Deal Struck for Allied Junction Site

Hackensack, N.J. — Marc Joseph, president and chief executive officer of Allied Junction Corp., today announced a landmark agreement with a national office property developer for the development rights to build a billion-dollar mixed-use commercial construction project atop the NJ TRANSIT Frank R. Lautenberg Rail Station at Secaucus Junction.

Under the agreement the office property developer will develop the project according to the general plan previously approved by the New Jersey Meadowlands Commission

“This is the final piece of a dynamic puzzle more than 25 years in the making,” said Marc Joseph, who is also a trustee for the George W. Newman Irrevocable Trust, which owns the rail station property. “Commercial development of this site will jump-start the North Jersey economy and provide residents here and throughout the state with our very own Rockefeller Center.”

Completed in 2003, the rail station serves commuters as the interconnecting hub for all NJ TRANSIT rail lines serving northern New Jersey. And just last year, the new Secaucus interchange on the New Jersey Turnpike was finished, alleviating traffic in the local area as well as from Routes 1 & 9 and from turnpike interchanges farther north.

According to Joseph, the office complex could not be built until the highway interchange was complete.

“The Hackensack Meadowlands Development Commission stipulated that we had to wait,” said Joseph. “We used this time to identify a developer that could not only get this project done right, but also understands its importance to the people of New Jersey.

The project fits perfectly in NJMC’s desire for transit-driven development around the station. It will draw people to Allied Junction and become a stopping point for thousands of other people who otherwise may drive into Manhattan for daytime meetings or shows. The original plan for the site includes:

* four 20 to 40-story office towers
* a 600-room hotel and conference center
* a 112,000 sq. ft. retail concourse
* a new six-level 4,400-car parking garage

The new office and hotel conference center complex will also bring thousands of temporary and permanent job opportunities to the region. From construction to retail, the transit village will become an economic engine for North Jersey.

“Today, we are one step closer to realizing the vision George W. Newman held for not only this property, but for North Jersey,” said Joseph.

Newman, founder of Allied Outdoor Advertising, purchased the property in 1982. He died last year.

“While George held the vision, Congressman Robert Roe’s leadership was invaluable in securing $1 billion for the rail station’s construction,” said Joseph. “Without Congressman Roe, it is hard to imagine that this public and private partnership, the largest such partnership with the Federal government, could have happened.”

Roe, who served in the United State House of Representatives from 1969 to 1993, was chairman of the House Committee on Public Works and Transportation.

“George invested a great deal, not just financially, but of himself personally, into this project,” said Joseph in referring to George W. Newman. “While he is not here with us today, his spirit is certainly with us as we fulfill his dream.”

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