Corrections or additions?

This article was prepared for the April 17, 2002 edition of

U.S. 1 Newspaper. All rights reserved.

Between the Lines

Twice yearly, when we track commercial space available,

we try to provide a window onto the world of commercial real estate,

with all its jargon: net rent, gross rent, shell, relet, sublet, and

workletters. For business owners and would-be entrepreneurs, the

listings

are a way of judging whether the grass is really greener in the

adjoining

office park. How much are those people paying and what are they

getting

for it?

For the rest of us, there is a certain voyeuristic satisfaction in

seeing what’s out there. After all, some of us spend more waking hours

at our office than at our home.

Turn to page 11 to see for yourself what’s out there. About those

terms: Gross rent usually means everything is included except your

own utilities. Net rent means you pay the extras — taxes,

maintenance,

etc. Shell space has never been occupied. Example: Alexander Commons

at 693 Alexander, across from the Hyatt. Relet space means a company

moved out at the end of the lease, and if you are moving in you can

get a workletter, a landlord’s promise to refit the space for your

needs. Sublet space means a company downsized or moved out with time

remaining on the lease. Example: all the buildings on our cover. This

year that’s our story.

The relatively large number of available space listings in this issue

(compared to real estate sections printed during boom times) took

up the lion’s share of our editorial space. As we were going to press

several news stories broke that will get treatment in future issues:

Bharat Modi, 56, was found shot to death in his office

in Suite E-10 at 29 Emmons Drive. His company, Super B Telecom Inc.,

had moved there in October, 2001, and his business card read

"domestic

and international service provider for prepaid calling cards."

He was last seen alive by one of his associates on Saturday, April

13, at 9 p.m. He was found with two gunshot wounds in the head.

The American Boychoir, the home of the gifted choirs that

have often been chronicled in our Preview section, became the latest

institution (after the Catholic Church) to be accused of accommodating

child sex abusers on its staff. The allegations were detailed in a

lengthy article in the New York Times this Tuesday, April 16. The

allegations involve incidents from the 1960s through the early 1980s

and the Boychoir, we suspect, will have some response with respect

to what it is doing now to protect its students.

Finally, we received a phone call from a former owner of the

old hotel in Trenton, regarding last week’s cover story on the new

Marriott Hotel and Conference Center. Our article had said that one

reason that the old hotel had failed was that — in comparison

to the new Marriott — it was not a conference center but rather

was "all rooms."

The former owner, Ned Tatler, said the old hotel had conference rooms,

plus a swimming pool, a lounge, a cafe, and even a revolving

restaurant

on the 16th floor. But "we got absolutely no support from the

city," says Tatler.

Just how the new hotel varies from the old will be the subject of

additional reporting. One thing is for sure, as our article stated:

This time around the hotel is getting total support from the city.

Corrections or additions?


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