Insurer Takes 44,287 SF at Monmouth Executive Center

It's a major expansion move for Proformance, which will relocate into the new space from its existing 19,000-sf offices nearby in this Monmouth County seat. The company is a specialty insurer, which, besides writing personal auto and homeowner policies, provides coverage for furs, jewelry, fine arts, seasonal and investment properties, yachts and personal excess liability. Proformance chairman and CEO James Gorman terms his company's offices-to-be as "one of the most distinctive new office buildings in Monmouth County."

Steven Schultz, a principal of The Schultz Organization/TCN Worldwide, based in Woodbridge, NJ, represented both Proformance Insurance Co. and Monmouth Executive Center in the transaction. "This lease represents the first major lease transaction completed in Monmouth County in 2002," according to Schultz, who notes that his company "has worked with Proformance for many years.

"This transaction demonstrates the underlying strength of the Monmouth County marketplace," according to Schultz. He notes that MEC IV current has a total of 24,000 sf available, with units divisible to 5,000 sf.

When completed, Monmouth Executive Center IV will come equipped with a range of amenities, including private entrances and building signage, individually controlled utilities and connectivity to high-speed, high-capacity fiber optics. The larger four-building project, which is located at a four-way interchange of Route 33 in what is being labeled as the county's high-tech corridor, is currently home to such companies as JDS, Prudential, Cap Gemini and SBU Insurance. The western Monmouth County trade area is currently "one of the fastest growing regions in New Jersey," according to Schultz.