Milton Charbonneau, of Colliers' Somerset office, relates that Congoleum had close to one year remaining on its lease for the entire building at 3500 Quakerbridge Rd. and extended it on a long-term basis, while allowing for a slight contraction from the original space occupied. Charbonneau declined to specify any financial terms, as did a spokesperson for the Fruscione Co.
But according to a recent FirstService Williams market report, average asking rents in Mercer County are $29.08, with a total availability of 20.31%. The report also notes that Mercer was the only county in Central New Jersey to experience an availability decrease during the third quarter.
Congoleum did consider alternatives in the market, says Charbonneau, but was impressed with the flexible arrangements offered by the landlord. "The Fruscione Co. works hard to keep its tenants happy and that showed during negotiations with Congoleum."
Charbonneau says that there is a trend for large corporate clients to consider blend and extend transactions prior to lease expiration. "We are in the process of a number of mid-term renewals that allow for an immediate savings for the tenant and for long-term security for the ownership group."
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