Bergman Group bullish on suburban office space

By ROI-NJ Staff
Iselin | Feb 15, 2018 at 12:08 pm

Michael Bergman, CEO and president of Bergman Real Estate Group, is bullish on suburban office space after accounting for all of his firm’s end-of-year lease transactions and capital improvement projects for 2017.

The Iselin-based privately owned real estate investment firm completed more than 100 lease transactions in 2017, totaling 350,000 square feet throughout its New Jersey office portfolio, with an aggregate rental value in excess of $37 million. The transactions represent a mix of new tenant long-term leases, and renewals and expansions of existing tenants.

“Our success in 2017 shows that the demand for suburban office space continues to strengthen in New Jersey,” Bergman said.

According to Bergman, deal highlights include a long-term lease renewal and expansion with Diagnostica Stago, an industry leader in the science of hemostasis and thrombosis, for 52,000 square feet at 5 Century Campus in Parsippany, and 25 lease transactions at 1099 Wall Street West in Lyndhurst, totaling over 48,000 square feet.

“Long-term renewals are a testament to the care and attention we pay to each of our properties,” Bergman said. “We are committed to maintaining and improving our buildings and increasing the value for our investor/partners and new and renewing tenants alike.”

According to Bergman, the office market continues to be driven by the demand for suburban properties which reflect the changing role of today’s working environments.

“A positive working atmosphere, with unique perks, services and amenities is now key for companies throughout New Jersey and across the country,” he said. “Tenants today are looking for more than just offices — they are looking for extra amenities which support an enhanced office environment supporting a ‘live, work and play’ lifestyle.”

Bergman Real Estate Group has incorporated many of these in-demand amenities at several of its properties, from lounges and shared conference rooms to unique features such as bike sharing programs, yoga/fitness rooms and game rooms.

In one of the most ambitious projects of 2017, Bergman Real Estate Group, in partnership with Time Equities Inc., invested $4.5 million into a capital improvement program at Century Campus. This three-building office complex features a dozen new amenities, including a state-of-the art business lounge with a staffed barista, coworking office suites, an art studio, media center, massage room and fully renovated common areas. Several more improvements to the interior and exterior are planned for 2018.

“We are looking forward to the year ahead as we continue to improve and enhance the services and amenities offered at our properties,” Bergman said.

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