A joint venture of Bergman Real Estate Group and Time Equities, Inc. (TEI) announced that Benefits Consultants Group, Inc., has signed a 21,000 s/f lease at 51 Haddonfield Road, a 100,000 s/f office building in Cherry Hill, N.J.
Acquired by Bergman and Time Equities in 2012, 51 Haddonfield Road has recently undergone a capital improvement campaign that included upgrades to the parking lot and lobby.
As part of TEI’s Art in Buildings program, ownership has also implemented a rotating art gallery of work by local and national artists.
The building’s exclusive leasing agents, Newmark Grubb Knight Frank senior managing director Anne Klein and director Brian Sherlock, represented ownership in the transaction.
“At 51 Haddonfield Road, Bergman and Time Equities have created a flight to quality within the market,” Klein said. “The well-capitalized owners can offer unusually competitive rental rates for a high-end Class A building that features on-site management and access to an impressive number of amenities. It is a rarity in South Jersey and tenants are benefiting from the opportunities.”
Ken Clyman of Ken Clyman Realty and Klein co-brokered the transaction on behalf of the tenant.
“When we started working with Benefits Consultants Group two years ago, the company was content to stay put in the single-story industrial park building that it had occupied for a long time,” Clyman said. “However, thanks to an aggressive economic environment, the company was thrilled to learn that it could secure a flexible and tenant-friendly lease at 51 Haddonfield Road. The move allows the tenant to dramatically upgrade its company image and headquarters facility.”
The lease comes on the heels of three other transactions at 51 Haddonfield Road:
• CorVel Corporation, a provider of healthcare management services and solutions, has signed a long-term lease renewal for 3,371 s/f. Cresa Orange County (Calif.) represented the tenant, while Bergman Real Estate Group’s executive director of leasing and marketing, John Osborne, represented ownership.
• Danville Sales Company, a sales representation organization for manufacturers of plumbing related products, has signed a new lease for 718 s/f of space. Klein and Sherlock represented both parties in the transaction.
• Dr. Anne L. Rosenberg has renewed a 3,186 s/f. Jones Lang LaSalle senior associate Dan Close represented the tenant, while Osborne represented ownership.
Michael Bergman, president and CEO for Bergman Real Estate Group, commented, “These lease transactions validate our belief that there is a plethora of untapped potential in the Cherry Hill market. We will continue to improve the property and offer aggressively priced lease rates until the property is fully occupied.”
51 Haddonfield Road has office space ranging from 700 to 21,400 s/f. Many of the spaces are pre-built and move-in-ready for tenants. Asking rents start at $16 psf.