Lincoln Equities Inks Flurry of Leases in New Jersey
- Aug 02, 2019
Lincoln Equities Group signed five leases at three Morristown, N.J., office complexes totaling about 100,000 square feet. The lease signings follow a multimillion-dollar improvement project at the properties to enhance the suburban office parks for a younger generation.
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The largest lease was signed by Morgan Stanley, which renewed a deal for 37,000 square feet at 1200 Mount Kemble Ave. Bob Ryan of JLL represented the tenant. The other companies signing leases at LEG properties include:
- RegentAtlantic Capital LLC, which signed a 10-year lease for 22,000 square feet at 60 Columbia Road. Eric Ladden, principal at Cornerstone Real Estate Group, was the tenant broker.
- National Exchange Carriers Association, which leased 27,000 square feet—the entire second floor—at 60 Columbia Road. James Fraser, DP Real Estate Services, was the tenant broker.
- ANS Continuum Holdco LLC, which took 10,200 square feet at 60 Columbia Road. Tom Reilly of JLL was the tenant broker.
- AHS Hospital Corp., which leased 4,200 square feet at 100 Southgate Parkway. Bryn Cinque of Colliers International was the tenant broker.
The three office complexes consist of four, three-story buildings and have a total of 412,000 square feet. The properties can be used for corporate offices as well as medical facilities, including laboratories. Currently, 100 Southgate has 35,000 square feet of available space. 60 Columbia Road has about 40,000 square feet available and 1200 Mount Kemble has 28,000 square feet of available space. The properties are located off Interstate 287 and Route 24 in Morristown, the county seat for Morris County, N.J., one of the state’s top commercial centers. The LEG sites are close to downtown Morristown and are situated near amenities and multiple train stations.
A fresh look
In December 2017, LEG, a full-service real estate company based in East Rutherford, N.J., completed $2 million in capital improvements at two of the properties—60 Columbia Road and 100 Southgate Parkway. The buildings, constructed in 1986, had been acquired by LEG from Alfieri Property Management in 2015 as part of an $80 million portfolio transaction.
Renovations at 60 Columbia Road, a two-building, 156,000-square-foot property, included a redesigned lobby entrance, upgrades to the HVAC system, a new roof, a patio area and enhanced landscape design. Amenities include a fitness center and full-service cafeteria with indoor and outdoor seating. Building A, which was vacant when LEG acquired it, is now 77 percent leased. Building B has several anchor tenants including Simon Premium Outlets, McKesson Corp. and Assistance in Marketing.
100 Southgate Parkway, a 151,400-square-foot building, received door and entry enhancements, exterior improvements and new landscaping. Tenants include Verizon Wireless and Porzio, Bromberg & Newman PC.