BRIDGEWATER, NJ-With GE Capital's new lease of 17,684 square feet on the first floor at Bridgewater Crossing, the 600,000-square-foot complex here is 90% leased, brokers from CBRE tell GlobeSt.com.
This passes for a major feat in New Jersey's suburban market these days, as the overall office vacancy rate stays stuck above 25%, by most estimates.
The two-building Bridgewater Crossing, owned by Piedmont Office Realty Trust, has slightly less than 60,000 square feet still available, CBRE's Jeremy Neuer says. Along with Gregory Barkan and Garrett M. Rioux, Neuer makes up the leasing team for the Bridgewater property. Piedmont Office Realty Trust is the fourth largest office REIT in the U.S.
“The owners are fully committed to keeping this asset as a top-of-the-market asset in every way, shape and form,” Neuer tells GlobeSt.com. “Tenants flock to it because it is top-of-the-market.”
The building's amenity package is being continuously upgraded, he says, and includes a solar array installed last year and other “green” features.
He said a recently installed cafeteria helped attract not only GE Capital, but the previous tenant to commit: Brother International Corp., which leased 101,724 square feet of space last year. GEC was represented by Marc Rosenberg, of Cushman & Wakefield and Brother was represented by Robert Rudin, also of C&W.
Also, in 2012:
- Savient Pharmaceuticals, Inc., a specialty biopharmaceutical company, took 48,469 square feet, represented by Jim Scanlon and Dan Loughlin of Jones Lang LaSalle.
- Dendreon, Inc. took 39,937 square feet, with Loughlin's representation.
Alex Valente of Piedmont said in a release that the company intends their trophy asset to set “a new standard for top corporations seeking the best business environment for employees and customers.”
Bridgewater Crossing's mirror-image buildings at 200 and 400 Crossing Blvd. are part of the master-planned Bridgewater Commons commercial complex. At the 298,911-square-foot 200 building, tenants include Synchronoss Technologies, and at the 297,379-square-foot 400 building, the major tenant is Pfizer.
The complex has a fitness center and conferencing facilities. It is located adjacent to Bridgewater Marriott and Bridgewater Commons Mall
Bridgewater Crossing has an on-site heliport and is close to many major roadways including Routes 287, 280 and 80, as well as the New Jersey Turnpike and the Garden State Parkway.
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