EGG HARBOR, NJ-The deal was quick, but not all that easy: Qualcare Alliance Networks has taken 30,492 square feet in a 15-year, $9.7 million lease at the Expressway Corporate Center at 100 Decadon Dr., says Lee & Associates New Jersey, which represented both the tenant and landlord PNC Bank.
Accommodating the managed-care organization entailed downsizing existing tenant Computer Science Corp. In fact, Qualcare was just about to sign a lease at another building, says Jason Lynch, a Lee New Jersey vice president and principal, who represents PNC Bank in leasing and marketing the complex for sale.
“I let my father [Brian Lynch, also a Lee New Jersey principal] know about the assignment,” Lynch recalls. “He was with the CEO of Qualcare, who decided to look at the building.”
Brad Fenlon of CBRE represented Qualcare, along with Brian Lynch. But Qualcare needed 30,000 square feet in a building that only had 20,000 square feet available.
Computer Science Corp. was persuaded to cut its space at 100 Decadon in half, to 10,000 square feet, to accommodate its new neighbor. “We had to get eight people’s signatures over the weekend,” Lynch laughs.
QualCare is expected to occupy the space in April. The rent is $18.50 per square foot, rising 2% annually over 15 years. The two-building complex will then be 100% occupied—Computer Science Corp. also occupies the entirety of 200 Decadon Dr.
The deal should help greatly in finding a buyer for Expressway Corporate Center, Lynch says. “It’s a wonderful way to end the year—PNC was ecstatic,” he says. “This makes the building much more marketable.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
