B — July 27 - August 16, 2012 — Brokerage Directory — Mid Atlantic Real Estate Journal


B rokerage D irectory

Patterns emerge that could set the stage for the rest of the year CB Richard Ellis: 2012 New Jersey office market report

ADDLE BROOK, NJ —While the New Jersey office market is off to a relatively slow start with declining leasing and renewal activity, a few patterns have emerged that could set the stage for the rest of the year, according to CBRE. Through the end of May, there have been only four transactions over 100,000 s/f, down from eight from the same time last year. Total, there were 23 total lease and renewal transactions in prop- erties larger than 100,000 s/f in 2011, but CBRE forecasters S

don’t expect the number will be that high for 2012 based on the time needed to complete transactions of this size and the current demand in the New Jersey marketplace. “With over 33million square feet of offce space available, the New Jersey market can accommodate most space requirements. We do see that the market in 2012 is being carried by small-to-mid-size deals in the range of 10,000 to 50,000 square feet,” said Leo Paytas, senior vice presi- dent, CBRE New Jersey. “This could mean smaller

companies who have been sit- ting on the sidelines are now looking to capitalize on new opportunities. So far this year 54.4% of all transactions 10,000 sq. ft. and greater were completed in the 10,000-20,000 sq. ft. range while 20.2% of the transac- tions were 40,000 sq. ft. and greater, compared to 49.4% and 27.0% last year at this time respectively. Through the end of April, the market activity was down, returning to levels not seen since 2009. While the leas- ing velocity was slightly less

than 2011 and 2010, 4.9% and 12.6% respectively, it was renewal activity that widened the gap between the previous years. The renewal activity in the first four months of the year was considerably

less that the two prior years, although three of the four top deals year to date were renew- als. The combined leasing and renewal activity in 2012 were 26.0% less than 2011 and 19.6% less than 2010. n

SSH Real Estate brokers Cozen O’Connor move to One Liberty Place

Philadelphia, PA — SSH Real Estate represented Cozen O’Connor in its lease of new space at One Liberty Place. Cozen O’Connor is plan- ning to move its Philadelphia

Building 1 nearing Completion

51-Acre Industrial Park For Lease or Build-to-Suit

One Liberty Place

offices to the Center City landmark One Liberty Place, where the firm will occupy nine foors. The frm signed a 17-year lease on July 2 to oc- cupy 200,000 s/f on foors 21 through 28, as well as the 7th foor of the building. SSH Partner Peter Soens and senior vice president Michael Kennedy served as brokers for Cozen O’Connor while Bill Hirschfeld and Sun Park of Cushman &Wakefeld of PA., Inc. served as brokers for Metropolis Investment Holding, Inc., landlord of One Liberty Place. “We are delighted to have helped structure this positive outcome for Cozen O’Connor,” Soens said. “They had the foresight to get an early start on the process of considering their real estate options. The result is a premier Center City space that suits their current and future needs.” “SSH provided insightful counsel throughout the multi- year process,” said Thomas A. Decker, CEO of Cozen O’Connor. “They really know this market, and their guid- ance was invaluable on this signifcant business decision for Cozen O’Connor.” n


CBRE, Inc. | 1275 Glenlivet Drive, Suite 320 | Allentown, PA 18106 | T.610.398.6900 | F.610.398.7815 www.cbre.com/allentown | Licensed Real Estate Broker

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