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Allegiance declares Cushman & Wakefield deal.

Allegiance Realty Corporation, which recently purchased 1.23 million s/f in New Jersey from the Archon Group, has named Cushman & Wakefield of New Jersey, Inc. as exclusive leasing agent for 946,000 s/ f of space within the portfolio, announced Cushman & Wakefield's Joe Sarno, who is heading the assignment.

The appointment includes two properties: Atrium Corporate Campus in Franklin township and 25-35 Airport Road in Florham Park.

"We are pleased to have retained Cushman & Wakefield to market the Atrium Corporate Campus properties, which continue to experience outstanding leasing momentum, as well as market the exceptional-quality Airport Park buildings," said Greg Smith, Allegiance partner.

Scott Sambade, vice president of acquisitions and finance with Allegiance Realty Corporation, added, "The appointment of Cushman & Wakefield reflects our commitment to working closely with the commercial real estate brokerage community in New Jersey."

Sarno's team, which includes Jon Marks, Jeremy Neuer and Mary Ryan of the firm's Iselin office, has served as exclusive leasing agent for Atrium Corporate Campus on behalf of Archon for the last year.

During that time, leasing at the 850,000 s/f property has outperformed the local market, beginning 2004 with 55% of its space vacant and ending the year with a 30% vacancy.

Comparatively, the Somerset Upper 287 sub-market started and ended 2004 with an overall vacancy rate of 40%, according to Cushman & Wakefield research services.

"Allegiance is gaining prominence as a nationally recognized, rapidly growing real estate owner and operator, and under its strategic guidance, we will build upon our early success at Atrium Corporate Campus," Sarno said.

"Despite the soft local market conditions, we continue to see consistent interest from prospective space users, indicating that the Somerset 1-287 market is poised for growth during 2005. Within it, Atrium Corporate Campus is positioned as the premier business address." Atrium Corporate Campus is situated on a 66.68-acre site on Atrium Drive, one half mile south of the intersection of Interstate 287 Exit 10 and Davidson Avenue.

The four-building, class A complex serves as home to such notable tenants as Merck, Sun Microsystems, Computer Sciences Corporation and CitiStreet.

The campus features abundant onsite amenities, including two adjacent day care facilities, the Garden State Exhibit Center and a Double Tree Hotel. Space availabilities range from 5,000 to 181,000 s/f and include a 325,000 s/f, build-to-suit opportunity. In Morristown, the Cushman & Wakefield team is marketing 25-35 Airport Road. Known as Airport Park, the property sits adjacent to Morristown Airport and includes 96,000 s/f of class A space in two interconnected buildings.

Allegiance is continuing a major capital improvement program launched there last year by the Archon Group.

The property is currently leased to tenants including Eclipse Marketing Services, Plymouth Financial, Alliant Technologies and Global Consultants.
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Title Annotation:New Jersey; Allegiance Realty Corporation., Cushman & Wakefield of New Jersey Inc.
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Mar 2, 2005
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Next Article:Archon sells candy factory to Capital lease for $48m.

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