Mid Atlantic Real Estate Journal — New Jersey — April 12 - 25, 2013 — B
www.marejournal.com
N ew J ersey
RANBURY, NJ — Lam Cloud Management, LLC has begun the Co. helps to convert the vacant One Continental Dr. Klein of Kay Realty facilitates 495,000 s/f leasehold for tenant C
conversion of One Farr View Dr., formerly known as One Continental Drive, into a new breed of collaborative center for technological innovation. The vacant 495,000 s/f, five- story class A building, situated on 42 acres near Exit 8A, was purpose-built for Continental Insurance in 1988 and most recently occupied by Aetna. The project start-up follows the signing of a 25-year, net-net lease by Lam Cloud, a transac- tion arranged for the tenant by William Klein of Kay Re- alty . The building owner, The Sudler Companies of Cha- thamwas represented in-house by Steven Spinweber . “The building had been va- cant for four years, and Lam has been looking for a site for more than three years,” said Klein. “After looking at many buildings in the state, this was ideal. Ultimately, this was a near-perfect solution for both the tenant and the landlord. On behalf of the tenant, we worked very closely with Peter Sudler and Steve Spinweber to make it happen.” “This is a 495,000 s/f building with 100,000 s/f floorplates,” said Spinweber. “The current office market does not support those kinds of space demands, and probably won’t for the foreseeable future. We began thinking about other creative uses, and even considered taking it down and building a distribution center. Since Sudler originally constructed the building in the mid-1980’s, no one here at Sudler was par- ticularly anxious to implement that solution. “In the end, the Lam Cloud opportunity was presented to us, and it made complete sense,” Spinweber said. “We’ve done a number of data center deals and understand the process, and negotiated an aggressive rent. They were very candid about their challenges, and we were candid in howwe would address those challenges. Both parties worked very closely together to cultivate this opportunity. It’s a good deal for everyone.” The project is also a prime example of an important trend in New Jersey’s commercial real estate market, particu- larly the suburban office sec- tor, which currently has a vacancy rate in the 25% range. “Property owners, particu-
One Farr View Dr.
larly owners of suburban office buildings, are increasingly looking at alternative uses for long-vacant buildings,” said
Klein. “This is a particularly innovative adaptive re-use, one that sets a prime example for the industry. n
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