24C — March 2024 — Best of 2023 — M id A tlantic Real Estate Journal
www.marej.com
The LARGEST OFFICE LEASE of 2023
Cushman & Wakefield 525 Washington Boulevard Jersey City, NJ
Lee & Associates NJ 5 Sylvan Way Parsippany, NJ
Campbell Commercial 3045 Market St Camp Hill, PA
Brokers: C&W: David DeMatteis, Robert Rudin, Mina Shehata, Dirk Hrobsky, Christina Magill, Jan Randall, Chris Helgessen. CBRE: Robert Alexander, Ryan Alexander, Taylor Callaghan Size: 547,962 s/f Bank of America leased 547,962 RSF for 15 years. The Bank recognized Newport Tower’s qualities, a major transportation hub, 1.2 million square feet of retail and abundant parking in an urban environment. Ownership seized the downtime during the pandemic shutdown to add amenities including hospitality suites, curated dining, fitness, and redesign the building’s entrance. Ownership’s investment turned out to be the right move at the right time. Jersey City has historically been a financially driven submarket. In a world of shrinking users, this shows a commitment by one of the industry’s titans to office use and Jersey City as a whole. LINKBANK, a leading Mid-Atlantic Community Bank that caters to clients across Pennsylvania, Delaware, Maryland, New Jersey, and Virginia, opened its headquarters at 3045 Market Street in early 2019 and expanded to occupy the entire building later that year. In December 2023 LINKBANCORP, Inc. parent company of LINKBANK, announced the completion of the merger of Partners Bancorp with and into LINK, and the merger of The Bank of Delmarva and Viriginia Partners Bank with and into LINKBANK, and extended the lease for another five years. Arthur Campbell and Jessica Gasper from Camp- bell Commercial handled the transaction for LINKBANK and C.A. Hempt Estate, Inc., the property owner. The MOST UNIQUE OFFICE LEASE of 2023 NAI Summit 630 Municipal Drive Nazareth, PA Cushman & Wakefield 525 Washington Boulevard Jersey City, NJ Binswanger 1000 Continental Dr. King of Prussia, PA Brokers: Peter Rasmusson Size: 10,044 s/f Lee & Associates New Jersey represented Korber Pharma Software in its lease extension at 5 Sylvan Way, which is part the Arbors @ Parsippany office campus. This transaction represents the continuation of a long- standing relationship; Peter Rasmusson has brokered multiple transactions on behalf of the firm, including its initial regional office lease at this property. Onyx Equities recently completed a $15 million repositioning at the five-building Arbors @ Parsippany, including the incorporation of an extensive amenities suite; that addition was instrumental in Korber Parma’s decision to remain in place at the Class A campus. Brokers: Art Campbell & Jessica Gasper Size: 10,070 s/f
Brokers: C&W: David DeMatteis, Robert Rudin, Mina Shehata, Dirk Hrobsky, Christina Magill, Jan Randall, Chris Helgessen. CBRE: Robert Alexander, Ryan Alexander, Taylor Callaghan Size: 547,962 s/f Bank of America leased 547,962 RSF for 15 years. The Bank recognized Newport Tower’s qualities, a major transportation hub, 1.2 million square feet of retail and abundant parking in an urban environment. Ownership seized the downtime during the pandemic shutdown to add amenities including hospitality suites, curated dining, fitness, and redesign the building’s entrance. Ownership’s investment turned out to be the right move at the right time. Jersey City has historically been a financially driven submarket. In a world of shrinking users, this shows a commitment by one of the industry’s titans to office use and Jersey City as a whole.
Brokers: Jason Kramer & Josh Haber Size: 21,339 s/f
Brokers: Mike Adams & Sarah Finney Miller Size: 6,600 s/f The tenant signed a long-term lease for a 6,600 s/f office suite in this two-story flex building. The combination of office and flex features, including 3-phase electric and shared dock door, were what prompted the tenant to select this facility for their relocation. The building is multi-tenant and caters to a range of light manufacturing, distribution tenants, and professional office users.
Binswanger represented Eigen X, a leading CRM & Analytics consulting firm, in the site selection and lease negotiations for its new corporate headquarters. After scouring the King of Prussia, Malvern, Wayne, and Radnor markets for months, we found an aggres - sive sublease opportunity at 1030 Continental Drive, a free-standing building with rare signage and branding potential. In just a few years, Eigen X, which has been named one of America’s Fastest-Growing Companies by Inc. 5000, has doubled its footprint at a time when most companies are downsizing. The company now has its name in lights along King of Prussia’s busiest corridor and an inspiring, collaborative, and unique office space that its employees actually want to be in.
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