New Turnpike exit drives record leasing.

Riding a surge of interest related to the opening of the New Jersey Turnpike's Interchange 15X, which effectively moves the Meadowlands warehouse district of Harmon Cove Industrial Park 15 minutes closer to Port of New York/New Jersey and Port Elizabeth, Hartz Mountain Industries reports a first quarter leasing performance of 1.6 million square feet--on pace to eclipse the company's 2005 record pace by 20%.

Initiated by a consistent up-trend in the Northern New Jersey industrial and office markets, the activity is a positive sign for the New Jersey economy and for the overall real estate market, according to Hartz president and chief operating officer, Emanuel Stern.

"During the first quarter of 2006, the northern New Jersey industrial market proved that, despite the availability of space in other markets, it continues to be the premier location for warehouse and distribution tenants," explains Stern.

"Anytime there are premier industrial properties available within a few miles of mass transit options there will be tenants who will take advantage of the strategic opportunity to be located in this region. This holds true to many of our properties which are positioned to fit most transportation needs, much like our location at 755 Secaucus Road in Harmon Cove, a Class A, 340,000 s/f warehouse, is now more easily assessable to the New Jersey Turnpike because of the new Interchange 15X. This location is currently available, but with the market as hot as it is I am very optimistic that it will be occupied soon."

First quarter activity included 1,474,446 s/f of industrial, 159,592 s/ f of office leasing. The industrial sector was led by a 744,372 s/f lease to distribution and transportation company, Distribution Solutions, while office sector-leasing activity included AGFA-Gavaert N.V. renewal for 88,147 s/f in Ridgefield Park.