Demand for quality space rises in Monmouth County.
Within this context, Jerry Richter, senior director at Cushman & Wakefield of New Jersey, has recently completed nearly 63,000 square feet in real estate transactions in the county.
Benchmark Associates, LLC purchased 145 Wyckoff Road in Eatontown, NJ from 202 Circle Associates/The Vizzoni Group. Richter represented the buyer and has since been named exclusive leasing agent for the 49,810 square-foot office property.
Benchmark Associates is upgrading the property to bring it to Class A status, including a total restoration and modernization of the building's atrium lobby.
Formerly occupied by a single user, the three-story structure will accommodate full- and partial-floor tenants upon completion of the renovation.
Richter also orchestrated two new, long-term leases at The Donato Group's 12 Christopher Way in Eatontown, NJ, where he also serves as exclusive leasing agent. Acrotron Systems Inc., a telecommunications software developer, leased 7,345 square feet for its executive and sales offices, relocating from another site in Monmouth County.
In addition, Horizon Hotels, a hospitality management company, leased 5,786 square feet for its executive offices, also relocating from another Monmouth County location. The 80,000 square-foot 12 Christopher Way building is part of the Donato High-Tech Park, an office campus which will include six structures totaling approximately 400,000 square feet upon completion.
"Competitive rental rates and a large labor pool of hightech engineers living in the area have created a strong demand for quality space in Monmouth County during the past year," Richter noted.
"With an inventory of just 6.9 million square feet and just 442,019 square feet available, the market has become extremely tight," he added. "As a result, Class A upgrades like the one underway at 145 Wyckoff Road, and new construction projects like Donato High-Tech Park, are creating new opportunities to accommodate users looking to establish in the region."
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Dec 8, 1999|
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