95 Columbus
Jersey City, NJ
Property Overview
- 95 Columbus is a 19-story, Class-A office building with 630,000 square feet of office space located in downtown Jersey City, NJ., with direct transit access through PATH to Manhattan’s Financial District.
- The onsite 501-space parking facility was operated under a lease agreement with no technology in place allowing the garage to accept public parkers.
- Parking Advisors was engaged beginning in 2019 to evaluate the business case for converting the garage from a private facility under a lease agreement to a public garage.
Results
Parking Advisors developed a business plan and parking technology strategy, conducted a competitive operator RFP process and oversaw the conversion of the garage to a public facility.
- Converted from Private to Public Parking – We outlined and implemented a new operations methodology to allow public / outside parking, creating a new revenue stream.
- Implemented Best-in-Class Technology – Our team developed a technology scope, conducted an RFP and oversaw installation of gated parking access controls with detailed revenue reporting.
- Converted from Lease to Management Agreement – We ran a parking operator RFP and negotiated a management agreement with an established and experienced operations team
- Increased Cash Flow and Asset Value – Resulting from our efforts, the garage cash flow was increased by $633,000 annualized (a 66% increase), resulting in $8.7 million in new asset value creation.
