Avison Young has arranged more than 106,880-square-feet (sf) in new and renewed office, industrial/flex, and life sciences leases across private real estate holding company Shelbourne Global’s 631,784-sf commercial portfolio in Piscataway and Bloomfield, NJ. As demand surges, Shelbourne’s approach to prioritize the needs of their tenants and partnership with Avison Young has successfully resulted in a near 100 percent occupancy.
“As we continue to invest in Northern New Jersey, we’re optimistic that this current influx of leasing activity represents a dynamic shift in our tenants’ priorities to attract, recruit, and retain top-tier talent and easily access the logistics that will help grow their business, especially given the dynamic shifts as people continue to return to the office. In our tenant priorities, we continue to be hands-on, paying attention to their needs, and are seeing greater confidence in the future of their business through long-term leases,” said Ariel Brenner, Vice President of Leasing at Shelbourne. “We continue to partner with Avison Young because they not only understand this market intimately but have been trusted advisors on how to best position our assets for success.”
Aromatic Technologies, Inc., a cosmetic product manufacturing company, signed a 25,636-sf lease and Alpha Assembly Solutions, Inc., an electronic assembly development and manufacturing company signed a 61,244-sf lease at Shelbourne’s 140 Centennial Avenue in Piscataway, NJ. Audio Codes, an advanced voice networking and media processing vendor, has leased 16,000-sf at 20 Kingsbridge Road, also in Piscataway. Acosta, a sales and marketing agency, inked a lease at 1515 Broad Street in Bloomfield, NJ for 20,000-sf. Avison Young’s New Jersey-based Principal William McCaffrey represented Shelbourne in all four transactions as the exclusive leasing agent.
“Shelbourne’s Piscataway and Bloomfield properties continue to remain competitive in the currently hot market,” said McCaffrey. “We’re excited to continue seeing leading and mid-market pharmaceutical and biotech companies show interest in the area. And at 1515 Broad Street, we’re proud to be working with Shelbourne to help market the premier space as they work to improve the on-site amenity program to better serve their tenants.”
Shelbourne’s portfolio comprises of industrial, office and lab space across 80 Kingsbridge Road, 140 Centennial Avenue and 275 Centennial Avenue. The firm also owns 1515 Broad Street in Bloomfield, NJ, a class A office and flex property, which is undergoing planned improvements and enhanced amenity upgrading.