OFFICE LEASES BRING WASHINGTON PLAZA TO 92 PERCENT OCCUPANCY
Cushman & Wakefield Cites Re-Tooled Marketing for Piscataway Asset’s Success
PISCATAWAY, N.J. – April 10, 2012 – (RealEstateRama) — Four new office leases at Washington Plaza in Piscataway have brought the 200,000-square-foot corporate property to 92 percent occupancy. Commercial real estate services firm Cushman & Wakefield, Inc. serves as exclusive leasing agent for the property at 1551 South Washington Ave; Curtis Foster of the firm’s East Rutherford, N.J., represented the property in the long-term transactions.
· Tingley Rubber Corporation, a supplier of protective footwear and clothing, leased 15,012 square feet at Washington Plaza. The firm, which will relocate its headquarters to the property from South Plainfield, N.J., was represented by Kathy Gizzo of the Acclaim Group.
· Engineering firm Burns & McDonnell committed to 11,734 square feet at Washington Plaza. The office represents an expansion for the firm’s Mid-Atlantic Operations, headquartered in Kansas City, MO. Cushman & Wakefield’s Bill Brown served as tenant broker.
· BlackStratus, Inc., a provider of technology security solutions, leased 10,912 square feet at Washington Plaza and will relocate its headquarters to the property from Edison, N.J. Marc Graham, Harlan Hollander and Ed Duenas of Cushman & Wakefield represented the tenant.
· Technology consulting firm SDI Global Solutions leased 6,073 square feet at Washington Plaza in a headquarters relocation from South Plainfield. John Buckley from Jones Lang LaSalle served as broker for SDI.
The recent leases cap nearly 60,000 square feet in lease transactions closed at Washington Plaza during the past 12 months. Last spring, Foster orchestrated an 11,000-square-foot headquarters lease for software company Shadow Financial Systems, followed by a 4,000-square-foot lease for insurance firm BeamaLife. Other tenants at the building include IBM, Revlon and Paychex. Only two units—of 6,000 and 10,000 square feet—remain available.
“Washington Plaza is the hottest property in Piscataway right now,” noted Foster, who credits the surge in activity to a retooled marketing strategy. “About a year ago, we began to target smaller users, we increased broker commissions and lowered the asking rent to be highly competitive. The results speak for themselves.”
Foster noted that Washington Plaza’s turnaround is particularly gratifying in the face of a challenging leasing environment. “Piscataway is known traditionally as a difficult market for dealmaking,” he said. “By setting realistic expectations, aggressively pursuing opportunities and providing quality, well-managed accommodations we have seen a great deal of success here.”
The four-story property features a two-story glass atrium lobby and newly renovated common areas. Tenants there enjoy multiple telecom carriers and other sophisticated infrastructure features, a full-service café with seating for 100, an ATM machine, and on-site property management by Kwartler Associates, Inc. A Boston-based investment advisor owns the property.
Washington Plaza sits in a corporate neighborhood filled with amenities, including dining, shopping, hotels and public transportation. It fronts on I-287, between exits 5 and 6, offering high visibility and direct highway access. Other proximate thoroughfares include the Garden State Parkway, the NJ Turnpike, I-78, Route 440 and the Outerbridge Crossing.
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Media Contact:
Evelyn Weiss Francisco: evelyn (at) caryl (dot) com, (201) 796-7788, www.twitter.com/carylcomm
