Newmark Knight Frank (NKF) announced a 65,000 s/f long-term lease renewal for Doosan Machine Tools at 19 Chapin Road in Pine Brook, NJ.
NKF’s Senior Managing Director Kevin Murphy and Associate Director Trevor Patterson represented the tenant in the transaction. The landlord, Cohen, was represented in-house.
Doosan Machine Tools is a global manufacturer of computer numerical control (CNC) turning and milling machines. The firm serves the metalworking community that produces high-precision parts .
Their multifunctional space provides Doosan Machine Tools with lab space, a warehouse, showroom and executive offices. As the firm’s business has evolved over the past 10 years, they were able to revise their footprint at 19 Chapin to continually meet their growth needs.
“This long-term lease renewal is the latest transaction that reinforces New Jersey’s industrial markets as one of the most in-demand in the country,” said Murphy. “Despite this market’s industrial space vacancy rates being in the low single digits, we were still able to secure a competitive financial package for Doosan to remain in their space.”
19 Chapin Road serves as a first-class light industrial park due to its functional high-bay profile, curb appeal, privacy and regional accessibility.
The property accommodates multi-tenant users, including light manufacturing, distribution, office and research laboratory.