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CLINTON, NJ-CBRE has arranged two lease transactions at Perryville Corporate Center in Clinton, bringing the renovated complex to 70% occupancy. The deals both involve headquarters relocations and total about 25,000 square feet.
CBRE’s John Goodwin and Patricia Reidel represented Crown Properties, the owner of the 280,000- square-foot Class A site. In one deal, Goodwin also represented the tenant, Malick & Scherer, in signing for a 13,741-square-foot lease. The firm of consulting engineers, construction inspectors, and land surveyors, is relocating from Whitehouse Station.
In the other transaction, Marsulex Environmental Technologies signed for 11,371 square feet, and was represented by Garibaldi. Marsulex is a maker of air pollution control, relocating from Lebanon, PA.
“Perryville Corporate Center is a great opportunity for companies wanting to enjoy a top-flight campus environment in the I-78/ I-287 area market to pay less rent than they would elsewhere,” Goodwin tells GlobeSt.com.
“We are making deals $5-to-$7 per square foot below prices in Bridgewater, for example,” Goodwin says. “The average price for deals is in the $17-to-$20 per square foot range.”
New York-based Crown Properties purchased the 25-year-old office park four years ago from Preferred Properties, undertaking a major renovation. In 2010, Ikaria Therapeutics leased the entire third floor to become the anchor tenant of the property. Other tenants include Hatch Mott MacDonald and Enperion.
“The Malick & Schere deal is another classic example of the ‘flight-to-quality’ industry trend,” said Goodwin. Reidel noted that the building is energy-efficient, with amenities including a full-service cafeteria, and fitness center, and its location is ideal for a “reverse commute” at rush hour.
The building is situated off Exits 11 and 12 of I-78 and about 20 minutes from the intersection of I-78 and 287. Remaining available space includes 16,262 square feet on the first floor, and an additional 10,921 square feet of “plug-and-play” space. Also, a block 35,067 square feet is available on the second floor.
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