ROXBURY, NJ-When all the numbers are added up, Philips Electronics North America has signed a lease agreement that totals some 400,000 sf of industrial space here. The deal involves the building at One Philips Dr., owned by the Morristown-based Hampshire Cos.

The signing, the financial terms of which were not disclosed, involves a 10-year renewal for the existing 234,000 sf of warehouse and distribution space that Dutch-based electronics giant Royal Philips Electronics' US division occupies here. Philips inherited the location just over a year ago when it acquired Gemini Industries Inc., a supplier of electronics-related accessories and peripherals. Prior to the acquisition, Philips had an eight-year supplier relationship with the Clifton-based Gemini.

Besides the renewal, the lease signing also includes an expansion of 166,000 sf, which will bring Philips' total occupancy on the site to 400,000 sf. Completion of the expansion project is expected to take about one year for Philips, whose North American headquarters office is in New York City.

There may be further expansion in the picture for Philips, or possibly another tenant, at the 75-acre Hampshire Cos.-owned site. According to Norman Feinstein, the firm's executive vice president, the 75-acre piece of land has been cleared and has the necessary approvals in place for yet another 166,000 sf of industrial space at a later date.

"When Philips purchased Gemini, they evaluated this lease and obviously saw the merit in not only continuing to operate out of this building, but to work with us on an expansion," Feinstein says. "It is an expansion that will meet their needs for years to come." The property itself is part of the Hampshire Partners Fund VI portfolio, which Hampshire, a private real estate investment fund manager, oversees.