Bergman Real Estate Group Announces Results of Successful 2012
The past year has been a stellar one for Bergman Real Estate Group. The privately owned real estate investment firm, which owns and manages office properties throughout New Jersey, today announced thatit completed 61 lease transactions in 2012. Made up of 70 percent new tenant transactions and 30 percent lease renewals and expansions, the transactions total 240,246 square feet, with an aggregate rent value exceeding $22 million.
Additionally, Bergman continued to grow its portfolio in 2012, announcing three significant acquisitions during the year:
- In a joint venture partnership with Time Equities, Inc., Bergman purchased 51 Haddonfield Road, a three-story, 96,000-square-foot office building in Cherry Hill.
- Also as part of a joint venture with Time Equities, Inc., Bergman purchased 155 Passaic Avenue, a four-story, 88,000-square-foot office building in Fairfield.
- In a joint venture partnership with Gottesman Real Estate Partners, Bergman purchased Aspen Corporate Center, an office complex that features two 45,000-square-foot, three-story office buildings located at 1460/1480 U.S. Highway 9 North in Woodbridge.
“This year’s results are an excellent indicator of an improving office market in New Jersey,” said Michael Bergman, president and CEO of Bergman Real Estate Group. “Seeing positive absorption throughout most of our portfolio is extremely encouraging for Bergman Real Estate and the local commercial real estate market as a whole. On the acquisition front, we will continue to seek out well-located, value added suburban office and medical office properties, as prices continue to be attractive.”
Bergman’s notable 2012 lease transactions included:
- Seven new leases, totaling 24,000 square feet, were signed at 155 Passaic Avenue in Fairfield. This raises occupancy at the four-story, Class-A building to 84 percent — up from 60 percent at the beginning of 2012.
- Hudson City Savings Bank expanded its lease at 45 Eisenhower Drive, a Class-A building in Paramus, by 11,000 square feet, to a total of 38,301 square feet, bringing the year-end occupancy to 86 percent.
- ZT Group International, Inc., signed a new lease for 23,451 square feet of space at 333 Meadowlands Parkway, a five-story office building in Secaucus, bringing occupancy to 87 percent.
- Atlantic Imaging, Inc., signed a new lease for 8,741 square feet of space at 110 South Jefferson Road, part of the two-building Jefferson Plaza office complex in Whippany. Year-end occupancy is 88 percent.
- Index Engines renewed its 18,200-square-foot lease at Holmdel Executive Center, a two-building office complex in Holmdel.
“This past year’s strong leasing activity is indicative of the fact that well located and well managed buildings will continue to be successful in today’s competitive market conditions,” said John G. Osborne, Bergman’s executive director of leasing and marketing. ”The Bergman portfolio is sought out by brokers and tenants alike for our well maintained and regularly upgraded properties.”
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.