X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

EAST BRUNSWICK, NJ-PNC Bank has agreed to renew its lease for a total of 131,363-sf of office space at the Two Tower Center office building here. The Pittsburgh-based financial institution will continue to maintain its New Jersey regional headquarters office in the 23-story, 418,000-sf tower.

The transaction was arranged for the owner of the building, Tower Center II Investment Group LLC, by Marc Trevisan, senior vice president, Ward Greer, first vice president, and Ray Sohmer, senior vice president of CB Richard Ellis. CBRE maintains its Central New Jersey offices in the building as well.

PNC Bank, meanwhile, was represented in the transaction by David Simson, president of GVA Williams of New Jersey, Parsippany. Terms of the deal were not disclosed.

Set on 14 acres just off Exit 9 of the New Jersey Turnpike, Two Tower Center combines with its mirror-image One Tower Center to provide an imposing high-rise presence on the bluffs overlooking the superhighway. One Tower itself is separately owned – it’s in the portfolio of Boston Properties. The twin towers are physically linked by the 405-room East Brunswick Hilton Hotel.

Two Tower Center currently has 160,000 sf available, which the CBRE trio is marketing. The space is available as a contiguous 100,000-sf block, as well as in units of as small as 2,500 sf, according to Greer.

Most of that available space hit the market early this past spring when the Quincy, MA-based CitiStreet LLC opted to move its retirement services division from the building to the Archon Group’s 350,000-sf 400 Atrium Dr. within the Atrium Corporate Park in nearby Franklin Twp. CitiStreet is a joint venture of CitiGroup and the Boston-based State Street, a benefits provider.

As reported by GlobeSt.com earlier this year, the CitiStreet lease aggregated to $25 million over a 7.5-year term. Industry sources estimated at the time that the CitiStreet lease netted out to between $22 and $23 a foot in a submarket market with a substantially higher vacancy rate–about 40%–than the market surrounding Tower Center.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.