Cushman & Wakefield Arranges HQ Lease for Petra Systems
SOUTH PLAINFIELD, N.J., Mar. 10, 2014 - Commercial real estate services firm Cushman & Wakefield has orchestrated a 17,000-square-foot headquarters lease for Petra Systems, at 1 Cragwood Road in South Plainfield. The global provider of distributed-power electronic technologies relocated to the Class A office property this winter from a nearby flex property, in a move that coincides with the company's renaming and rebranding.
Cushman & Wakefield's Slava Vaynberg, Marc Trevisan and David Sherman, who are based at the firm's East Rutherford, N.J., office, headed the assignment on behalf of Petra Systems. Tanzanite Realty, LLC owns the 160,000-square-foot 1 Cragwood Road building and was represented by Adam Englander from CBRE in the long-term lease.
Founded in 2006 as Petra Solar, Petra Systems delivers reliable and cost-effective smart energy solutions to power tomorrow's cities, highways, microgrids, and solar power plants and grids. Its products improve energy efficiency, enable carbon neutral and green initiatives, enhance safety and security, and reduce overall system costs and environmental impact.
The company previously housed its manufacturing and administrative operations together. "As part of our rebranding, we wanted to separate our headquarters offices into a facility that would provide an upscale, corporate image," explained John Warren, Petra's vice president of human resources, who headed the relocation initiative. "This building projects the right look. It also is less than one mile from our old address, which made the commuting transition seamless for our employees."
According to Vaynberg, 1 Cragwood Road is one of the best Class A assets in the I-287 market. "This building and location enabled Petra Systems to optimize its headquarters operation following several years of rapid growth in the previous location," he said. "It also offers plenty of room for expansion."