Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CRANFORD, NJ-Public Service Electric and Gas, the state’s largest utility, has renewed its lease for 46,191 sf of office at 20 Commerce Dr. here. The Newark-based PSE&G uses the space as a call center, occupying about one-quarter of the nearly 180,000-sf class A building.

The tenant was represented in the transaction by Bryn Cinque, senior vice president of the Parsippany-based GVA Williams NJ. Building owner Mack-Cali Realty Corp., located in Edison, was represented in-house by senior director of leasing Toni Casiano. Terms were not released.

“This was an important lease renewal for our long-term client, PSE&G,” Cinque says. “Located in the Parkway corridor, it’s an ideal place for their call center, which handles customer inquiries 24/7. It meets PSE&G’s real estate and operational needs.”

The renewal comes at a time when the overall vacancy rate in Central New Jersey has edged up a bit to nearly 19.6% because of an influx of sublease space, according to GVA Williams NJ’s just-released Q1 market report. The Union County submarket, location of 20 Commerce Dr., is tighter, according to the report, showing a vacancy of just 12% across its six million-sf inventory. Average asking rent at the end of Q1 was $25.34 per sf.

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

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