Page 8 - RE-NJ Aug2020

6 AUGUST 2020
BROTHER INT’L RENEWS 102,000
SQ. FT. HQ LEASE IN BRIDGEWATER
Piedmont Office Realty Trust, under the long-term extension.
JLL managing directors Andrew Zezas and Scott Lesh, along with Senior Vice President Brian Davidson, represented Brother International in the 101,724-square-foot transaction. Avison Young Principal William McCaffrey represented ownership
at what’s known as 200 Bridgewater Crossing.
“By extending its North American headquarters
lease, Brother
International
provided guidance to the company’s CFO and leadership team, in planning and executing this important and timely engagement.”
In a news release, JLL noted that Brother occupies more than a third of the eight-story, 298,911-square- foot building at the intersection of Route 22 and Commons Way. The location provides it with quick access to Interstate 287, along with on-site amenities such as a cafeteria, café, fitness center and conference center.
“The transaction JLL completed on behalf of Brother International enhances the company’s ability
to improve its North American headquarters facility and provide a quality office environment for its employees,” Lesh said.
Built in 2002, 200 Bridgewater Crossing is one of two mirror-image office buildings within the master- planned, mixed-use Bridgewater Commons commercial complex.
Redevelopment of the property will be subject to FMERA’s master plan for Fort Monmouth, its land use regulations and design and its development guidelines, which serve as the zoning overlay for the property, according to a news release.
“FMERA maintains that the
highest and best use of the site is
as a vibrant, pedestrian-friendly development with residential and a combination of commercial, cultural, entertainment and retail uses,” said Sarah Giberson, FMERA’s marketing and development manager.
Such a project would join other developments at the landmark property, which spans roughly 1,000 acres across Eatontown, Oceanport and Tinton Falls. The federal government closed the base in 2011 after it had served for more than 90 years as the Army’s hub
for developing communications technology, intelligence and reconnaissance services, striking
a blow to the local economy and prompting ambitious redevelopment efforts by the state.
To date, the reuse and redevelopment has activated 1 million square feet
of commercial space and more than 200 residential units, along with civic and entertainment uses, FMERA said. Some 20 parcels have been sold and 16 parcels are currently under contract, in negotiation or in the development pipeline.
Brother International Corp. has extended its lease for more than 100,000 square feet at a Bridgewater office building, under a newly announced transaction by JLL.
The company, well-known for its
home office and business products and sewing machines, maintains its North American headquarters at 200 Crossing Blvd. It will continue to occupy the fourth through sixth floors of the building, which is owned by
200 Bridgewater Crossing at 200 Crossing Blvd. in Bridgewater
STATE SEEKING NEW BIDS FOR 80-ACRE SITE AT FORT MONMOUTH
One of the top parcels at the former Fort Monmouth site is back on the market, as state officials seek a new plan for bringing residential and commercial uses to the 80-acre development site.
Known as Parcel B, the tract
has a prominent location at the base’s entrance along Route 35 in Eatontown. The Fort Monmouth Economic Revitalization Authority, which oversees redevelopment at the former U.S. Army installation, is now planning to solicit bids to acquire and redevelop the parcel after ending discussions with a previously
selected developer.
The authority said it will seek a medium-density, mixed-use project, with a requirement that any proposal include 302 residential units.
“The revised Request for Offers to Purchase for this parcel was drafted with the Fort Monmouth Reuse
and Redevelopment Plan’s vision in mind,” Bruce Steadman, FMERA’s executive director, said in a prepared statement. “However, as a result of the implications of recent market shifts, specifically in retail, we expect to be more flexible on the mix of commercial uses permitted.”
was able to
secure a longer-
term real estate
solution, on
favorable terms,
that supports
the company’s
operating and finance objectives,” Zezas said. “We are extremely pleased to have advised and represented Brother International, and to have
The announcement comes three years after Paramount Realty Services, a Lakewood-based firm, proposed the development of a sleek, mixed-use lifestyle center at Parcel B. The firm in 2017 received the highest score through a request for offers to purchase process, but ultimately withdrew its proposal in early 2018, reportedly due to doubts from prospective retailers.
FMERA subsequently engaged Lennar Corp., the second-highest scorer, but recently terminated a sale and redevelopment agreement with the national homebuilder, according to an agency board memo. The authority now hopes to issue a new request for offers to purchase in the coming weeks, as it continues to seek a “transformative” project with amenities that activate public spaces for walking and gathering in public plazas and outdoor seating areas.
Agency officials said they are
eager to re-envision the project
in way that leverages new and unique approaches to mixed-use development and maximizes the economic impact to the surrounding communities, noting that the delivery of goods and services has changed dramatically over the past 10 years. To that end, FMERA aims to target
a broader mix of commercial uses and small-scale, complementary retail amenities that will create a hub for business and community engagement.
Andrew Zezas
PARCEL B 81 Ac. +/-
An aerial view of Fort Monmouth’s Parcel B, an 80-acre redevelopment site that is slated to become a mixed-use hub for business and community engagement
COUNTY ROUTE 35
AVENUE OF MEMORIES (MONMOUTH COUNTY ROUTE 537)
Courtesy: Fort Monmouth Economic Revitalization Authority Courtesy: JLL