Prologis Inks New Jersey Renewal, Expansion
- Jan 09, 2020
Visual Graphics Systems has renewed its lease at Prologis’ 330 Washington Ave. in Carlstadt, N.J. Avison Young arranged the long-term, 106,890-square-foot deal, which closed with two years remaining in the original agreement.
The tenant houses its administrative headquarters, an in-house design studio and manufacturing operations in the mostly industrial building. Avison Young’s Ed English, Ron Ganter, Tom Giannone and Paul Errigo negotiated the extension with a new lease format, which fixes all operating and capital expenses apart from property taxes for the term of the lease.
The renewal and extension deal will allow Visual Graphics Systems to remain in the saturated Carlstadt/Rutherford submarket. Avison Young noted that rents in the area have grown by more than 60 percent since 2009.
The property is within a mile of Interstate 95 and is adjacent to Meadowlands Sports Complex and the MetLife Stadium. Midtown Manhattan is 10 miles from the building. In April, an auto parts distributor signed an industrial lease for 36,750 square feet less than 1 mile north.