Bergman Real Estate Experiences High Level of Leasing Activity in First Half of 2013
Bergman Real Estate Group’s acquisition of Aspen Corporate Center was the start of a busy year for theprivately owned real estate investment firm. Since acquiring the office complex at 1460/1480 U.S. Highway 9 North in Woodbridge at the start of 2013, Bergman has experienced rapid leasing velocity throughout its portfolio of New Jersey office properties.
During the first six months of the year, Bergman completed 40 lease transactions — a mix of new tenant transactions and lease renewals and expansions, totaling approximately $10 million in aggregate lease value.
“As the New Jersey office market has continued to rebound in 2013, we’re seeing that well located and well managed buildings have been the first to experience high levels of leasing activity,” said John G. Osborne, Bergman’s executive director of leasing and marketing. “We expect to see vacancy levels continue to drop throughout the remainder of the year and into 2014.”
At Aspen Corporate Center, which features two 45,000-square-foot, three-story office buildings, Bergman has completed in excess of 14,000 square feet of leasing, including three new leases totaling 7,793 square feet and two lease renewals totaling 6,215 square feet.
“The local and hands-on approach that we’ve brought to Aspen Corporate Center since purchasing the property has greatly benefitted the leasing pipeline,” Osborne explained. “Current and prospective tenants are extremely pleased with the improvements we’ve made to the complex’s parking lot and elevators. We expect that interest among high quality companies will continue to rise after we outfit the property with a ‘grab and go’ café.”
At Florham Park Corporate Center, a 226,000-square-foot, Class A office property in Florham Park, Bergman completed four notable lease transactions during the first half of the year. Osborne represented ownership in the following transactions:
- Carlin & Ward, P.C., a law firm specializing in civil litigation with an emphasis on client advocacy, negotiation and public service, signed a lease renewal for 5,894 square feet of space. CBRE Senior Vice President Jeremy E. Neuer, Vice President Peter Shikar and Senior Associate Robert E. Norton represented the tenant.
- Xinuos, Inc., a provider of computer operating systems, signed a lease renewal for 9,400 square feet of space. Roger Cantor of Cornerstone Real Estate Group represented the tenant.
- Prime Pension, Inc. and Abar Retirement Plan Services, LLC, both financial planning organizations, signed leases totaling an additional 8,500 square feet.
At 45 Eisenhower Drive, a strategically located, Class A building in Paramus, The Law Offices of Barbara Comerford, P.A., signed a new lease for 3,400 square feet of space. Osborne represented Bergman in the transaction, while MRH Real Estate Services Senior Vice President Glenn Dulmage represented the tenant.
To learn more about leasing opportunities throughout the Bergman Real Estate Group portfolio, contact John G. Osborne or Kelly Ziegenfuss at 732-855-8600 or visit www.bergmanrealty.com.
About Bergman Real Estate Group
Bergman Real Estate Group is a privately owned real estate investment and management firm that specializes in the acquisition, management, leasing and construction of commercial office properties throughout New Jersey. Since its formation in 1988, Bergman Real Estate Group has earned a solid reputation as a leader in the New Jersey commercial office market with a current portfolio consisting of 19 office buildings comprising 1,800,000 square feet, including several New Jersey properties where Bergman provides third party leasing services to private owners. Bergman also owns two additional office buildings in Columbus, Ohio totaling 240,000 square feet. The company continues to actively pursue value-added investment opportunities in the marketplace.