Capping off the fourth quarter of 2022, Signature Acquisitions said it negotiated more than 60,000 square feet of new, expanded and renewed office leases during the period, including the headquarters move of Turtle & Hughes, one of the nation’s largest independent electrical and industrial distribution companies.
Currently located in Linden, Turtle & Hughes will relocate its corporate base to 100 Walnut Ave. in Clark, according to Signature Acquisitions, where the company signed a lease for 27,000 square feet.
Cranford-based Signature Acquisitions, said the Q4 activity came at the end of a strong year with more than 200,000 square feet of leasing activity across the real estate owner and manager’s New Jersey office portfolio.
Two additional leases were reported at the 100 Walnut Ave. property, located off Exit 135 of the Garden State Parkway: 6,050 square feet for the medical office of Dr. Joseph Alkon, specializing in plastic and reconstructive surgery, and 3,626 square feet for insurance broker Decker Associates.
“The office space market throughout the country remains challenging in the aftermath of the COVID pandemic, given current inflationary pressures and an evolving remote work environment, but nonetheless, we have realized significant leasing activity across our New Jersey portfolio,” Signature Acquisitions Senior Vice President and Director of Leasing Sandy Monaghan said in a statement.
Signature Acquisitions highlighted an additional 19,000 square feet in transactions from Q4.
Ascend Hospice renewed for its 6,491-square-foot office space at 65 Jackson Drive in Cranford, while at the Parkway Commerce Center, also in Cranford, two agreements were signed for 20 Commerce Drive: a 4,699-square-foot lease to the law firm of Stern & Eisenberg and a 3,045-square-foot lease to Cifrodello Law.
At 11 Commerce Drive, AEI Environmental signed a new deal for a 2,244-square-foot lease.
Finally, Kowabunga Transportation, accounting firm Weinstein & Spellman and Rhythm Medical renewed their leases in Parkway Commerce Center, Signature Acquisitions said.
In Parisppany, Boulevard Plaza at 1055 Parsippany Blvd. recorded new leases with Alfvo IT Solutions and the investment advisory firm of Anthony Megaro, in addition to a lease renewal with New Jersey Battered Women’s Services.
“We remain confident that employers will continue to place value in well located, quality office space for their employees,” Monaghan continued. “We at Signature Acquisitions are committed to offering a superior product for companies and their employees to help them to succeed and to prosper.”
At the end of December, Signature Acquisitions expanded its portfolio with the addition of 430,000-square-foot trophy office property located in Parsippany for $88 million.l