Matrix has a plan afoot to plow $100 million into the two properties, and has taken the first step in making major capital improvements. According to project manager Russell Tepper, "We will continue to work with the city to accomplish its redevelopment goals."

The initial improvements, now underway, will total some $5 million and will focus on redoing Plaza II's common areas. Located at 317 George St., the 110,000-sf structure rises five stories. It dates back to 1978 and was designed by I.M. Pei.

Work will also proceed on Plaza I, located at 303 George St. Improvements on tap include a façade upgrade and common area improvements. The six-story, 100,000-sf building dates back to the late 1960s.

To date, Matrix has managed to improve the occupancy level of the two buildings, helped by the resurgence in this city's economy. When the buildings were acquired, occupancy was in the 50% range. Now, that has been bumped up to the 75% level. Upgrading activity on the structures is said to be sparking additional improvements to the surrounding neighborhood, located in the heart of New Brunswick's downtown redevelopment area.