435 South St. in Morristown — Courtesy: CoStar (via Colliers International)
By Joshua Burd
Atlantic Health System has signed an extension and expansion for more than 530,000 square feet at a three-building campus in Morristown, in a deal arranged by Colliers International.
In a news release, the brokerage team said it represented the health care network in the long-term leases at 435, 465 and 475 South St. The transactions include a 32,000-square-foot expansion at 465 South St., meaning Atlantic Health now occupies each of the three buildings in full.
Colliers’ Executive Managing Director Bryn Cinque, Senior Managing Director James Bailey and Associate Stephen Graziano represented the hospital system in the deals.
“The creative and strategic restructuring of its lease enables Atlantic Health System to control the day-to-day operations of the property and recognize significant savings while tailoring the services specific for their needs as both a headquarters and medical offices,” Cinque said. “There’s not a large supply of properties that offer more than half-a-million square feet of high-quality, cost-effective space in the region, so we’re very happy that we were able to negotiate this deal and help keep Atlantic Health System in its home for years to come.”
Colliers noted that the 533,000-square-foot campus is near Interstate 287 and a mile south of the organization’s flagship Morristown Medical Center. All told, the not-for-profit system operates seven hospitals and long list of outpatient centers, physician practices and other facilities.
“Atlantic Health System is critical to not only the wellbeing of the patients that it treats every day, but to the thousands of team members that come to work every day on behalf of those patients across the state and the region,” said Robert Peake, Atlantic’s vice president of facilities management and real estate. “It has been a pleasure to work with Colliers to help maintain our organization’s presence in Morristown so that we can continue serving the community with a variety of best-in-class health care services.”
Cinque and Bailey have represented Atlantic Health for its real estate needs for the last eight years and helped facilitate the organization’s recent expansions into Clark, Bayonne and Bridgewater, according to a news release. John M. Demarco of Schenck Price Smith & King LLP represented the organization as its outside counsel.
“These extensions and this expansion are a testament to Atlantic Health’s commitment to the region,” said Dennis Waggner, an executive managing director with Colliers and the firm’s New Jersey market leader. “Representing organizations that are as important to their communities as Atlantic Health System is to Morristown is an honor and we’re all proud of Bryn and his team for their outstanding work.”
