HAMILTON, NJ-Meritage Properties LLC, a New York-based commercial real estate owner and investor, recently inked a 16,076-square-foot, long-term lease agreement with Navigant Consulting at American Metro Center, which is located at 240 Princeton Ave. here. Daniel Ackerman, senior director of leasing at Lincoln Equities, represented the landlord in this transaction, while UGL-Equis Corp. represented the tenant.
With this transaction, AMC, which is owned in a partnership of an affiliate of Meritage Properties and Lincoln Equities Group, is now 80% occupied. “In addition to being attracted to the building's amenities, the tenant expressed the need to act quickly with lease negotiations, and this previously built-out space, which included phones and furniture, was a perfect fit,” Ackerman tells GlobeSt.com. Navigant is relocating its PACE Claims Services business to AMC.
American Metro Center has shown strong leasing momentum during the first half of 2010, notes Andrew Nathan, founder of Meritage Properties. "We have signed five leases so far representing over 75,000 square feet,” he tells GlobeSt.com. “Equally important, we are currently in active negotiations with a number of significant tenant prospects."
American Metro Center is a 485,000-square-foot, three-building, multi-tenanted class A office complex, which is located at the southern end of the Princeton/Route 1 corridor. Situated on 112 acres, American Metro Center is adjacent to the Hamilton train station on NJ Transit's Northeast Corridor line.
"The completion of this lease transaction illustrates the positive absorption that we've recently seen in the Princeton submarket over the past several months, which signifies an important and continuous shift toward recovery in New Jersey's real estate market going forward," adds Joel Bergstein, president of Lincoln Equities Group. "As the economy inches toward stability, these types of plug-and-play opportunities will continue to entice tenants to relocate to well-maintained, conveniently located, highly amenitized facilities, such as AMC.”
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