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The basics:

• Kardigan signs 21K-square-foot lease at 506 Carnegie Center in Princeton
• JLL arranges 13K-square-foot lease for Davison Eastman in Freehold
• Devereux Behavioral Health signs Somerset lease via Sheldon Gross
• Resource Realty closes 3 North Jersey office deals for tenants and landlords

JLL led a number of recent office deals in the state, as tenants search for updated spaces to carry them into the future.

The latest follows a major transaction from the end of June secured by JLL that establishes biopharmaceutical company Kardigan on the East Coast.

Senior Vice President Vinny DiMeglio recently closed the Princeton lease for Kardigan. The heart health company signed for 21,489 square feet at 506 Carnegie Center, JLL announced at the end of June. Boston Properties owns the 280,000-square-foot Class A office complex.

Kardigan boasts ‘best-in-class’ Princeton space

After securing a recent $300 million Series A funding round, Kardigan aims to advance its focus on areas of unmet need in cardiology. “Opening our first East Coast location in the heart of New Jersey’s broader life sciences hub is an important milestone for Kardigan,” said co-founder and CEO Tassos Gianakakos.

“506 Carnegie Center will provide our team with best-in-class space and access to industry-leading talent for further expansion as we continue to advance our late-stage portfolio of disease modifying medicines,” Gianakakos added.

DiMeglio represented Kardigan in the lease transaction. The landlord was represented in-house. JLL’s New Jersey Workplace Strategy team led by Senior Vice President Kimberly Smith helped Kardigan to identify a new office environment to align with the company’s business goals — and evolving employee needs.

DiMeglio noted the synergy at JLL to assist the client. “We collaborated across the JLL platform to provide Kardigan a suite of services to secure the ideal home in a location that supports the company’s remarkable growth,” he said.

Kardigan’s 2023 founding by Tassos Gianakakos, Jay Edelberg and Robert McDowell followed prior success. In 2020, the trio sold the company they started in 2012, MyoKardia, to Bristol Myers Squibb for $13.1 billion.

Securing Somerset space

Devereux Advanced Behavioral Health signed a 4,816-square-foot lease at 399 Campus Drive in Somerset.

Sheldon Gross Realty Corporate Sales Representative Joshua Glussky brokered the deal for space at the newly renovated Somerset property. The former Liberty Mutual headquarters is immediately adjacent to Interstate 287 and Route 22. The four-story building features a new HVAC system as well as upgraded common areas. West Orange-based Sheldon Gross announced the deal in June.

Glussky noted the central location is “ideal for an organization like Devereux. And the natural light that floods into common spaces creates a tremendously welcoming environment.”

Founded in 1912, Devereux Advanced Behavioral Health is among the largest nonprofit organizations in the behavioral health care field. It boasts more than 6,000 employees working in programs across the U.S.

The tenant mix at the single-story, 68,000-square-foot building also includes medical, legal, consulting and tech firms. Located just off Route 9, the suburban office park features landscaped grounds.

Upgraded amenities at Monmouth Executive Center include a tenant lounge and café, fitness center, conference facilities and surface parking. Nearby attractions include Freehold Raceway Mall and downtown Freehold.

Future proofing

In a separate transaction, full-service law firm Davison Eastman Munoz Paone PA will join the roster at the Monmouth Executive Center in Freehold.

JLL arranged the new 13,500-square-foot lease at 3 Paragon Way announced July 10. A longtime tenant of the office complex, Davison Eastman will relocate from nearby 100 Willow Brook Road. JLL said the tenant will occupy its newly built out space this fall. The move aims to update the law firm’s digs and support long-term expansion.

Founded in 1988, Davison Eastman represents business clients on a range of general and complex legal matters, employment and municipal law, along with tax and estate planning for individuals. “We’re thrilled to secure a new space that reflects the future of our firm–modern, living and built with growth in mind,” commented Managing Principal Jim Paone. He credited JLL’s “energy, insight and attention to our specific needs.”

DiMeglio represented Davison Eastman in the lease. Newmark represented the landlord, Broad Real Estate Services.

JLL Project Development Services will manage the relocation on behalf of the tenant. Senior Project Managers Denise Barone and Eric Starr will lead the effort, the firm said.

“Securing this lease two years ahead of the client’s current term was all about aligning long-term business goals with the right real estate solution,” DiMeglio said. “Even with a strong existing landlord relationship, the firm needed a more modern, efficient, and future-ready environment and we were able to make that happen.”

Smaller, local demand drives activity

Resource Realty of Northern New Jersey also completed three recent transactions. Principals Brian Wilson and Greg Sabato represented both ownership and/or the tenants at the Somerset and Morris county properties.

233 Mount Airy Road, Basking Ridge

Hannington Engineering will relocate from western Morris County in a strategic move reflecting Somerset County’s appeal to businesses. Wilson arranged the deal at the Class A, 66,000-square-foot, two-story building. Located directly off I-287, the property offers connectivity to major roadways as well as local amenities.

321 Palmer Road, Denville

Wilson arranged a 2,150-square-foot lease on behalf of the unnamed landlord and tenant Viking Pest Control.

601 Jefferson Road, Parsippany

Wilson and Sabato represented landlord Woodmont Properties and tenant Gold Home Care in a lease extension. Gold Home Care’s footprint was not disclosed. The property is a two-story, 11,000-square-foot office condominium building.

“These transactions illustrate the sustained demand for strategically located office space across Northern New Jersey, from small-to-midsized local businesses,” said Sabato. “Companies recognize that accessibility for both employees and clients remains a key driver in their location decisions.”

Resource Realty has offices in Woodbridge, Parsippany and Moorestown.