Nicholas Savage, Marc Trevisan, David Sherman and Marc Mattesky of CB Richard Ellis represented the tenant. CBRE's Geoffrey Schubert and John Kaye represented landlord Vision Equities--CBRE is the exclusive leasing agent. Terms were not released; available space in the building is currently listed with an asking price of $27.50 per sf.
"After an extensive financial and operational analysis, Fragomen, Del Rey concluded that relocating away from a rail transit hub, Metropark, would enable them to take advantage of more favorable rental rates," Savage says. "Parkway 120 was a frontrunner not only because of the rent savings, but it also offered Fragomen the opportunity to design its space on a raw floor."
Vision Equities, a Morristown-based firm, acquired the building, located just off Exit 120 of the Garden State Parkway, in mid-2006 from Normandy Real Estate Partners for an undisclosed price. Vision picked up the asset with the backing of Grosvenor Investment Management.
"We acquired this building approximately 18 months ago, and more than 70,000 sf of leases have been completed since then," says Sam Morreale, managing partner of Vision Equities. "The Fragomen lease brings Parkway 120 to more than 80% occupancy."
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