EAST BRUNSWICK, NJ– CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm, today announced the completion of two office lease transactions that totaled 44,344 sq. ft. at Perryville III, a 288,500-sq.-ft. Class-A, office building that is part of Perryville Corporate Park, and located at 53 Frontage Road, Hampton, N.J.
The CBRE team of John Goodwin and Patricia Riedel, senior associates, represented the owner, Crown Properties, in both transactions.
In the first transaction, Celldex Therapeutics, a growing life sciences firm that develops new classes of diagnostic and therapeutic products for immune disorders and autoimmune diseases, took 33,363 sq. ft. of space, which includes a lab component. The tenant relocated and expanded its headquarters by about 13,000 sq. ft. from Phillipsburg, N.J., and was represented by Gerald Moore, Jr., managing director, The Garibaldi Group. Perryville will house both its executive offices as well as its lab space.
“This relocation and expansion is another typical flight-to-quality opportunity and speaks volumes about the high value of the space and amenities available at Perryville,” said Mr. Goodwin. “Celldex leased the largest block of contiguous space remaining in the building, which brings the occupancy to 81.5%.”
Offering easy access to the I-78 Corridor, this headquarters-class office space on 21 acres of beautifully preserved woodland is located between Exits 11 and 12 of I-78. The property features a full-service cafeteria, a high-end conferencing facility, fitness center, basketball and two tennis courts, jogging trails and is situated within a park-like setting.
In the second lease, Residential Home Mortgage Corporation signed to occupy 10,981 sq. ft. The premier mortgage company moved to Perryville in 2010 and has expanded from 6,500 sq. ft. to 10,981 sq. ft.
“These leases are indicative of the interest we are seeing from companies looking for space or expanding space within the Route 78 west submarket,” said Ms. Riedel. “Quality office buildings like Perryville III offer tenants a corporate image at affordable rental rates.”
Crown Properties recently completed the construction of a 16,262 sq. ft. prebuilt unit immediately off of the building’s main lobby, which can be subdivided to accommodate a variety of sizes. Additionally, there is a 6,500 sq. ft. plug and play unit available fully furnished and wired on the second floor. Unoccupied units are available starting from 2,500 sq. ft. to 8,239 sq. ft.
“We’re continuing to see a surge from relocating companies seeking affordable, high-quality and accessible office solutions,” said Alexandra Rad, managing partner, Crown Properties. “We’re so pleased to welcome our new tenant and to have the ability to continue our relationship with existing occupants.”
Along with Celldex, the building serves as the headquarters of Ikaria, Inc; Malik & Scherer, LLC; Marsulex Environmental Technologies, LLC; Oxford Diabetic Supply; and Intricity LLC. Hatch Mott MacDonald, Altera, and Maser Consulting P.A. also maintain a presence in Perryville III.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.