront 4.3 17.4% 4.3 22.8% Paramus 3.1 12.7% 2.3 12.2% Parsippa
Slide 37: Creating a Luxury Experience - Suburban Office Assets
Creating a Luxury Experience - Suburban Office Assets Focused on three key opportunities – Parsippany, Paramus, White Plains Roseland design team engaged to execute on project Upgrade amenities and common spaces in 25 class A assets (5.0 msf) Lobby upgrades Renovated restrooms Childcare centers Proj
Slide 38: Waterfront — A Long-Term Growth Opportunity
Waterfront — A Long-Term Growth Opportunity To Create a True Live, Work, Play Neighborhood Retail Opportunity — Three contiguous blocks up to 200,000 sq. ft. 38 Create a waterfront destination with spectacular Manhattan skyline views Add relevant retail, fitness, food concepts; and potential marina
Slide 39: Harborside Today
Harborside Today Retail Space of 100,000 sq. ft. 39
Slide 40: Proposed New Harborside
40 Proposed New Harborside Retail Space of 150,000 sq. ft.
Slide 41: 50% NAV Comes From Waterfront by End of 2018
50% NAV Comes From Waterfront by End of 2018 41 Existing Properties Future Development Office Multi-family Office Multi-family Harborside Marbella Plaza 4 URL® Harborside 2 and 3 Plaza 1 Marbella 2 Port Imperial Office Liberty Landing Plaza 2 Monaco Harborside San Remo Plaza 3 The Estuary Port Imper
Slide 42: Financial Overview
Financial Overview Tony Krug
Slide 43: Balance Sheet Strength: Multiple Capital Sources
Balance Sheet Strength: Multiple Capital Sources 43 Ability to finance the office portfolio with either unsecured or secured debt Maintain a large pool of unencumbered office and flex assets Multi-family platform has multiple sources of capital available Minimal floating rate debt exposure Refinanci
Slide 44: Capital Plan (Sources / Uses)
Capital Plan (Sources / Uses) Total Additional Capital Needs — next 39 months Parsippany, Paramus, White Plains repositioning — $20 million Harborside retail — $25 million Roseland — $611 million Sources — next 39 months Expense savings $25 million per year for a total of $75 million Disposition pro
Slide 45: Manageable Debt Maturity Profile
Manageable Debt Maturity Profile 45 Current Debt Maturity Schedule January 2016 $200 million 5.80% unsecured bonds 2016–various $217 million — five mortgage loans January 2017 $141 million 6.33% mortgage portfolio Loan July 2017 Unsecured credit facility maturity but has options to July 2018 Decembe
Slide 46: Potential Earnings Impact
Potential Earnings Impact Multiple drivers to impact earnings during the execution of the plan: 46 Expense savings - $25 million total G&A Personnel Operations Interest savings Incremental earnings contributors Office occupancy — every 1% increase ≈ $6 million Roseland — every $100 million of develo
Slide 47: Conclusion / Investment Highlights
Conclusion / Investment Highlights 47 Management Team Committed to Unlocking Value Two class A platforms with best in-class disclosure Capital program funded by multiple options: Selling non-core assets Expense savings Increased cash flow Leverage Disciplined capital allocation and balance sheet man
Slide 48: NAV Building Blocks
NAV Building Blocks Today 48 Low High Low High Commercial NJ Waterfront (1) $70.1 5.25% 5.75% 1.525 $ 1.650 $ Flex 43.6 6.75% 7.25% 0.580 0.625 Core Suburban/White Plains CBD 75.5 7.50% 8.00% 1.000 1.080 Non-core 54.7 7.50% 8.50% 0.610 0.650 NYC/Wash, D.C. 17.4 4.75% 5.00% 0.350 0.375 JV interests 0
Slide 49: MACK-CALI Realty Corporation 20/15
me MACK-CALI® Realty Corporation 20/15
Slide 50: Jeff Hipschman, CBRE New Jersey Market Fundamentals
Jeff Hipschman, CBRE New Jersey Market Fundamentals
Slide 51: NJ Office Market Overview
NJ OFFICE MARKET OVERVIEW Jeff Hipschman, Senior Managing Director September 10, 2015
Slide 52: NJ Submarket Overview
NJ SUBMARKET OVERVIEW OR ORANGE/ROCKLAND 17 ROUTE 17 CORRIDOR MWL MONTVALE/WOODCLIFF LAKE PAL PALISADES CB CENTRAL BERGEN 23 ROUTE 23 PATERSON/WAYNE 80 WESTERN I-80 CORRIDOR PAR PARSIPPANY ML MEADOWLANDS WF WATERFRONT MOR MORRISTOWN SE SUBURBAN ESSEX/EASTERN MORRIS UE URBAN ESSEX CSH CHATHAM/MILLBUR
Slide 53: Historical Average Asking Rents & Availability Rates
Historical Average Asking Rents & Availability Rates NJ OFFICE market Overall $22.00 $22.50 $23.00 $23.50 $24.00 $24.50 $25.00 $25.50 $26.00 $26.50 $27.00 15% 16% 17% 18% 19% 20% 21% 22% 23% 2007 2008 2009 2010 2011 2012 2013 2014 Q2 2015 NJ Overall Availability Rate NJ Overall Average Asking Rent ©
Slide 54: Historical Leasing Activity (New Leasing + Renewals)
Historical Leasing Activity (New Leasing + Renewals) NJ Office Market Overall © Copyright 2015 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty
Slide 55: Historical Leasing Activity: New Leasing and Renewal Velocity
NJ office market Overall (In Millions) Historical Leasing Activity (New Leasing + Renewals) YE PROJECTION 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 2007 2008 2009 2010 2011 2012 2013 2014 2Q 2015 NJ New Leasing Velocity NJ Renewal Velocity © Copyright 2015 CBRE Information contained herein, including proje
Slide 56: New Leasing Activity (2013-2015)
new Leasing Activity HIGH LOW (2013-2015) © Copyright 2015 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is y
Slide 57: Renewal Activity (2013-2015)
Renewal Activity (2013-2015) HIGH LOW © Copyright 2015 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your
Slide 58: Class A vs All Other Leasing activity comparison
Class A vs All Other Leasing activity comparison (In Millions) 73% 73% 62% 70% 71% 61% 63% 71% 70% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 2007 2008 2009 2010 2011 2012 2013 2014 Q2 2015 Class A All other © Copyright 2015 CBRE Information contained herein, including projections, has been obtained from so
Slide 59: Class A vs Class B Average Asking Rents
Class A vs Class B Average Asking Rents 23% $27.08 $26.95 $27.62 $26.87 $27.66 $23.76 $21.99 $22.20 $22.05 $22.39 $18.00 $20.00 $22.00 $24.00 $26.00 $28.00 $30.00 2007 2008 2009 2010 2011 2012 2013 2014 Q2 2015 Class A Class B © Copyright 2015 CBRE Information contained herein, including projections
Slide 60: Class A vs Class B Net Effective Rent
Class A vs Class B NET EFFECTIVE RENT 30% $23.33 $24.47 $19.89 $22.86 $20.44 $21.77 $19.01 $18.85 $17.68 $17.22 $15.51 $16.79 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00 $26.00 2007 2008 2009 2010 2011 2012 2013 2014 Class A Class B © Copyright 2015 CBRE Information contained herein, including project
Slide 61: Future Lease Expiration Roll-Off (2016-2020)
(2016-2020) Future LEASE EXPIRATION ROLL-OFF (In Millions) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 2016 2017 2018 2019 2020 Total SF © Copyright 2015 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have no
Slide 62: Lease Expiration Block Size (2016-2020)
, (2016-2020) LEASE EXPIRATION Block Size (In Millions) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 2016 2017 2018 2019 2020 0-9,999 10000-24,999 25,000-49,999 50,000-99,999 100,000+ © Copyright 2015 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable.
Slide 63: Current Tenants in the Market
Current TENANTS IN THE MARKET HIGH LOW © Copyright 2015 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your
Slide 64: Current Availability
Current availability HIGH LOW © Copyright 2015 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsi
Slide 65: Millennial Concentration
Millennial Concentration HIGH LOW © Copyright 2015 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your resp
Slide 66: Submarket Growth Forecast
Submarket Growth FOrecast HIGH LOW Mack-Cali Portfolio Concentration © Copyright 2015 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or repre
Slide 67: NJ Office Market Conclusion
Nj office market Conclusion • Overall Market Statistics can be Misleading • Class A Premium Continues to Strengthen • LXDs Driving Market Activity / State Wide Job Growth Incentives • Major Occupiers Driving Close to 50% of Activity • Growth will be Very Submarket Specific © Copyright 2015 CBRE Info
Slide 68: NJ Office Market Overview
NJ OFFICE MARKET OVERVIEW Jeff Hipschman, Senior Managing Director September 10, 2015
Slide 69: Peter Turchin, CBRE Waterfront
Peter Turchin, CBRE Waterfront
Slide 70: [LOGO]
[LOGO]
Slide 71: Historical Statistics Manhattan & NJ Waterfront
HISTORICAL STATISTICS Manhattan & NJ Waterfront Overall Waterfront (19.2 MSF) Leasing Activity (MSF) 1.2 0.7 0.5 1.3 0.4 Absorption (MSF) 0.09 (0.1) (1.6) .5 0.2 Availability Rate 9.9% 10.6% 18.7% 16.3% 15.7% Average Asking Rent $30.71 $31.84 $31.40 $31.98 $31.99 2011 2012 2013 2014 YTD 2015 Leasing
Slide 72: NJ Waterfront Discount to Downtown
NJ WATERFRONT DISCOUNT TO DOWNTOWN 2011 2012 2013 2014 YTD 2015* NJ Discount to DT ($ / RSF) $8.59 $15.01 $15.07 $19.99 $25.35 NJ Discount to DT (%) 21.9% 32.0% 32.4% 38.5% 44.2% * Excludes incentives
Slide 73: Grow NJ Incentives
GROW NJ INCENTIVES Gross Annual Benefit/Employee Gross Annual Benefit/SF Urban Transit Hub Municipality: $5,000 $35 Transit-oriented development: $2,000 Large numbers of new full-time jobs are eligible: $500 - $1,500 251 to 400 $500 +$2.50 401 to 600 $750 +$3.75 601 to 800 $1,000 +$5.00 801 to 1,000
Slide 74: T.A.M.I. Dynamics
PAGE 4 T.A.M.I. DYNAMICS
Slide 75: Diversification of Tenant Demand Downtown
DIVERSIFICATION OF TENANT DEMAND DOWNTOWN In 2005, financial firms represented over 57% of the tenancy Downtown. Currently that number has fallen to 18%. In the same, time professional service firms have grown 250% and media firms have grown 600%. 2005 2015 FIRE Professional Services Media Governmen
Slide 76: TAMI Buyer Values
TAMI BUYER VALUES Hip Factor? BROOKLYN IS HIP DOWNTOWN IS BECOMING HIP JERSEY CITY HUDSON EATS “Over the past few years Jersey City has welcomed cute cafes and restaurants—and outposts of north Brooklyn spots, like old-school arcade and drinkery, Barcade, and cozy bookstore, Word.”
Slide 77: Waterfront Historical Average Asking Rents & Availability Rates
WATERFRONT Historical Average Asking Rents & Availability Rates Q2 2015 TOTAL INVENTORY (SF) 19,285,592 NUMBER OF BUILDINGS 40 AVERAGE BUILDING SIZE (SF) 482,140 AVERAGE BUILDING AGE 29 AVERAGE ASKING RENT (PSF) $31.99 AVAILABILITY RATE 15.7% $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 6.0% 8.0% 10.0%
Slide 78: NJ Waterfront Historical Leasing Velocity
NJ WATERFRONT HISTORICAL LEASING VELOCITY Historical Leasing Velocity (In Millions) 0.35 1.26 0.46 0.68 1.18 0.70 0.96 0.77 0.7 - 0.8 Projected Average 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 2008 2009 2010 2011 2012 2013 2014 Y-T-D 2015
Slide 79: NJ Waterfront Historical Absorption
NJ WATERFRONT HISTORICAL ABSORPTION Historical Leasing Velocity (In Millions) 0.35 1.26 0.23 0.50 0.09 0.15 (0.41) 0.19 0.92 (0.11) (1.62) 2007 2008 2009 2010 2011 2012 2013 2014 Q2 2015 -2.00 -1.50 -1.00 -0.50 0.00 0.50 1.00 1.50
Slide 80: Capital Markets Jose Cruz, HFF
Capital Markets Jose Cruz, HFF
Slide 81: New Jersey Office, Multi-Housing & Flex Investment Overview
New Jersey Office, Multi-Housing & Flex Investment Overview Waterfront Office – Transactions are limited. Cap rates range between 5.25% - 5.75% Suburban Office Net Leased– Long-term net Lease, credit and quality - 5.75% - 6.50% Suburban Office Value-add - Lease up play, repositioning $50 psf to $80