News: Brokerage

McGowan Bldrs. completes tenant fill outs at medical ctr.: $3m project; Optimus Architecture designed interiors

Mc Gowan Builders, Inc. (MGB), a general contracting and construction management firm based in East Rutherford, N.J., served as general contractor for three tenant fit-outs at the St. Francis Medical Arts Pavilion. Rendina Companies is the owner/developer of the building, located on the St. Francis Hospital Campus. MGB president, Patrick Mc Gowan said, "The three projects, valued at $3 million, and totaling 11,000 s/f, included medical, office, and retail facilities for Valley Obstetrics & Gynecology, P.C., Molloy Pharmacy, and Dr. Sims Podiatry." Optimus Architecture designed the interiors of all three tenants. The 5,600 s/f Valley Obstetrics & Gynecology office houses a waiting room, reception desk and office, sonogram room, private offices, medical examination rooms, and storage areas. The 4,000 s/f Dr. Sims Podiatry suite features a waiting room, reception desk, private offices, medical examination rooms, X-Ray room, X-Ray control room, administrative office, personnel cafeteria, bathrooms, and storage and utility areas. The suite's finishes include VCT flooring in common areas, carpet in private offices, painted sheetrock walls, suspended acoustical ceilings, custom millwork and cabinetry, and luminescent lighting fixtures. Medical equipment includes an X-Ray machine and footbaths. * The 1,400 s/f Molloy Pharmacy serves both the adjacent St. Francis Hospital and patients and medical providers at the pavilion building. The pharmacy's sales floor features retail shelving, a sales counter, prescription fulfillment area, enclosed examination room, and back office and storage facilities. The finishes in all three tenant spaces include VCT flooring in common areas, carpet in private offices, painted sheetrock walls, suspended acoustical ceilings, custom millwork and cabinetry, and luminescent lighting fixtures. The MGB team installed new HVAC ductwork that feeds into the building's air distribution system. MGB also installed new electrical systems, electrical distribution panels, and plumbing. The elevators were not functional in the initial phase of the three projects, as the base building was still under construction. The construction team addressed this situation by removing glass panels from one of the windows and hoisting all materials with a boom.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,