PISCATAWAY, NJ-FFG Industries Inc., a manufacturer of flavors and fragrances, has leased 26,000 sf of high-tech space at 140 Centennial Ave. here. The space will be used as a technical center for the company's newly formed subsidiary, Agilex Flavors & Fragrances, a company that represents the integration of a half-dozen companies recently acquired by FFG. The site will also house the subsidiary's marketing and administrative offices.
The tenant was represented in the transaction by David Stifelman of Cushman & Wakefield of NJ, East Rutherford. Morristown-based owner Hampshire Cos., specifically that firm's Hampshire Partners Fund VI, was represented by Bob Ryan, Mindy Lissner and Carolyn Sica of CB Richard Ellis. Terms of the long-term lease were not released.
"This facility will be the key business and technology center for this division," says Stifelman. "The building's central location, highway accessibility and flexibility made it an ideal fit. The Agilex space is being built out with the needs of a fragrance company in mind."
"We maintain the mission, 'big company resources, small company values'," says Carlo W. Colesanti, chairman, CEO and president of the Upper Saddle River-based FFG. "The new tech center is in keeping with this core philosophy. It will house the technological resources of a company many times the size of Agilex, but in a very service-oriented atmosphere."
Built in 1978, the 88,000-sf 140 Centennial Ave. was acquired by Hampshire in late 2005 from Blumenfeld Development Group as part of a 378,000-sf multi-building portfolio that carried a price tag of $30.2 million. Hampshire has since completed a major renovation of the building aimed at positioning it for advanced technology users.
"We recognized a market need for high-tech office space in the technology-driven Central New Jersey marketplace," says Hampshire executive managing director Norman Feinstein. "We undertook plans to provide this space in a location with access to major highways."
The latest transaction is also the second recent deal Stifelman has done for FFG. In April, he orchestrated a 5,000-sf expansion of the company's headquarters office in Upper Saddle River.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.