LG Electronics Boosts HQ Space to 58,000 SF

The 20-acre Sylvan Corporate Center, which currently contains one 140,000-sf, two-story structure, is owned by the New York-based Andalex Group. Andalex closed on the acquisition of the property just this past January, paying Sylvan Associates LLC $28.3 million for it. Plans have been approved for development of a second 140,000-sf building mirroring the first, although a construction time line has not been announced.

As far as LG Electronics, "when they signed their original lease here in July 2004, it was anticipated that additional space would be required based on the firm's business model," says Andrew Silverman, Andalex's vice president and chief investment officer. "Working with LG, we were able to analyze their needs and accommodate their recent growth. As development at the site progresses, we hope to continue to meet their needs."

When the current build-out is completed, the site will house everything from the electronics, information and telecom company's corporate offices to a technologically advanced call center. Unilever is another major tenant in the building, using its space as an adjunct to its adjacent headquarters location. LG and Unilever combined occupy about 60% of Sylvan Corporate Center.

Greg Barkan of CB Richard Ellis, the building's exclusive leasing agent, represented Andalex in signing LG to the additional 26,000 sf. The tenant, meanwhile, was repped by John Oh, also from CBRE. In an unrelated transaction, Andalex has signed Rocheux International to 11,500-sf of office space at 220 Centennial Ave. in Piscataway, NJ. The distributor of plastics will move its headquarters there from South Plainfield, NJ.

The 10-year lease, which has a total value in the $2-million range, brings the 72,000-sf 220 Centennial Ave. to 100% occupancy. Warren Searles of Colliers Houston & Co., exclusive leasing agent for the property, arranged the signing.

The building is another fairly recent acquisition by Andalex. The company picked up 220 Centennial and the adjacent 200 Centennial a little more than two years ago.