(Brianne Harrison is the new associate editor of Real Estate New Jersey.)
BLOOMFIELD, NJ-ABB Lummus Global Inc. renewed their lease for 155,000 sf at 1515 Broad St. They had been in the building since 1968, sources tell GlobeSt.com. The property is owned by the Morristown-based investment fund manager, Hampshire Cos.
ABB's lease encompasses three of the four buildings on the property, which total 280,000 sf. Hampshire is currently renovating and updating the property to improve workflow between buildings and make the facilities more desirable for tenants.
A source close to the deal tells GlobeSt.com that the length of the new lease is 12 years. Although they could not provide financial details, we are told the lease renewal renovations were a factor in the company's decision to stay.
The property offers 113,000 sf of availability. Other tenants include Armanti Financial Services, Imagine Tile, Jobson Publishing, Stewart Industries and Systra Consulting.
"We are glad to continue our relationship with a prestigious industry leader such as ABB Lummus Global Inc," says Norman Feinstein, Hampshire's executive managing director in a statement. ABB is a power and automation technology group that specializes in the oil and gas, refining and petrochemical industries. The company recently was bought by Chicago Bridge & Iron Co., an engineering, procurement and construction company, for $950 million. Under the terms of the agreement, Netherlands-based CB&I will purchase the entire Lummus Global business. Lummus Global employs about 2,400 people and reported revenues of $988 million in 2006.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
