"There was a considerable amount of interest in this building," says Kim Kretowicz, president and founder of Kretowicz Commercial Real Estate, exclusive leasing agent for the property on behalf of owner Gordon Exit 8A Associates LLC, an affiliate of M. Gordon Construction. "We were able to complete the full lease-up, with a broad mix of tenants, despite the down market."
Joining the tenant ranks at Cranbury Executive Center are MGL Americas, an IT consulting firm. Represented by Adam Englander of CB Richard Ellis, MGL leased a total of 7,452 square feet on the first floor. Also on the first floor, the consulting firm Blueprint Healthcare IT leased 2,404 square feet, with Kretowicz representing both the tenant and landlord.
In addition, AlphaStaff, an HR outsourcing company represented by Douglas Twyman of Colliers Houston & Co., leased 2,262 square feet, and New Century Financial Services, represented by Kevin Coleman of Commercial Property Network, leased the final 1,800 square feet.
Rental rates were not available, however, Cushman & Wakefield data places Middlesex County rents at $25.50. The submarket boasts the highest number of office buildings in Central New Jersey, with 258 and another 253,000 square feet of space under construction. The vacancy rate, currently 20.7% in the central part of the state, still represents the highest peak since year-end 2004, noted the report. Meanwhile, the vacancy rate in the class A market, currently 24.4%, dipped by 0.6 of a percentage point since the second quarter and is 1.8% higher than it was just one year ago.
"We are very pleased that Cranbury Executive Center is now fully leased," Victor Angeline, a principal of Gordon Exit 8A Associates, tells GlobeSt.com. "This building was completed on a speculative basis just two years ago, and the fact that it has already been fully leased to multiple tenants despite prevailing market conditions is a significant accomplishment."
The quartet of new signees joins a tenant roster that already includes CNA Insurance, IXP Corp., CRS Cooling and the law firm of Sussan & Greenwald. Located in the Princeton submarket near Exit 8A of the New Jersey Turnpike, the asset features such amenities as an on-site café, putting green, outdoor picnic areas and wooded walking trails. Situated on a 10-acre site, Cranbury Executive Center offers parking for 200 cars.
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