WHIPPANY, NJ-The signing of two major leases at New Jersey properties here show that office tenants can achieve great value, either in rent or convenience, by locating just off the prime roads, according to Iselin, NJ-based Bergman Real Estate Group.
By signing for a 22,000-square-foot headquarters space at Jefferson Plaza in Whippany, NJ, law firm Schwartz Simon Edelstein & Celso LLC, has found class A space for approximately half the cost of nearby Short Hills and Summit, notes John G. Osborne, executive director of leasing and marketing for Bergman Real Estate Group. It has other benefits as well.
“Whippany is sort of a sleeper town,” Osborne tells GlobeSt.com. “Depending on which direction you’re coming from, you can avoid some of the traffic by using back roads.”
Rents in Short Hills and Summit begin at about $40 per square foot. The asking rent for Jefferson Plaza is $21 per square foot. Located at 100 and 110 S. Jefferson Road, Jefferson Plaza consists of two, three-story office buildings totaling approximately 170,000 square feet. With this transaction, the complex is now 88% leased.
“There’s such value to this property,” Osborne says. Douglas Gaffney, senior managing director of the Schultz Organization, represented the tenant.
In a separate transaction, SuperMedia (formerly known as “The Yellow Pages”) has taken 14,000 square feet at 45 Eisenhower Dr. in Paramus for regional offices. For SuperMedia, the deal is a homecoming: It was a tenant in 45 Eisenhower more than a decade ago.
The five-story, 175,000-square-foot class A building is just a couple of streets off Route 17 and close to Route 4, the Garden State Parkway and Interstate 80. The asking rent is $25 per square foot, the going rate for the area.
Here, the value lay in accommodating a quick move for the media company, just 45 days to achieve a full build-out. “They were located in a property not too far away,” Osborne says. “Due to [another tenant with] a much larger requirement, they were able to leave earlier than scheduled.”
The projects amenities include a full-service cafeteria with patio seating.
SuperMedia was represented by Bob Acuff, senior director, Corporate Services at CASE Commercial Real Estate Partners in Dallas.
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