Increase Over 2015 by Nearly 125,000 Square Feet in Renewals and New Leases
Larken Associates’ 2015 commercial leasing numbers are in, showing that the developer, owner and manager of office, medical/dental, retail, daycare and industrial spaces in New Jersey and Pennsylvania had another great year, leasing 606,631 square feet, and closing 230 leases.
The increase over 2015 by nearly 125,000 square feet can be attributed in part to Larken adding to its portfolio by acquiring Raritan Crossing in Raritan, NJ and Fairless Hills in Falls and Bristol, PA. Major renovation projects at both locations attracted two national retailers at Raritan Crossing: Retro Fitness which leased 15,000 square feet for 10 years with renewal options, and Verizon Wireless which leased a 2,700 square foot out parcel for a five-year term.
At Fairless Hills, Urge Fitness leased 20,000 square feet for 10.5 years with renewal options, and Dollar Tree, an existing tenant, expanded its square footage from 6,000 to 11,000 square feet on a new seven-year lease.
“We are seeing a lot of larger businesses making investments in their space that they weren’t doing five years ago,” said Victor Kelly, Executive Vice President for Larken Associates’ Commercial Division. “It’s happening in locations we’ve had for many years as well as the ones we’ve acquired more recently.”
“We’ve added to our holdings because we recognize that successful businesses come in all sizes, and this attention to the needs of our clients has allowed us to purchase more options for our shared success,” said Robert Marek, Executive Vice President for Larken Associates’ Commercial Division. “We can offer shared coworking spaces in office suites on a weekly basis up to more than 50,000 square feet for multi-year leases in retail or industrial spaces that we’ve helped them customize."
Other retail renovations included the AMC Theater at Tilghman Square Shopping Center in Whitehall, PA undergoing a massive renovation of its 29,000 square foot facility after signing a lease extension of 15 years with renewal options.
At Parsippany Commons in Parsippany, NJ, HSBC Bank signed a five-year renewal of both its 4,393 square foot retail bank and 8,417 square foot office space. Harbor Freight Tools, a national tool and equipment retailer headquartered in California with 600 retail stores across the USA, signed a five-year renewal on their 14,283 square foot space at Tilghman Square.
Office space leases were especially strong in New Jersey including Penn Jersey Advance, an affiliate of NJ.com and The Star Ledger, signing a new 10-year lease at Raritan Commons for 6,418 square feet.
Industrial highlights included Primus Green Energy, a gas to liquid technology developer headquartered at Hillsborough Business Center, signing a three-year renewal where it has occupied an entire 34,388 square foot building for five years.
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 Branchburg, NJ, Larken has been responsible for developing prominent residential and commercial projects throughout the Tri-State area.