371 Hoes Lane in Piscataway — Courtesy: JLL
By Joshua Burd
The owner of a nearly 134,000-square-foot office building in Piscataway is looking to sell the property after a multiyear, $3.2 million renovation that helped bring it to 95 percent occupancy.
According to JLL, which is spearheading the offering, updates at 371 Hoes Lane include an overhaul of the lobby, façade, hallways, stairs and bathrooms as well as a full roof replacement and the addition of a full-service café and fitness center. That has helped the current owner lease over 100,000 square feet across more than 20 deals since July 2018, when it was roughly 25 percent occupied, all but filling the 133,608-square-foot building near Interstate 287.
JLL’s Jose Cruz, Jeremy Neuer and Michael Kavaler lead the listing team, with support from financing brokers Max Custer and Ryan Carroll and leasing specialist John Buckley.
“The property has experienced tremendous leasing activity under current ownership due to several factors,” the firm wrote in its offering materials. “Primarily, tenants are attracted to one of the few buildings in the submarket that has received significant capital investment with over ($3.2 million) invested to improve the tenant experience. In addition, the redevelopment of over (2.3 million square feet) of office to industrial has removed inventory from the market, leading to a market vacancy rate that is significantly below the state average.”
The offering comes seven years after Brandon Rolnick’s Greenway Properties LLC acquired 371 Hoes Lane and quickly detailed plans for a major overhaul. The property’s leasing momentum since then has “far exceeded the market,” JLL noted, thanks in part to its access to major highways, its proximity to Newark Liberty International Airport and the role of nearby anchor institutions such as Rutgers University and RWJBarnabas Health.
JRM touts newly completed overhaul of Piscataway office building (SLIDESHOW)
