Newmark Grubb Knight Frank (NGKF) announced today that it completed a lease renewal for Hitachi Power Systems America, Ltd. (HPSA), a wholly owned subsidiary of Hitachi America, Ltd., that will enable the company to remain in its 50,000 square feet of offices at Liberty Corner Executive Center.
NGKF Vice Chairman Merrill Roth represented HPSA, which has occupied the space at 645 Martinsville Road in Bernards Township, N.J., since 2005. On renewing, Mr. Roth said, “HPSA is committed to its presence here and seized the opportunity to assure its place in the property over the long term.”
Representing the landlord, Murray Construction Co. Inc., were Brian Fitzsimons, Murray Construction’s senior vice president and director of real estate; Douglas Friedrich, its president and chief operating officer; and Michael Nachtome, senior vice president and general counsel.
Liberty Corner Executive Center, a three-story, 86,000-square-foot Class A office building, is strategically located at the intersection of Route 78 (Exit 33) and Martinsville Road/Liberty Corner Road. Murray Construction recently completed a major capital improvement program that included a new central chiller, new roof, facade work and upgrades to common areas.
“HPSA investigated all the alternatives in this market and found that ‘there’s no place like home’ when it came to pricing, future flexibility for expansion and contraction, and overall work environment,” said Mr. Roth.
Murray Construction Co. has retained NGKF as its exclusive agent to market the remaining space in the property. Jamie Drummond, senior managing director, and David Simson, vice chairman and chief operating officer of NGKF’s N.J. operations, are spearheading all leasing efforts.
“Already, we have identified several prospective tenants interested in the space,” Mr. Drummond said. “The building’s clean lines and freshly painted exterior project a professional image that resonates with tenants, and that impression carries through into the common areas with brand new carpets and lighting.”
The property’s location is another strong selling point, Mr. Simson notes. Liberty Corner Executive Center is within walking distance of the Somerset Hills Hotel and a Courtyard by Marriott, as well as the Riverwalk Shopping Center, which offers a YMCA, child care, banking, Starbucks, numerous restaurants and retail shopping. The building is minutes away from the Lyons and Bernardsville train stations, offering service to Manhattan, or a 20-minute ride to Newark Liberty International Airport.
“HPSA recognized this property’s advantages and we are confident that other office users will soon do the same,” Mr. Simson said. “We can accommodate tenants as small as 3,200 square feet and or as large as 17,500 square feet in contiguous spaces.”
About Murray Construction Co. Inc.
Founded in 1956, The Millburn, New Jersey based Murray Construction Co., Inc. has been a leading commercial builder, developer, owner and investor for more than five decades. For more information, visit www.murrayconstruction.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank 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, Newmark Grubb Knight Frank’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, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark Grubb Knight Frank 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.