Avison Young Brings NJ Office Asset to Full Occupancy

Hitachi Chemical Advanced Therapeutics Solutions signed a 50,000-square-foot lease at Loeb Partners Realty’s facility in Allendale, N.J.
75 Commerce Drive, Allendale, N.J.
75 Commerce Drive, Allendale, N.J.

Avison Young has arranged a new long-term lease at a 115,000-square-foot office/flex building in Allendale, N.J. The 50,000-square-foot lease with Hitachi Chemical Advanced Therapeutics Solutions (HCATS) brings the Loeb Partners Realty-owned facility to full occupancy. The new tenant is a service provider specializing in cellular therapies, research and development.

Located at 75 Commerce Drive, the Class A property features flexible space configurations and a newly paved parking lot with 334 parking spaces, according to Yardi Matrix. Additionally, the property is located off Route 17 and offers easy access to major roads such as the Garden State Parkway and interstates 287, 87 and 80. The latest company to join the tenant roster was Telemetrics, which currently occupies 21,000 square feet. Edgewell Personal Care and In Home Product Testing occupy the rest of the space.

Avison Young Senior Vice President Marc Krieger represented the landlord in the transaction. CBRE First Vice President Randy Eigen acted on behalf of HCATS.

The completion of this long-term lease is a testament to both Avison Young New Jersey team’s market insight, as well as our comprehensive suite of offerings as our project management team’s work in dividing the space helped our client maximize the value of the property,” Avison Young Principal & Managing Director Jeffrey Heller said in a prepared statement.

In another recent deal, Avison Young also arranged a 15,000-square-foot office lease in Fairfield, N.J., on behalf of Fusion Telecommunications International.

Image courtesy of Avison Young