1 Tower Center in East Brunswick — Courtesy: Newmark
(Editor’s note: This story was updated Tuesday, Jan. 26, with additional information from Cushman & Wakefield.)
By Joshua Burd
The owner of a growing New Jersey office portfolio has inked three new leases, according to Newmark, including a 43,000-square-foot deal at East Brunswick’s Tower Center.
Brokers with Newmark represented the landlord, American Equity Partners, in the long-term transaction with Englert Inc. The metal roofing and gutter company is taking space at 1 Tower Center, which AEP has upgraded after acquiring the 24-story, 415,000-square-foot building last year.
Newmark also announced deals with ATANE, a full-service construction management, engineering, architecture, environmental, surveying and special inspection and material testing firm, which signed a 13,500-square-foot long-term lease at 2147 Route 27 in Edison. The transaction brings AEP’s Lincoln Place property to 98 percent leased.
A third tenant, PF Compass, signed for 3,800 square feet at AEP’s Grande Commons complex at 440 Route 22 in Bridgewater. The commitment by the employee benefits guidance and compliance consulting firms brings the asset to 88 percent occupied.
Newmark Senior Managing Director Jamie Drummond and Associate Director Andrew Perrotti represented the landlord in each transaction. Cushman & Wakefield’s Sean Brady represented Englert in its lease.
“These recent transactions are a testament to the market’s flight to quality in these difficult times,” Drummond said. “The common thread with all three new tenants was their positive impression of the physical space. AEP is an entrepreneurial landlord who was able to take these value-add assets and turn them into true Class A properties that are attracting a wide range of tenants to its diverse portfolio across Northern New Jersey.”
In a separate news release, Cushman & Wakefield said Englert will relocate to the 23-story office tower in March, using the space as its new corporate office.
“The search for Englert’s new office headquarters included properties in Metropark and the southeastern portion of the Interstate 287 corridor, but the company ultimately chose the East Brunswick area,” Brady said.
To that end, AEP in April unveiled its planned upgrades at 1 Tower Center, which it valued at more than $6 million, including a new HVAC system, upgraded mechanicals, common areas and a modern tenant amenities center on the 15th floor. The space, which features views of New York City, includes a fitness center with a yoga studio, a conference and training center, a social-centric tenant lounge and a co-working space, among others perks.
“We have been taking a three-pronged approach to ensure we are attracting best-in-class tenants for our New Jersey portfolio of office properties,” said David Elkouby, principal of AEP. “First, we want to ensure our physical upgrades are a top-quality product that feels fresh and relevant to today’s workforce. Secondly, we push for amenities that aren’t found in most suburban office spaces to help our tenants foster cross-collaboration.
“Finally, we’re focused on the user experience of our tenants. We have created apps for every building that we own where tenants can access amenities, make reservations for conference spaces and communicate directly with us to put in work orders or ask general questions.”