Shelbourne Global’s Garden State commercial portfolio boasts 631,784 square feet in Piscataway and Bloomfield. And on Jan. 31, Avison Young’s New Jersey office announced it arranged more than 162,500 square feet in new office, industrial-flex and life sciences leases across that package.
“Shelbourne has continued to lease their office portfolio while bucking the trend of owners in New Jersey repurposing their commercial assets as their Piscataway and Bloomfield properties continue to experience new interest, renewals and lease extensions even in midst of the pandemic,” said Avison Young New Jersey-based Principal William McCaffrey in a statement.
McCaffrey represented Shelbourne as exclusive leasing agent in all three transactions.
Genscript signed on for 56,843 square feet – which covers new office, research and lab space – at 20 Kingbridge Road in Piscataway. The other two deals were for long-term leases at 1515 Broad St. in Bloomfield, where energy technology company Lummus Technology Inc. and full-service marketing firm Acosta Inc. signed on for a combined 115,707 square feet.
“Although industrial has been a key driver of activity, there has also been a strong appetite from pharmaceutical manufacturing companies for premier lab, biotech and research space,” Shelbourne Vice President of Leasing Ariel Brenner said in a statement. “We’re also seeing encouraging signs of recovery in the office sector with this recent flurry of new leases and recommitments as companies strategize return-to-work efforts.”
The Bloomfield property is a Class-A office and flex site. In Piscataway, Shelbourne’s portfolio consists of 230,456 square feet of industrial, office and lab space at 20 Kingsbridge Road, 80 Kingsbridge Road, 140 Centennial Ave. and 275 Centennial Ave.
According to McCaffrey, “Piscataway in particular has been an appealing market for leading and mid-market pharmaceutical and biotech companies, with Shelbourne’s 140 Centennial Ave. positioned to accommodate a diverse range of high-tech uses.”