And Lightstone will occupy part of the building, a spokesman tells GlobeSt.com. As an adjunct to the company's headquarters at 326 Third St. here, the real estate company will take over a 25,000-sf portion of the building for use as its corporate operations center. The site will house the company's commercial and residential property management group, certain accounting functions, financial support and lease administration.
"Lightstone's move is the direct result of extensive growth over the past few years," the spokesman says. Lightstone bought the asset from Jesel Valvetrain Innovation, a manufacturer of automotive race-driven systems. Under the terms of the deal, Jesel has leased back approximately 68,000 sf and will continue to use the site as its headquarters. The remaining space, approximately 17,000 sf, will be put on the market for lease.
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.
