"We've had some decent deals to report," Gaffney tells GlobeSt.com. "The market is tough, but we have been fortunate on some decent tenant rep activity."
[IMGCAP(2)]The largest of Gaffney's signings was a lease by K. Hovnanian's Coastal Division for 20,200 sf at First Properties Corp.'s 90,000-sf 5 Commerce Way in Hamilton. Also known as Gateway Centre 195, the two-story building was completed in 2007. Terms were not released.
Next was the law firm of Blume Goldfaden, which renewed its 19,800-sf main office space in a long-term deal at 1 Main St. in Chatham. Owned by Bridgewater-based SK Properties, the 68,000-sf building is currently fully leased.
The law firm Finazzo Cossolini and O'Leary, meanwhile, has taken 8,500 sf at 45 Washington St., a new building in Morristown. And four separate medical practices have signed leases totaling 17,000 sf at 10 James St. in Florham Park. The 5,000 sf still available in the 22,000-sf building is currently listed with an asking price of $22 per sf, triple-net. Owner Silverman Group acquired 10 James St. in 2007, in a transaction similarly orchestrated by Gaffney.
Finally, I.M. Mack Construction took 5,000 sf at 25 Hanover Rd. LLC's two-building 25 Hanover Rd. in Florham Park, and will use the space as a regional office. Terms were not released; availabilities at the 130,000-sf complex are currently listed with asking prices in the $19-21.50 range. The buildings are adjacent to the previously mentioned 10 James St., and the respective buildings' parking lots were recently combined, according to Gaffney.
"While too much negative news overhangs our economy on a macro level, doctors, law firms and small companies continue to work hard and run their businesses, although in a more streamlined fashion," he reports. "Firms will continue to tighten their operational budgets of the next year, but that doesn't mean business has shut down across Northern New Jersey.
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