Cassidy Turley negotiated a 33,000 s/f long term lease renewal on behalf of OFS Fitel at 19 Schoolhouse Road in Somerset, NJ.
The Cassidy Turley team of Warren F. Searles, Jr. and Charles P. Parmelli, SIOR, CCIM, both principals at the firm, represented the tenant.
The owner, The Hampshire Companies, was represented in-house by senior investment manager Kim Stirba-Reynolds.
OFS, a designer, manufacturer and provider of optical fiber, optical fiber cable, connectivity, FTTx and specialty photonics solutions, will convert a portion of the existing space into additional labs for the development and research of optical fiber solutions.
OFS has maintained labs in the property for over 20 years and through change in ownership from Lucent Technologies to Furukawa Electric Co., Ltd., in 2004.
Built in 1988, 19 Schoolhouse Road offers access to major highways including Interstate 287, Interstate 78 and New Jersey Route 22.
“It made so much sense for OFS to stay at 19 Schoolhouse Road not only because of the convenient location but also the long history and surrounding amenities,” Searles said.
“The flexible floor plan made it possible to convert existing space into additional research labs to meet their growing needs, and Hampshire incentivized OFS by negotiating a financially attractive lease extension, a true win-win for both parties.”
“We’re committed to providing quality space that meets the needs of today’s businesses and is able to accommodate changes and demands in the marketplace,” said Stirba-Reynolds.