WCRE has arranged an office lease covering 16,375 square feet of space in Mount Laurel.
Full service commercial real estate advisory Wolf Commercial Real Estate | CORFAC International said Sept. 29 it represented Triumvirate Investment LLC in the deal with new tenant US Radiology Specialists Inc. at 400 Fellowship Road in the Burlington County municipality.
Vice President Bethany Brown represented the landlord during the negotiation.
WCRE was tapped as exclusive leasing agent for the 41,000-square-foot office building by Triumvirate in 2021, shortly after the company acquired the Class A property.
WCRE said the building is 95% occupied.
The “highly sought-after location” offers access to New Jersey Turnpike, Interstate 295 as well as Routes 73 and 38. Additionally, the building features amenities to attract office tenants, including newly renovated common areas, lobbies, restrooms, landscaping, parking and building systems.
According to the firm, the lease marks another significant milestone for WCRE.
In its Second Quarter 2023 Report, WCRE said new tenant leases increased for the period, accounting for about 46% of all deals across Burlington, Camden and Gloucester counties. Comparatively, the firm reported office leasing in the region was better than “most other” top metros, but an all-time high of 49.2 million square feet were available for lease in Q2.
Rents for properties like 400 Fellowship Road – Class A and B buildings – persist in the $10-$15 per square foot triple net lease or $20-$25 per square foot gross for Q2 deals, WCRE said, adding that the rates have hovered in that range for over a year.
At 400 Fellowship Road, just 2,200 square feet of office remains available for lease, WCRE said.