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Benefits Firm Leases 47,000 SF

MARLTON, NJ-Connor Strong is slated to move into the 88,800-square-foot building in March.

By Eric Peterson | Updated on December 11, 2008

MARLTON, NJ-Connor Strong Cos. Inc. has signed a 10-year lease for 47,000 square feet, amounting to more than half of the 88,800-square-foot Lake Center IV building here. The Cherry Hill, NJ-based company–a provider of property and casualty insurance and employee benefits products and services–is slated to move into the building in March, taking the top two floors of the four-story asset.

Grubb & Ellis Realty Investors acquired the four-year-old asset in May 2006 on behalf of a group of tenant-in-common investors and continues to manage the property on behalf of that group. Ownership was represented in the signing by Anne Klein, senior vice president, and senior associate Joe Sklencar Sr. of the local office of Grubb & Ellis. Further details were not released, but comparable class A space in the surrounding 19-acre, multi-building Lake Center Executive Park is generally listed with an asking price in the $15.50 per square foot range.

“The space became available when the mortgage lending company that had previously occupied it was dissolved,” says Kent Peters, executive vice president of asset management for Grubb & Ellis Realty Advisors. “We were able to backfill the space quickly with high-quality tenants, and we couldn’t be more pleased with the results.”

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