BASKING RIDGE, NJ – The New Jersey Property-Liability Insurance Guaranty Association (NJPLIGA), a provider of statutory benefits, has leased approximately 28,000 square feet at 233 Mount Airy Road, a class A office building located in the heart of Somerset County’s I-287 corridor.
NJPLIGA, presently located nearby at 222 Mount Airy Road, will expand by 8,000 square feet in a long-termwith the building’s owner, Mack-Cali Realty Corporation.
Studley Managing Director John “Jack” P. Feeney represented NJPLIGA in the long-term transaction, while Richard Travaglini, senior director ofat Mack-Cali Realty Corporation, represented the landlord in-house.
According to Mr. Feeney, who is known for notable New Jersey transactions such as Verizon Wireless, Tiffany & Company and Wockhardt USA, the new lease allows the company “the physical room to grow” without having to move elsewhere in the county. Mack-Cali provided a seamless transition by offering space in their building across the street. “In addition, 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.”
The NJPLIGA provides a safety net 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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