Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PISCATAWAY, NJ-IBM has renewed and expanded its lease by 26,000 sf, and will now occupy more than 78,350 sf at 1551 South Washington Ave. at Washington Plaza here. Washington Plaza is a 196,000-sf class A flex facility owned by Lincoln Equities Group, based in Rutherford, NJ. While terms of the lease were not disclosed, IBM’s expansion does bring the building to 100% occupancy, according to Joel Bergstein, executive VP for Lincoln Equities.

In the transaction, IBM was represented by J. Douglas Petrozzini of Grubb & Ellis, while Lincoln Equities was represented in-house by Robert Fisher and Susan Lulla.

Lincoln Equities currently operates a commercial portfolio of more than 2.25 million sf of class A office space and one million sf of industrial space. The company has recently been active in the marketplace, closing several major investment transactions with such institutional partners as Investcorp and Crow Holdings.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.