Continental Drive available for first time ever.
Newly acquired by an affiliate of BPG Properties, Ltd. (BPG), the real estate investment manager for Berwind Property Group, Ltd. and other major institutional investors, the campus is being offered for lease for the first time in its history.
BPG selected the veteran team of Robert Donnelly, Sr., Marc Rosenberg and Charles Hatfield of Cushman & Wake field's Parsippany, N.J., office and Robert Donnelly, Jr., of its East Rutherford, N.J., operation to handle the assignment. "In addition to the extensive, executive-level expertise of these individuals, we will benefit from the support of Cushman & Wakefield's national and international reach," said Christopher J. Locatell, vice president of BPG.
"We are pleased to add Cushman & Wakefield to our marketing team for 3000 Continental Drive North and look forward to working with them as we introduce this asset as one of the newest and most exciting leasing opportunities in the northern New Jersey market," he added. The property is being managed by BPG Management Company, L.P.
"3000 Continental Drive is the last large block of truly Class A office space in New Jersey," noted Hatfield. "The campus can accommodate tenants ranging in size from 150,000 s/f to 950,000 s/f and above. With the extensive infrastructure in place, 3000 Continental is a very attractive alternative to new construction. The recent activity from tenants looking for alternatives to New York City rents and declining availabilities is very encouraging."
The 97-acre site includes five interconnected Class A buildings, which were developed between 1994 and 1998. Additional development rights on the adjacent land parcel offer another 700,000 s/f.
Property features include state-of-the-art technology and security systems, redundant power, excellent flexibility for a wide range of occupiers, landscaped grounds, a two-story glass-walled cafeteria, extensive outdoor walking trails, and a total of 2,482 parking spaces within two garages. BPG is in the midst of launching a capital improvement program at 3000 Continental Drive North, featuring extensive lobby and common-area renovations, the introduction of an on-site fitness center and a new landscape program. Gensler is serving as architect for the project.
"The improvements reflect BPG's commitment to offering the most functional, high-quality environment possible for its tenants of 3000 Continental Drive North," Donnelly, Sr. noted. "The firm is financially strong and incredibly responsive, and the space truly is one-of-a-kind. Its quality rivals brand-new office space--but at a fraction of what it would cost to construct a comparable building. The added appeal of the reverse commute and the suburban appeal of western Morris County make it an outstanding opportunity."
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|Title Annotation:||NEW JERSEY|
|Publication:||Real Estate Weekly|
|Date:||Jul 26, 2006|
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