BASKING RIDGE, NJ- The New Jersey Property-Liability Insurance Guaranty Association has committed to the long-term lease of 28,000 square feet at 233 Mount Airy Road here.
The insurance company is currently located at 222 Mount Airy; it will expand by 8,000 square feet in the move across the street within a complex owned by Mack-Cali Realty Corporation.
Studley's John “Jack” P. Feeney represented NJPLIGA in the transaction. Mack-Cali was represented in-house by Richard Travaglini.
Feeney said the move worked for the company because it provides “physical room to grow” without necessitating a relocation from the area. “In addition,” he noted, “the new building has an existing generator, and a separate negotiation was done to enable the tenant to tap into it during potential power outages.”
Feeney has handled over large companies' relocation moves in northern/central New Jersey in recent years, including those of Verizon Wireless, Tiffany & Company and Wockhardt USA.
The NJPLIGA is a provider of “safety net” insurance, designed to mitigate the effects of loss on claimants and policyholders who, through no fault of their own, find themselves without coverage
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