SINGLE TENANT OFFICE BUILDING, HARDING TOWNSHIP, NEW JERSEY
This development deal looked simple – at first. We bought an approved site, with plans already drawn for a single tenant 30,000 SF office building, on Route 202 of Route 287, in very upscaleHardingTownship, Morris County, New Jersey. If you went for a ride in a helicopter as a blindfolded passenger, and were let out inHardingTownship, after removing your blindfold you would swear that you were in the middle of beautiful ruralVermont. Lucky people live in splendid, expensive homes built on multi-acre, wooded lots. And Morris Countyhas millions of square feet of corporate office buildings occupied by major companies, in particular AT&T. The building went up without a hitch. The only problem was, we couldn’t find a tenant for a very long time. The lesson learned was that terrific highway access, a wealthy residential community and major corporate offices in the surrounding area – do not guarantee that you will have an easy time finding a single tenant for a very nice looking 30,000 square foot office building, even if you have the only one around. The best place to build any kind of rental building is in the middle of 100 other buildings of the same type and size. The general rule is
that you are more likely to get a tenant from somewhere in the immediate neighborhood than from all the rest of the world put together.