Mountain Development Corp. (MDC) is a full-service real estate company with over 30 years’ experience developing, acquiring, building, positioning, managing, leasing and financing commercial property. MDC is an active acquirer of a broad range of opportunistic and value-added real estate investments capable of generating attractive, risk-adjusted returns for both its principals and select partners. Active throughout the Northeast, MDC’s team includes in-house development, accounting, property management, construction, leasing and marketing professionals, enabling the company to operate autonomously and execute business plans for complex and varied projects.

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Fact Sheet 2019
Mountain Development Corp.
Three Garret Mountain Plaza/Suite 400
Woodland Park, NJ 07424
www.mountaindevelopment.com

 

COMPANY OVERVIEW

Mountain Development Corp. (MDC) is a full-service real estate company with over 30 years’ experience developing, acquiring, building, positioning, managing, leasing and financing commercial property. MDC is an active acquirer of a broad range of opportunistic and value-added real estate investments capable of generating attractive, risk-adjusted returns for both its principals and select partners. Active throughout the Northeast, MDC’s team includes in-house development, accounting, property management, construction, leasing and marketing professionals, enabling the company to operate autonomously and execute business plans for complex and varied projects.

SIGNIFICANCE AND SERVICES

Founded in 1979, MDC acquires, redevelops and manages commercial real estate properties with an eye towards the long term to create assets with enduring value. The company’s diverse six-million-square-foot portfolio features data centers; upscale office buildings; corporate parks, distribution and warehouse properties; enclosed shopping malls; laboratory space; showroom properties; and medical arts buildings. Throughout its history, MDC has attracted high-quality, hands-on experienced management professionals capable of evaluating and developing opportunities and making decisions to drive optimal, long-term results. The firm’s culture stresses a collaborative and cooperative rapport with strategic partners, tenants and lenders. MDC has a long history of finding opportunistic acquisitions based on its profile in the markets in which it is active, its network of friends and associates throughout the region and its reputation for closing transactions on time and as negotiated. MDC was recognized by the New Jersey chapter of NAIOP as Developer of the Year in 1993 and 2006.

Portfolio Highlights:

Since its inception, MDC has built a diversified portfolio of properties and projects. Highlights include:

New Jersey

  • Garret Mountain (1, 3 and 5), Woodland Park N.J. This 400,000-square-foot three-building Class A office campus developed by MDC is located on 22 acres in a park-like setting surrounding its own private lake. Situated off a four-way interchange of I-80, it has excellent highway access and is a 20-minute drive from Midtown Manhattan.
  • 56 at Roseland, Roseland, N.J. This 434,000-square-foot headquarters-quality office campus features state-of-the-art building systems and amenities including food service café/catering, a fitness center, an outdoor lounge area, a roof garden, a walking path, on-site security and a conference center. MDC arranged leases with two highly regarded law firms, Lowenstein Sandler and Connell Foley, as part of the building’s repositioning. 56 at Roseland received the 2018 ULI NNJ Excellence Award for Suburban Office Redevelopment.
  • 100 Delawanna Avenue and 2PK, Clifton, N.J. MDC acquired 100 Delawanna Avenue, a 180,000-square-foot laboratory building, from Givaudan Roure and converted the property into a multi-tenanted data center. MDC also developed companion property 2PK, a 215,000-square-foot three-story data center, as a build-to-suit for Digital Realty Trust (formerly Telx). MDC sold the assets in 2012.
  • 41 Spring Street, New Providence, N.J. This 170,000-square-foot single-story Class A office property is within walking distance of NJ Transit’s Murray Hill station and near major highways. Amenities include a renovated lobby; a remodeled fitness center with locker rooms; a full-service café; electric car-charging stations; private business entrances; convenient parking; and an outdoor patio/seating area. MDC sold the property in 2018.
  • Summit Medical Group (SMG), Berkeley Heights, N.J. MDC acquired the former 185,000-square-foot Dun & Bradstreet multi-building headquarters in Murray Hill (Berkeley Heights) and converted the property into SMG’s campus. MDC obtained the requisite approvals, led the redevelopment and design development process, arranged financing and built the project which has been publicly recognized for its excellence in design and patient care. The asset was sold in 2006.
  • 20 Craig Road, Montvale, N.J. This 30,000-square-foot office building is set on 3 acres and includes a showroom, executive offices and a warehouse/distribution component. It is the U.S. headquarters of Jura Inc., the Swiss-based coffee machine company.
  • 777 Passaic Avenue, Clifton, N.J. Situated directly off Route 3, this 77,240-square-foot Class A office building is near the Lincoln Tunnel, major highways, public transportation and the Meadowlands Sports Complex. MDC acquired the property from a well-known REIT and brought it to full occupancy.
  • One Harmon Plaza, Secaucus, N.J. This renovated Class A office building includes a new lobby, a café, a conference facility and a fitness center. Office suites offer dramatic views of the Hackensack River and New York City skyline. MDC sold the property in 2018.
  • 100 Hamilton Plaza, Paterson N.J. The 180,000-square-foot multi-tenanted office building is among the largest and most prominent commercial project in downtown Paterson and houses the offices of many local professionals. It is anchored by the State of the New Jersey for several use groups, including a regional Worker’s Compensation Court.
  • 600 Parsippany Road, Parsippany, N.J. A 100,000-square-foot Class A multi- tenanted office building with unparalleled highway access.
  • 19 and 21 Roszel Road, West Windsor, N.J. A two-building site, one of which has been developed and is home to regional law firm Hill Wallack, Sirius Reinsurance and Ripen.  A second, 40,000-square-foot development parcel is fully entitled with site work in place and ready for construction.

New York

  • Bryant Park Studios, New York, N.Y. This turn-of-the-century 1901 building was designed in the Beaux-Arts style to originally serve as artists’ residences and working studios. The double-height ceilings, expansive northern light and views of Bryant Park make it ideal for today’s upscale fashion brands. Current and recent tenants include Alice + Olivia, Vince, Joie, Trina Turk, Rebecca Taylor, Theory, L’Agence, Peach & Lily Lofts and Ole + Steen bakery, among others.
  • Eastern Hills Mall, Buffalo, N.Y. A joint venture with Buffalo-based Uniland, the Eastern Hills Mall site is being developed into a mixed-use Town Center with residential, retail, office and other complementary uses.

Connecticut

  • One Waterview Drive, Shelton, Conn. This 94,800-square-foot office building is set on 14.8 acres and includes additional land for future development. Amenities include a glass-atrium lobby, a café, and fitness center. Global services provider Tangoe is the property’s lead tenant.
  • Merritt 8, Stratford, Conn. A 180,000-square-foot Class A office property located immediately off the Merritt Parkway in Fairfield County. MDC completed a lease with Yale New Haven Healthcare Systems, together with some of its affiliates, which consolidated many of their operations at the property.
  • Harbor Square, Stamford, Conn. Comprised of three office buildings totaling 250,000 square feet, this loft-style space offers water and city views, and a host of on-site amenities and conveniences in the up-and-coming South End district. Tenants include KSL Capital, Beeby Clark, Hildene Capital Management, Serendipity Labs, a co-working location, the Cornell University Veterinary Labs and a development site with Stamford Media Village.
  • 500 BIC Drive, Milford, Conn. A 600,000-square-foot multitenant warehouse and light assembly facility with executive office space, direct access to Route 95 and scenic views of the Housatonic River.

Pennsylvania

  • Valley Forge Corporate Center, Norristown, Pa. A two-building, 117,880-square-foot office complex located in the desirable Montgomery County submarket with immediate access to routes 202, 76 and 476. Tenants include PJM and United Healthcare Group.

Massachusetts

  • Eastfield Mall, Springfield, Mass. An enclosed mall featuring more than 60 specialty stores and a 16-screen movie theater.

Community Involvement

MDC and its employees are committed to improving the communities in which they live and work. Examples of the firm’s philanthropy include leadership positions with some of the most prominent institutions in its markets and longstanding support of local charitable events. Additionally, individual employees are active in professional and industry groups.

Executive Leadership

Robert Lieb, Chairman, is a managing member in all the company’s affiliated projects. He founded MDC in 1979 having formerly practiced law in New York and New Jersey and was founder/chairman of the board of the former NorCrown Bank. He received a bachelor’s degree from the University of Buffalo and his LL.B. degree from New York University School of Law. He also served as a First Lieutenant, USAFR, from 1966 to 1972. He is co-chairman of the Bryant Park Management Corp.

Michael Allen Seeve, President, is responsible for leading the firm’s activities. He is a trustee and chairman of the board of William Paterson University; a board member of the NJ Uniform Construction Code Advisory Board; and is trustee and past-president of NAIOP-NJ. He also is chairman of the Paterson Special Improvement District. Seeve earned his bachelor’s degree from the University of Pennsylvania.

William J. Martini Jr., Director of Acquisitions, joined MDC in 2002 and is responsible for the sourcing and analysis of potential property acquisitions, and remains active in the leasing and operations of the company’s existing portfolio. He received his bachelor’s degree from Georgetown University and has a certificate in real estate finance from N.Y.U. Professional Affiliations. He is a board member of NAIOP-NJ’s Legislative Affairs committee and a board member of Downtown New Jersey. Community involvement includes serving as president of the Alexander Hamilton Academy Foundation and a board member of the Montclair Kimberley Academy Alumni Council.

Irene Fitzgerald, Chief Financial Officer, is a financial professional with more than 20 years of experience in all facets of the real estate industry. She is responsible for all aspects of the accounting, taxation, human resources, information technology and financial reporting of MDC and its subsidiaries and joint ventures. A graduate of New Jersey City University, she serves on the real estate committee for the March of Dimes.

Michael Donohue, Director of Operations, is responsible for management of the company’s assets, including property management, leasing and third-party management. He also manages the due diligence for property acquisitions. A graduate of Pace University, he is actively involved with the Building Owners and Managers Association (BOMA) and NAIOP.

Joseph Coci III, Managing Director of Connecticut properties, oversees leasing activities at many of MDC’s Connecticut commercial property portfolio. In this capacity, he is responsible for real estate acquisitions and leasing and marketing efforts. He earned a bachelor’s degree from the University of Virginia, a J.D. from the University of Virginia School of Law and an LL.M. from New York University Graduate School of Law.

Chuck Breidenbach, Managing Director of Retail Operations, supervises acquisitions, construction, management, leasing and operations of MDC retail properties. He earned a bachelor’s degree from the University of Florida.

Elizabeth Lieb, Vice President, helps manage MDC’s retail portfolio and IT operations. She is a member of ICSC, CREW-NJ (Commercial Real Estate Women) among other industry groups. She earned her bachelor’s degree in mathematics and computer science from Drew University.

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