11:00 AM
A joint venture of Bergman Real Estate Group and Time Equities, Inc. (TEI) today announced that Benefits Consultants Group, Inc., has signed an approximately 21,000-square-foot lease at 51 Haddonfield Road, a 100,000-square-foot office building in Cherry Hill, N.J.
Acquired by Bergman and Time Equities in 2012, 51 Haddonfield Road has recently undergone and benefitted from an extensive capital improvement campaign to upgrade areas of the property, including the parking lot and lobby. Also, as part of TEI’s Art in Buildings program, ownership has 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 Ms. 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,” Mr. 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 with Benefits Consultants Group comes on the heels of three recent transactions totaling 7,275 square feet. Ms. Klein and Mr. Sherlock represented ownership and new tenant, Danville Sales Company, a sales representation organization for manufacturers of plumbing related products. Bergman Real Estate Group’s Executive Director of Leasing and Marketing John Osborne represented ownership in lease renewals with existing tenants CorVel Corporation, a provider of healthcare management services and solutions, and Dr. Anne L. Rosenberg. Cresa Orange County (Calif.) and Jones Lang LaSalle Senior Associate Dan Close handled these transactions, respectively.
“When we made the decision last year to partner with Time Equities and acquire 51 Haddonfield Road, we were confident that our joint venture possessed the experience and wherewithal necessary to successfully reposition the property,” said Michael Bergman, president and CEO for Bergman Real Estate Group. “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 is conveniently located just minutes from Center City Philadelphia near the Benjamin Franklin and Betsy Ross bridges, and is located adjacent to the Cherry Hill Mall. The property features a glass atrium, café, on-site building manager, fitness center, ample parking and outdoor picnic spot.
The property offers office space ranging from approximately 700 to 21,400 square feet, available for immediate lease. Many of the spaces are pre-built and move-in-ready for tenants. Asking rents start at $16 per-square foot.
To learn more about leasing opportunities at 51 Haddonfield Road, contact Anne Klein at 856-334-2110 or Brian Sherlock at 856-334-2111.
About Bergman Real Estate Group
Bergman Real Estate Group is a privately owned real estate investment and management firm that specializes in the acquisition, management, leasing and construction of commercial office properties throughout New Jersey. Since its formation in 1988, Bergman Real Estate Group has earned a solid reputation as a leader in the New Jersey commercial office market with a current portfolio consisting of 19 office buildings comprising 1,800,000 square feet, including several New Jersey properties where Bergman provides third party leasing services to private owners. Bergman also owns two additional office buildings in Columbus, Ohio totaling 240,000 square feet. The company continues to actively pursue value-added investment opportunities in the marketplace.
About Time Equities, Inc.
Founded in 1966, privately held Time Equities, Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 40 years. With properties in 26 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 23.4 million square feet of residential, industrial, office and retail property.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.