C&W inks two-property $104m New Jersey sale.LaSalle Investment Management, Inc. a leading global real estate investment manager and a member of the Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. Group, has purchased Atrium Corporate Park and Campus Drive Executive Park, consisting of 1.15 million square feet of space, for $104 million. The seller is a joint venture between Allegiance allegiance, in political terms, the tie that binds an individual to another individual or institution. The term usually refers to a person's legal obligation of obedience to a government in return for the protection of that government, although it may have reference Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corporation of Charlotte, N.C., and Rockpoint Group, L.L.C. of Boston. The transaction, negotiated by David Bernhaut, Andrew Merin, Jose Cruz Jose Luis Cruz (Cheo) can refer to different people:
Atrium Corporate Park is a four-building, 857,893 s/f Class A office campus located in the Somerset section of Franklin Township Franklin Township is the name of many places in the United States: Indiana
It also includes the Garden State Exhibit Center totaling 83,228 s/f and the undeveloped 17.4-acre 600 Atrium Drive, bringing the entire portfolio to 941,121 s/f situated on a combined 77.8 acres. Campus Drive Executive Park, also in Somerset, is comprised of two adjacent four-story buildings totaling 207,812 s/f located on 12.8 acres. The buildings were previously occupied by AT&T in their entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. and have since been substantially re-tenanted. "Allegiance and Rockpoint purchased these properties about a year ago and were able to significantly increase occupancy through an aggressive capital improvement and marketing program," explained David Bernhaut, executive vice president of Cushman & Wakefield. "The six office buildings, conference center and undeveloped parcel that make up this sale will provide LaSalle with a significant remaining value creation opportunity." "We are pleased to announce the sale of our Atrium and Campus Drive portfolio to LaSalle Investment Management and would like to extend our thanks to both the Cushman & Wakefield and the LaSalle teams of professionals for making this such a successful investment and subsequent transaction," commented Chris Smith Chris Smith is the name of: In politics:
Throughout Allegiance's 11-month ownership of the New Jersey portfolio, the company completed 209,000 s/f of new leases, 53,000 s/f of lease renewals and $10 million in tenant improvements. LaSalle Investment intends to continue to lease up the Atrium Corporate Park and Campus Drive Executive Park properties. |
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