2015 Looks Like Another Banner Leasing Year for Hillsborough-Based Larken Associates
Developer Has Already Leased 82,000 Square Feet in Renewals and New Leases in Q1 After Leasing More than 484,000 Square Feet of Industrial/Commercial, Office and Retail Space in 2014
Larken Associates, a leading developer, owner and manager of retail, medical and professional office and industrial space in NJ and PA, has started off 2015 by leasing 43,821 square feet in the first quarter of 2015 after leasing 484,158 square feet in 2014.
“I saw an increase of 14 percent in total transaction activity, and a 20 percent increase in total square footage year over year in 2014,” said Robert Marek, Executive Vice President for Larken Associates’ Commercial Division. “This is really an exciting time in development with so many new businesses opening and seasoned ones expanding.”
Hillsborough Business Center is at an all-time high 96 percent occupancy rate with the popular Flounder Brewery signing another lease renewal, and Urban Flair Dance Studio expanding and relocating into a new 4,500 square foot studio.
Robert Wood Johnson Physicians Enterprise expands its offices to a total of 5,479 square feet at Branchburg Commons. Additional medical leases of note include Robert Wood Johnson-Somerset at Branchburg Commons, Capital Healthcare at Montgomery Commons, Lehigh Valley Hospital & Good Shepherd at Maidencreek Towne Center, St. Claires at Parsippany Commons, and Coordinated Healthcare at Strykers Crossing all renewing their leases.
“We’re seeing a lot of businesses signing much longer leases than they were five or even two years ago,” said Victor Kelly, Executive Vice President for Larken Associates’ Commercial Division. “It seems that any fears about the recession are officially behind us.”
Retail leases of note include Vayu Health at Echo Plaza signing at five year, four month lease to renew 3,500 square feet in Springfield, NJ, Arno Therapeutics signing a three-year renewal for its 4,168 square feet at Raritan Commons in Raritan, NJ, Moe’s Southwest Grill signing a 10 year lease on a 4,107 square foot pad site and Fabrics by Allen signing a five-year, 3,100 square foot lease at Tilghman Square in Allentown, PA, and Long Elegant Legs signing a five-year renewal of its 13,500 square foot business in Hillsborough Business Center.
Family-owned Larken Associates has been building and managing commercial and residential real estate for nearly four decades, with a résumé that also includes building single family homes and building and managing residential condominiums, townhomes, active adult communities and garden-style apartments.
For leasing information, call 908.874.8686 or log onto www.LarkenAssociates.com.
About Larken Associates
A two-generation, family-owned business since 1965, Larken Associates is widely-recognized as one of the region’s fastest growing, well-respected companies. Based in Hillsborough, NJ, Larken has been responsible for developing prominent residential and commercial projects throughout the Tri-State area.