According to Lezynski, the signing consisted of combining an expiring 10,000-sf sublease with an additional 7,832 sf of adjoining space. "In conjunction with the expiring sublease, Princeton Partners needed to lease additional space," he says. "While relocation options were a possibility, they thought it best to stay at the existing location and expand into adjacent space offered by the landlord."
The new direct lease at the seven-year-old building runs for seven years and includes tenant improvements and a furniture allowance, as well as renewal and expansion options. Further terms were not released; available space at the building had been listed on Gale's website with an asking price of $24.50 per sf.
Lezynski recently orchestrated a similar, smaller deal in Morristown. In this case, he represented the Hays Group, a national insurance company, in a 3,967-sf, five-year direct lease at Headquarters East Plaza. The tenant had been subleasing a smaller space in the property's West Tower prior to relocating to the new space in the East Tower. Headquarters Plaza is owned by the New York-based Olnick-Fisher.
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