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First lease signed at Crossroads Business Center.

First lease signed at Crossroads Business Center

The signing of an approximately 12,500-square-foot lease by Blessings Corporation launched activity at Crossroads Business Center in Bedminster, New Jersey. This American Stock Exchangetraded manufacturer of health care products has consolidated several Somerset County operations in its relocation to Crossroads upon its completion on September 1st, according to Steven J. Pozycki, president of SJP Properties, which is developing the property with Foster Wheeler Real Estate Development Corp.

Edward S. Gordon Co. of New Jersey Managing Director James L. Frank and Dudley Ryan represented the tenant in the transaction.

"Crossroads Business Center is in a class by itself," Frank said. "It's interesting that everyone is talking about the huge surplus of office space, yet this is a clear cut case of a market with low vacancy rates and very few opportunities to lease premier space." According to the E.S. Gordon Market Report this segment of the market has a 6.5 percent vacancy rate and has absorbed in excess of 750,000 square feet of office space in the past 12 months.

The 10-acre site is at the intersection of Routes 78 and 287 where they intersect Burnt Mills Road and Route 202/206. Proximity to Bedminster's historic district places Crossroads within walking distance of a wide range of amenities including banks, restaurants, shops, child care and fitness centers.

Crossroads, designed by O'Brien & Associates of Parsippany and The Hillier Group of Princeton, recently received the Land Development Award from the Somerset County Planning Board. Its two brick and cast stone, colonial-style buildings, which total 135,000 square feet, complement the historic character of the district. The entries feature canopies and brick columns with polished granite inserts.

The buildings share a landscaped terrace and covered walkways with brick pavers which connect and surround the buildings. Ample parking areas are concealed by large, extensively landscaped berms.

The lobbies feature patterned black, mauve and cream granite floors complemented by a cream-colored marble portico, coffered ceilings and indirect lighting. Polished brass elevator doors provide contrast with raised wood mahogany paneled walls.

Technological features include nine-foot ceiling heights to accommodate raised computer flooring and floor loads adequate to withstand computer operations. Advanced electrical aDd mechanical systems provide maximum efficiency.

In addition to Crossroads Business Center, SJP Propertie and Foster Wheeler Real Estate Development Corp. will jointly develop the 1.5-million-square-foot Somerset Corporate Center in Bridgewater located at the intersection of Route 202/206, 22 and 287 and directly across from Bridgewater Commons Mall. Other SJP Properties projects include the 550,000-square-foot Metro Corporate Center in Iselin and the 1.8-million-square-foot Morris Corporate Center in Parsippany.

PHOTO : The Blessings Corporation has leased approximately 12,500 square feet of office space in Crossroads Business Center, a 135,000 square foot property developed by SJP Properties and Foster Wheeler Real Estate Development Corp. in Bedminster, New Jersey. Edward S. Gordon Co. of New Jersey managing director James L. Frank and Dudley Ryan represented the tenant in the transaction.
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Publication:Real Estate Weekly
Date:Oct 16, 1991
Words:498
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