Sheldon Gross Realty's vice president Gavin Daniel was responsible for closing the lease renewal. "The desirability of the Raritan Plaza I, its outstanding location and quality amenities all contributed to Barmensen Development's decision to renew their lease at this location," he says.
Currently 95% occupied, the 262,500-square-foot class A office building's other tenants include project management firm Vanasse Hangen Brustlin Inc. and tax consultant the Gelber Organization.While terms of the lease were not available, annual rent is listed on Summit's website as $26.50 per square foot, with a typical floor size in the nine-story building running around 125,000 square feet.
Built in 1985, Raritan Plaza I is located at the entrance of the Raritan Center Business Park, which features close to 13 million square feet of office, research, warehouse/distribution and industrial space.
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