Both the tenant and the property owner, AMB Property Co., were represented in the transaction by Joel Lubin and Charles Fern, executive vice presidents with Binswanger/Klatskin. The duo works out of the Edison, NJ regional office of the Teterboro, NJ-based real estate services firm. The parties involved declined to reveal the terms of the transaction.
"We were able to create a win-win scenario with this lease, meeting the needs of both of our clients," says Tony Scaro, Binswanger/Klatskin's chief operating officer.
The latest signing raises to more than 700,000 sf the amount of industrial space PSS Warehouse & Transportation occupies in the region, which encompasses the New Jersey Turnpike Exit 8A submarket. It also increases the company's system-wide occupancy to more than one million sf. The newest space will be used by the company for operations purposes.
PSS Warehouse & Transportation is also one of the key tenants in the region for AMB Property Group, a San Francisco-based company that has its Northeast regional office in Boston. Altogether, AMB's worldwide portfolio totals more than 1,000 buildings, mostly industrial, amounting to almost 102 million sf of space. AMB's New Jersey holdings, mostly situated in the Exit 8A, Meadowlands and Newark Liberty International Airport submarkets, total more than seven million sf.
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