South Plainfield, NJ-PSEG Power, a diversified independent power producer that generates and sells electricity in the wholesale market, has leased 55,775 square feet at 40 Cragwood Rd., according to owner Normandy Real Estate Partners.
Spanning 135,000 square feet on seven acres, 40 Cragwood Rd. (also called 287 Executive Plaza) is a class B building in Route 1 corridor near Interstate 287, the New Jersey Turnpike and Garden State Parkway.
“PSEG Power is one of the most highly regarded power companies in the country, and a major coup for Normandy,” said Normandy Real Estate Partners VP William O’Keefe in a statement. “We’re confident that our location at 40 Cragwood Rd. will be a great fit for this caliber of tenant.”
Other tenants include Fiserv, Landmark Education, Petro and Genewiz, Inc. Built in 1971, the property was recently renovated and now boasts an upgraded lobby, interior garden atriums and separately metered HVAC and electric. The rent was not disclosed, but current asking rates for class B office space in the area are $12 per square foot to $15 per square foot, according to LoopNet.
Bryn Cinque of Colliers International and Vince Budesa of American Properties represented the tenant; the brokers for Normandy were Charlie Parmelli, Warren Searles and Jordan Forster of Cassidy Turley.
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