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NEW JERSEY-Cushman & Wakefield has negotiated leases for four clients across the state, totaling 207,500 sf of space now off the market. Office property all over the Garden State remains in high demand as companies clamor for not only newly developed buildings, but also pre-existing offices. One of the leases was for industrial space, another hot class of commercial space in the market here.

The industrial space was leased for Graybar Electric Company. Jules Nissim and Stan Danzig of Cushman’s East Rutherford office negotiated the lease on behalf of the tenant. Graybar will rent 52,000 sf at the Cranbury Business Park at Four Aurora Drive in Cranbury.

The largest of the office space leases was for 109,000 sf at Headquarters Plaza in Morristown. Marc Rosenberg and Robert Donnelly of the Parsippany office represented the building’s owner, Onlick-Fisher Associates. Cushman also represented the owner in a deal brokered by Edward Cohen, Frank Gunsberg, David Stifelman and Gerry O’Dell of the East Rutherford office for 32,000 sf at 574 Springfield Avenue in Westfield. The owner there is Ettnor Partners LLC. The last of the four new leases was arranged on behalf of the tenant, Hennes & Mauritz Inc. Hennes has leased 14,500 sf of office space at the Garden State Plaza in Paramus. The Midtown Manhattan office handled the transaction.

Morristown and Paramus are located in North Jersey, within the New York metropolitan area. Both benefit from Manhattan’s tight market, drawing companies across the river for lower rental rates and more space. Westfield is in Central Jersey, demonstrating that as one moves from New York, the market is still solid. Cranbury, is closer to Princeton and Trenton in South Jersey than Manhattan. This deal in particular testifies that throughout the state the demand is high for various types of commercial real estate.

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