Search
 

Let's Stay Together, Say Tenants, Landlords

JERSEY CITY-Renewals are heating up the office and industrial sectors as landlords will do anything to keep their tenants. And if they can wrangle a rent reduction, tenants are happy to remain in place.

By Maria Wood | Updated on November 20, 2009

JERSEY CITY-Last month, Broadridge Financial Solutions, Inc. renewed and expanded its lease at 2 Journal Sq. here, taking a total of 320,282 square feet. In a subdued leasing market, a deal of that size is always welcome. But the transaction also mirrors a recent trend of tenants renewing their leases early in exchange for reduced rent. For landlords, they get something equally coveted–more term on a lease and continued occupancy of their buildings.

Michael T. Cohen, president of FirstService Williams in New York City, along with Colton Brown, managing director at FSW in Parsippany, and David Pennetta of Oxford & Simpson Realty, Inc. of Jericho, NY advised Long Island, NY-based Broadridge in the transaction.

Cohen declines to specify the financials of the deal, although he says that a rent abatement period was given in the seven-year renewal. The new contract expands Broadridge’s office space by 25,000 square feet to a total of 320,282 square feet, giving it occupancy of the entire building. Located above the Journal Square PATH terminal, 2 Journal Sq. is owned in partnership by Hartz Mountain Industries, Panepinto Properties and Garden State Development.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.