The auto insurance provider plans to move approximately 100 employees from its commercial auto underwriting and Southern New Jersey claims operations currently located at 4 Paragon Way in Freehold.
"The building provides Palisades with a full-building identity, with signage exposure along the heavily trafficked Route 34 highway, as well as ample room to grow the underwriting and claims business unit," Studley executive managing director Robert Bull and senior managing director Philip Lipper, tell GlobeSt.com.
"This was the right time for Palisades to lock into a lease that satisfies its key requirements and expectations for future growth," says Bull, who adds that the long-term outlook for the property and casualty insurance industry appears to be optimistic.
The building is located on the northwest intersection of Highway 34 and Belmar Boulevard, within the 28-acre Allaire Corporate Campus, owned by Bollerman Development Corp. Bollerman was represented in-house.
While terms of the deal could not be disclosed, the landlord's website lists rental rates for the building in the $16.50 range.
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.
