Avison Young on Monday said it arranged more than 106,880 square feet in new and renewed office, industrial/flex and life sciences leases across private real estate holding company Shelbourne Global’s 631,784-square-foot commercial portfolio in Piscataway and Bloomfield.
As demand surges, Shelbourne’s approach to prioritize the needs of its tenants and partnership with Avison Young has successfully resulted in a near 100% occupancy.
“As we continue to invest in northern New Jersey, we’re optimistic that this current influx of leasing activity represents a dynamic shift in our tenants’ priorities to attract, recruit and retain top-tier talent and easily access the logistics that will help grow their business, especially given the dynamic shifts as people continue to return to the office. In our tenant priorities, we continue to be hands-on, paying attention to their needs, and are seeing greater confidence in the future of their business through long-term leases,” Ariel Brenner, vice president of leasing at Shelbourne, stated. “We continue to partner with Avison Young because they not only understand this market intimately, but have been trusted advisers on how to best position our assets for success.”
Aromatic Technologies Inc., a cosmetic product manufacturing company, signed a 25,636-square-foot lease, and Alpha Assembly Solutions Inc., an electronic assembly development and manufacturing company, signed a 61,244-square-foot lease at Shelbourne’s 140 Centennial Ave. in Piscataway. Audio Codes, an advanced voice networking and media processing vendor, has leased 16,000 square feet at 20 Kingsbridge Road, also in Piscataway. Acosta, a sales and marketing agency, inked a lease at 1515 Broad St. in Bloomfield for 20,000 square feet.
Avison Young’s New Jersey-based Principal William McCaffrey represented Shelbourne in all four transactions as the exclusive leasing agent.
“Shelbourne’s Piscataway and Bloomfield properties continue to remain competitive in the currently hot market,” McCaffrey said. “We’re excited to continue seeing leading and midmarket pharmaceutical and biotech companies show interest in the area. And, at 1515 Broad St., we’re proud to be working with Shelbourne to help market the premier space as they work to improve the on-site amenity program to better serve their tenants.”