X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FARMINGDALE, NJ-Palisades Safety and Insurance Management Corp. has signed a 10-year lease for the entire 26,683-square-foot office building at 5006 Belmar Blvd. here, according to its real estate advisor, Studley.

The auto insurance provider plans to move approximately 100 employees from its commercial auto underwriting and Southern New Jersey claims operations currently located at 4 Paragon Way in Freehold.

“The building provides Palisades with a full-building identity, with signage exposure along the heavily trafficked Route 34 highway, as well as ample room to grow the underwriting and claims business unit,” Studley executive managing director Robert Bull and senior managing director Philip Lipper, tell GlobeSt.com.

“This was the right time for Palisades to lock into a lease that satisfies its key requirements and expectations for future growth,” says Bull, who adds that the long-term outlook for the property and casualty insurance industry appears to be optimistic.

The building is located on the northwest intersection of Highway 34 and Belmar Boulevard, within the 28-acre Allaire Corporate Campus, owned by Bollerman Development Corp. Bollerman was represented in-house.

While terms of the deal could not be disclosed, the landlord’s website lists rental rates for the building in the $16.50 range.

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?

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