Schultz reports no shortage in leasing activity

Real Estate Weekly, Dec 17, 2008

The Schultz Organization has reported strong leasing activity throughout the New Jersey commercial market during September and October.

One of the most active teams within the organization during this period was senior managing director Douglas Gaffney and senior associate, Tony Georgiev, who completed nine transactions exceeding 105,000 s/f of space throughout various submarkets in northern and central New Jersey.

"The strong activity we have experienced over the past two months confirms the fact that entrepreneurial, mid-sized businesses continue to drive the New Jersey economy," stated Gaffney.

"Today's overall economy is certainly challenging, but there are still many medical practice groups, law firms and mid-sized service companies that are working diligently to grow their businesses. Demand still exists for competitively priced office/medical and flex/ industrial space where landlords have initiated substantial capital renovations for their assets," he continued.

Seven of the nine recently completed lease transactions by Gaffney and Georgiev were located in Morris County. Of those seven, four leases totaling 17,000 s/f were completed at 10 James Street in Florham Park, a 20,700 s/f newly renovated single-story medical office building. Gaffney and Georgiev represented the landlord, The Silverman Group, in the four medical practice transactions which included: Maron and Rodriques; The Center for Women's Care; Dr. S. Pally and Dr. R. Bostonian.

Additional lease transactions completed in Morris County include a 19,800 s/f office lease renewal for the law firm of Blume Goldfaden Berkowitz Donnely Fried & Forte at One Main Street in Chatham, which brought the 68,000 s/f building, owned by SK Properties, to 100% occupancy; and an 8,500 s/f lease in a newly constructed, 28,000 s/f building at 45 Washington Street in Morristown on behalf of the law firm Finazzo, Cossolini & O'Leary.

Rounding out the recent lease transactions completed in Morris County is a 5,000 s/f lease at 25 Hanover Road in Florham Park, a two-building, 130,000 s/f complex.

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The Schultz Organization represented the tenant, I.M. Mack Construction, as well as landlord, The Silverman Group. The newly leased space will serve as I.M. Mack's regional office.

"Well positioned, fairly priced office and medical space in this area of Morris County will be in demand well into 2009," said Gaffney.

Further south, Gaffney and Georgiev negotiated a 20,200 s/f office lease on behalf of K Hovnanian's Coastal Division with landlord, First Properties Corporation, in their recently completed 90,000 s/f, two-story office building at 5 Commerce Way in Hamilton.

Lastly, the Schultz team represented The Stro Companies in a 40,000 s/f headquarters/flex lease with MAN USA, a German based firm that recently relocated to Stro's Woodbridge Business Campus.