Senior vice president Peter Yannotta and associate vice president Sam Horowitz, who both work out of Equis' Iselin office, advised the tenant in the deal. The building's owner, Heller Industrial Parks of Edison, was represented in-house by president Jeffrey J. Milanaik.This is the second lease renewal transacted by Yannotta and Horowitz for Agfa at this location.
The first was back in 2006, according to Horowitz. He tells GlobeSt.com that the rental rate was "competitive" in relation to the marketplace. According to a first-quarter report from Grubb & Ellis, general industrial and warehouse space in the Exit 8A submarket goes for $4.55 a square foot.
UGL Equis serves as Agfa's global provider of real estate services. Horowitz says that the local renewal took about three months to complete. "The landlord was cooperative and the deal was done reasonably quickly," he says.
Horowitz describes the transaction as a "medium term renewal that serves the ongoing business functions" of the tenant. "A lot of tenants would rather do a renewal versus the capital outlay involved in a relocation," he says.
In another UGL Equis-brokered deal, EnerSys has relocated from Saddle Brook to locations in Pennsylvania and Somerset. The tenant, which provides stored energy services for industrial uses as well as reserve power and motive power batteries, chargers, power equipment and battery accessories, was nearing an August lease renewal at its 58,000-square-foot, single-tenant building in Saddle Brook. However, according to a release, the company needed expansion space and more robust infrastructure.
Therefore, Robert Kontur in Atlanta and Bryan Lisowski in Iselin, both assistant vice presidents at UGL Equis, put the tenant into a 72,885-square-foot distribution center in Allentown, PA and 22,500 square feet of warehouse space at 80 Veronica Ave. in Somerset."As a result of moving and consolidating the three business units, EnerSys was able to increase their footprint, maximize efficiencies and reduce their occupancy costs by 15%," Kontur says in a statement. Landlord reps were Bill Wolf and Lou Belfer of CB Richard Ellis.
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