130,000 square feet of leases inked at Offices at Liberty Corner
A flurry of tenant activity has brought nearly 130,000 square feet of new and expanded leases to The Offices at Liberty Corner in Basking Ridge, announced Cushman & Wakefield. Amidst this momentum, property owner The Silverman Group is launching a program to enhance the amenities package at the three-building, 525,000-square-foot campus this summer.
Cushman & Wakefield’s Bill Brown and Ben Brenner, based at the commercial real estate services firm’s Morristown office, serve as exclusive leasing agents for The Offices of Liberty Corner and brokered the recent, long-term transactions. Among them:
* Two deals brought 150 Allen Road to 100 percent occupancy. Pulte Homes leased 25,000 square feet in a relocation and expansion of its Northeast headquarters. Sarah Jones-Maturo and Remy deVarenne of CBRE represented the residential developer. Additionally, ElectroCore, a tenant at 150 Allen Road since 2013, expanded its headquarters space, adding 5,500 square feet for a total occupancy of 25,000 square feet. Eric Ladden of Cornerstone Real Estate Group represented the healthcare company.
* At 110 Allen Road, Lexicon Pharmaceuticals leased 25,000 square feet and is relocating its headquarters to the building from Princeton. The firm was represented by Geoff Schubert and Todd Ward of CBRE. Also, a global information technology company relocated into 20,000 square feet at 110 Allen Rd after having been represented by Pamela Klesert of Cresa. At the same building, a billion dollar pharmaceutical company has expanded its New Jersey offices located there by 10,000 square feet to occupy a total of 30,000 square feet. Cushman & Wakefield’s Josh Cohen and Marc Rosenberg served as tenant brokers.
* Finally, a tenant expansion brought 106 Allen Road to 96 percent occupancy. A Danish ingredients company, which relocated its U.S. headquarters to The Offices at Liberty Corner last year, added 3,500 square feet for a total of 16,500 square feet. Cushman & Wakefield’s Harlan Hollander represented the company in the transaction.
“The I-78 corridor office market has gained momentum, and The Silverman Group has done an excellent job positioning The Offices at Liberty Corner competitively,” Brown said. “The influx of new leases and continued steady inquiries at the property tie directly to the outstanding work environment the ownership has created. The renewals testify to the responsive, flexible approach our client takes to accommodating tenant needs.”
To that end, The Silverman Group continues to add services and facilities to enhance quality of life at The Offices at Liberty Corner. At 110 Allen Road, the firm is currently incorporating a 2,500-square-foot fitness center with high-end equipment, showers and locker rooms, as well as a 25-person state of the art conferencing facility.
Recently, The Silverman Group upgraded food service and renovated the cafes at all three buildings and completed a lobby renovation at 106 Allen Road. The firm also added a new conference facility at 150 Allen Road, and a tenant lounge with a pool table at 110 Allen Road. Additionally, new outdoor seating areas at 106 and 110 Allen Road, and a mile-long walking path around the campus perimeter will encourage enjoyment of the property’s bucolic grounds.
“We want to create a positive working forum and a healthy lifestyle at The Offices at Liberty Corner. Introducing renovated and upgraded amenities throughout the complex as well as incorporating a walking path throughout the campus to promote our vision of a new kind of office atmosphere,” said Blake Silverman.
Located at Exit 33 of I-78, The Offices at Liberty Corner is located in an upscale neighborhood, with numerous retail, dining and hotels nearby. “Somerset County is a long-time target destination for the pharmaceutical, communications, technology and FIRE industries,” Brenner noted. “The region’s deep and skilled labor pool and executive housing options continue to place it among the state’s most desirable suburban office markets.”
Currently, Cushman & Wakefield is marketing a 6,100-square-foot unit at 106 Allen Road and 96,000 square feet of contiguous space at 110 Allen Road. The larger block of space can be delivered fully furnished as a plug-and-play facility. Other Offices at Liberty Corner tenants include Ace Insurance, Aflac, Celgene, Concurrent Technologies, Fireman’s Fund, Infosys, Ipsen Biopharmaceuticals, Matheson Tri-Gas, The Privilege Underwriters Reciprocal Exchange (PURE),Torrent Pharmaceuticals and Wells Fargo.
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