The property is part of an eight-building, 1.2-million-sf portfolio the Charlotte, NC-based Allegiance bought from the Archon Group last month. "Our firm is extremely committed to the New York/New Jersey marketplace, and we have made a significant capital investment in the region," says Scott Sambade, vice president of acquisitions and finance for Allegiance.
As reported by GlobeSt.com, the leasing exclusive for the rest of the portfolio, including the five-building, 850,000-sf Atrium Corporate Center here, went to holdover Cushman & Wakefield of NJ. The latter had the assignment from the previous ownership.
As far as 379/399 Campus Dr., Jones Lang LaSalle's Sam Buckley, Jonathan Meisel and Thomas Reilly, all executive vice presidents, will be responsible for filling the buildings. Located just off Interstate 287 in Central New Jersey's Somerset County, the buildings' current tenant roster includes Royal Consumer Products and Datatek Applications.
. "We are in lease negotiations for the first floor of 379 Campus Dr., and we are experiencing significant demand from other prospective tenants, ranging from 2,500 sf to 125,000 sf," says Buckley. Asking rents and lease terms have not been released. However, the numbers are indeed likely to be "highly competitive," because the surrounding market has an office vacancy rate in the 40% range, according to various industry reports. The Atrium Corporate Center, which sits adjacent to 379/399 Campus Dr., has a 30% vacancy factor, according to Cushman & Wakefield's numbers.
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