The signings, a combination of new tenants and renewals/expansions, follow a repositioning of the asset by Vision since the building was acquired. In all of the latest leases, Bill Brown and Adam Padla of Cushman & Wakefield's Morristown office represented the ownership.
The new leases are headed by the Atlanta-based law firm Fisher & Phillips, which leased 13,300 sf and relocated its branch office from Somerset County. Jeff Kolodkin and Dawn Arrabito of Grubb & Ellis represented the tenant. Also, New Venture Partners, a venture capital firm, relocated its headquarters to 430 Mountain Ave. from another local location, taking 7,800 sf. New Venture was represented by James Schroeder of Studley.
Another new commitment came from Aleri Inc., a Chicago-based provider of event processing technology, took 6,700 sf, relocating from Newark. Dan DePalma of Jones Lang LaSalle was the tenant's broker. And Grinspec Inc., a division of Brown & Brown Insurance, represented by C&W, leased 3,300 sf in a regional office relocation from New Providence, NJ.
The two latest renewals involved Avotus Corp., a Canadian firm tech firm, represented by Frank Recine of Newmark Knight Frank, which expanded its New Jersey operations from 7,000 to 11,500 sf. And the law firm Mantell & Prince, represented by C&W, renewed its headquarters space amounting to 3,500 sf.
Terms of the various leases were not released. Current availabilities ranging from 2,365 sf to 23,123 sf being marketed by Brown and Padla of C&W are currently listed with an asking price of $27.50 per sf.
"This property continues to outperform the market," says Vision Equities' Morreale. "We look forward to continuing on this track of progress during 2008."
"The activity level at 430 Mountain Ave. is a testament to the ownerships," Brown says, "especially in light of the fairly quiet year within the I-78 corridor submarket, which runs from Bedminster to Murray Hill. The responsive ownership was a key to capturing new tenants and retaining existing clients at the property."
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