14B — March 14 - 27, 2014 — New Jersey — Mid Atlantic Real Estate Journal
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Fleming of Jones Lang LaSalle represents SAIC Bergman Real Estate Group announces 25,000 s/f lease
AIRFIELD, NJ — Bergman Real Estate Group announced a Science Applications Inter- national Corporation (SAIC) has renewed its 25,000 s/f lease at the property, which Bergman owns in a joint ven- ture with Time Equities, Inc. Jones Lang LaSalle senior vice president Steve Fleming represented SAIC in the transaction, which capped a highly active year for Bergman. F lease signing at 155 Passaic Ave., an 88,000 s/f, headquar- ters-quality office building in Fairfield.
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155 Passaic Ave.
Following the recapitaliza- tion of 155 Passaic in 2012, ownership has been able to
offer more aggressive lease rates, resulting in a number of recent leases at the build- ing. In addition to the lease with SAIC, Petry Engineer- ing, LLC expanded and re- newed for 3,300 s/f; Business Processes Redefined, LLC also expanded and leases approximately 3,300 s/f; and Insurance Overload Services, Inc. renewed its lease at the property. “Our leasing success at 155 PassaicAvenue is a testament to the location advantages, first-rate management and prime office space afforded by this building, as well as the effective execution of our strategy to recapitalize the asset in order to offer highly competitive lease rates,” said John Osborne , Bergman’s executive director of leas- ing and marketing. “We are extremely pleased to have re- newed and expanded several of our tenants at the building in 2013 as we continue to wel- come new companies to this premier business address.” “The strategic partnership that we created with Bergman Real Estate has proved to be a great fit for Time Equities expansion into New Jersey,” said Aaron Medeiros , direc- tor of acquisitions for Time Equities. Securing SAIC as a long-term tenant in the build- ing is a testament to the great office product 155 Passaic Avenue offers companies. We consider their commitment to the location and building a good bellwether for assets in our local portfolio.” “Improvements in the econ- omy in 2013 helped to move tenants off the sidelines and created solid momentum for the New Jersey market head- ing into 2014,” Osborne said. “Bergman is well positioned to benefit from this increas- ing velocity, with strategically located properties in key mar- kets throughout the State.” n
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