Cushman & Wakefield announced it brokered an expanded sublease with a multinational IT company for 56,530 feet of office space in New Jersey. The tenant is set to occupy the entire first floor of the two-story property at 12 Vreeland Road in Florham Park.
The new sublease agreement adds 29,974 square feet of office space to the 26,556 square feet the company already held under a lease signed in June 2019.
The Cushman & Wakefield team made up of William O’Keefe, Charles P. Parmelli and Kelsey Nakamura that represented the sublandlord, Gerber Products Company, also brokered the initial lease from last year. Nestlé, the parent of Gerber Products Company, previously occupied the entirety of the building’s office space. The tenant was represented by John Cunningham and Fred Hyatt of JLL.
O’Keefe of Cushman & Wakefield stated: “This tech-oriented tenant quickly outgrew its initial sublease space in the building. The company continues to see tremendous value in the existing infrastructure and configuration, which is essential to operating the business. The space is also fully furnished, which has allowed the tenant to be up and running quickly.”
Cushman & Wakefield now looks towards marketing the remaining 83,220 square feet of office space in the property. According to O’Keefe, “Space available for sublease includes the entire second floor, which is fully furnished, has a dedicated entrance and multiple branding opportunities.”
The property totals 139,750 square feet of newly renovated Class A office space, with The Kushner Real Estate Group as landlord. The property also houses a 7,000-square-foot data center, in addition to amenities such as several collaborative areas, loading docks, and an on-site cafeteria. It also features an above-average parking ratio of 4.4 spaces/1000 square feet. The asset is conveniently situated in the proximity of major roadways such as Route 24, Route 10, and the Newark Liberty International Airport.