The Opportunity
By 2017, Finnegans Plaza was a solid, well-occupied strip center in North Brunswick — but it was showing its age. The facade was 30 years old, dated in appearance, and increasingly out of step with the surrounding residential market it served. A modernization was overdue.
What started as a facade conversation quickly became a bigger question: if we were deploying significant capital into the building envelope anyway, could we add a second story? The structural analysis said yes — with steel-reinforced beams. The math said absolutely.
The Execution
We managed the entire project in-house — from civil engineering and architectural drawings through municipal approvals, structural work, and construction management. No general contractor sitting between us and the trades. No markups on top of markups. Direct oversight at every stage.
Structural analysis confirmed the existing foundation could support a second story with steel-reinforced beam installation. Engineering drawings completed and submitted for approval in-house.
Navigated the municipal approval process in North Brunswick — zoning, building permits, and variance coordination. Having managed this process across multiple projects gave us a material speed advantage.
Strategically relocated and consolidated existing tenants to minimize disruption during construction. Underperforming operators were not renewed — the project created a natural opportunity to upgrade the tenant mix alongside the physical asset.
Steel beams installed and concealed behind a new stone and stucco facade — the structural work is invisible from the street. The finished building reads as a purpose-built two-story center, not a retrofit.
The Co-Working Play
Rather than lease the second floor as conventional office space, we built and operate it as an in-house co-working environment — fully furnished suites ready to plug in and operate from day one. Included services: high-speed internet, print and copy, a fully equipped kitchenette, conference rooms, and shared reception and bathroom facilities.
The tenant profile is exactly what the model was designed for: attorneys, mortgage brokers, consultants, accountants — professional services operators who need a credible, functional address without the overhead of a full-service office in a corporate park. These tenants have very low turnover, pay on time, and take care of their spaces.
"The market has moved away from large-footprint corporate offices in tired office parks. Professionals want small, agile, fully serviced spaces near active retail — where they can grab lunch, park easily, and work without a 20-minute commute to a glass tower. We built exactly that, at Finnegans Plaza, in 2017."
The Result
Typical gross asking rent for Class B office in the Route 27 / North Brunswick corridor.
Gross rent achieved on fully furnished, fully serviced office suites. Double market rate. 100% occupied.
The $1.2M increase in stabilized asset value — driven by the new rent roll from the second-floor addition — exceeded the $800K construction cost at project completion. This justified a cash-out refinancing event that returned every dollar of construction capital while permanently improving net cash flow. The 6,000 SF was acquired at a zero cost basis.