The assets are located near the Metropark rail station, a key Central New Jersey transit point on the Northeast mainline. Besides being a key commuter stop, Metropark is also served by Amtrak's Metroliner service. Hemisphere's two buildings are also located near the Garden State Parkway, New Jersey Turnpike and I-287.
The marketing and leasing assignment for Hemisphere's two build-to-suits has gone to the New Jersey office of GVA Williams, located in Parsippany. The company's CEO, Eric Witmondt, vice president Bryn Cinque and managing director-ownership services John Johnson are heading the assignment.
"These class A office building can be custom built to meet a tenant's specifications," according to Cinque. "They are located within one of New Jersey's top office submarkets."
Given the space grab that has occurred in New Jersey in the wake of the World Trade Center disaster, the properties might not be expected to be on the market for very long. However, some observers point out, most of the recent run has been for sublet and other relatively short-term, even temporary occupancy.
"It's a great location, with the train station and all," according to one financial brokerage executive whose firm was affected by the WTC disaster. "But if you're going to build it out the way you want it, you're probably going to stay for awhile. Most of the people we've talked to expect to move back when their space is cleaned up, or the World Trade Center is rebuilt.
"Some of those that have moved into sublet space in New Jersey might ultimately stay, but that's kind of hard to predict," he continues. "The perfect fit for build-to-suit space like this would be a company that was going to move anyway, or that was considering expanding and would keep the space even if they ultimately moved back into Lower Manhattan."
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