FRANKLIN, NJ-Newmark Grubb Knight Frank has executed a 45,000-square-foot deal with a healthcare marketing company at 270 Davidson Ave. in the Somerset section of this township.
The building – which is the tallest office structure in Somerset County – was entirely vacant when it was purchased by an investor 18 months ago. NGKF's Drew Persson tells GlobeSt.com the new lease is the second one signed since the completion of upgrades to the office building a month ago. The structure has eight floors of space with a total of 228,000 square-feet,
The terms of the lease with J. Knipper & Co. Inc., a marketing company based in Lakewood, were not disclosed. Newmark is exclusive leasing agent for the building. Jones Lang Lasalle's Steve Fleming represented J. Knipper.
“The entire team, everyone involved, took a very entrepreneurial approach,” says Persson. “Property management, attorneys, architects, all were brought in specifically to get showings to lease in the shortest possible amount of time.”
He says J. Knipper was considering a number of buildings for a new headquarters office in central Jersey. “They liked the amenities at 270 Davidson, including underground parking, a full-service café, modernized operating systems and a brand new lobby.” The firm leased the top two floors, securing the best views in the area, he adds.
J. Knipper committed to a 10-year-lease with options to expand and renew.
Persson says activity appears to be picking up in the 4-million-square-foot Franklin Township market, in which the office vacancy rate stands at about 20%
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