Vonage Holdings Corp., a provider of cloud communications for businesses and consumers, has renewed the lease of its 350,000 s/f facility in Holmdel. Mack-Cali Realty Corporation (NYSE: CLI) owns the 88-acre campus at 23 Main Street.
This transaction was managed by commercial real estate services firm Cushman & Wakefield. Ken Ashley, the firm’s Vonage relationship lead based in Atlanta, Ga., with Paul Giannone and Harlan Hollander of the company’s Edison and East Rutherford, N.J., offices, respectively, represented Vonage in the long-term transaction. Ben Pugh and Maureen Kelly of Cushman & Wakefield’s Corporate Finance & Investment Banking practice provided executive decision support and financial advisory services. Mack-Cali Realty Corporation owns the Vonage campus at 23 Main Street; Christopher DeLorenzo served as in-house representative during negotiations.
“This transaction represents one of New Jersey’s largest recent leases, but its significance goes much further,” Giannone said. “Vonage is a major communications company that has chosen to remain and grow in the state. This reflects the region’s appeal for high-tech employers – punctuated by its proximity to Manhattan, access to a deep skilled labor pool and a high standard of living.”
According to Ashley, Vonage made the decision based on the merits of the terms offered by Mack-Cali and the business environment in New Jersey. “We conducted an exhaustive, multi-state search of all possible alternatives,” Ashley said. “Vonage ultimately decided to come right back home to Holmdel.”