25 Commerce Drive in Cranford — Courtesy: Signature Acquisitions
By Joshua Burd
The owner of an eight-building, 820,000-square-foot office portfolio in Union County is touting more than a dozen recent deals at the properties, including eight new leases or expansions.
The landlord, Signature Acquisitions, says the transactions at its Parkway Commerce Center total more than 44,000 square feet. They include a new 6,629-square-foot lease at 25 Commerce Drive in Cranford with Flipt LLC, a pharmacy benefits management alternative firm, along with commitments from the U.S. General Services Administration, Reliant Fund Services, Hasselblad Inc., Fundigo and Garden State Mortgage.
Topche & Co. and Krieger Worldwide both expanded and extended their leases within the portfolio, which also includes buildings in Clark. Additionally, Signature inked renewals with Care Alternatives, CrossCountry Mortgage, Funding U 123, Rhythm Medical and Gramercy Capital.
Cushman & Wakefield’s William O’Keefe, Charles Parmelli, Shawn Straka and Joe Ratner represented ownership in each deal.
The firm on Tuesday also detailed two new leases at 100 Matawan Road, a recently renovated 132,655-square-foot property just off the Garden State Parkway in Matawan. Office Evolution, a co-working facility, signed on for 8,130 square feet, while transportation tech firm Avlino took 2,892 square feet.
John Buckley and Erin Moran of JLL represented Signature Acquisitions in the deals.
“Significantly, eight of the 13 leases in Cranford were new leases or expansions of existing space, and both of the deals in Matawan were new leases,” said Sandy Monaghan, senior vice president and director of leasing at Signature Acquisitions. “This is a positive trend over the recent past when renewals were the dominant activity in the market. These new leases and expansions show a belief in business fundamentals, and a strong level of confidence in the continued need for well-located, well-managed office spaces. Further, these 15 leases represent a wide diversity of business industries, which seems to suggest that business growth and office space demand is broadly based.”
