West Orange-based Atkins Companies and Fairfield-based Woodmont Properties, both commercial real estate firms, announced Tuesday they have negotiated three medical office leases in Washington Township.
The leases, totaling 20,000 square feet, will all be located within the Rothman Medical Building located at 243 Hurffville-Cross Keys Road.
The 40,000-square-foot Rothman building, which opened in late 2018, was developed in a joint venture partnership between Atkins, Woodmont and the Rothman Orthopaedic Institute. Rothman occupies the entire 20,000-square-foot second floor of the building and the new leases, comprised of Heart House for 9,450 square feet, Jefferson Health for 7,700 square feet and AdvoCare for 3,100 square feet, have brought the property to full occupancy.
“When we initially embarked on this project with our development partners many years ago, we saw a tremendous opportunity in the local market for a state-of-the-art medical office facility geared toward growing health care systems,” Bob Atkins, managing partner of Atkins Companies, said. “Rothman recognized our expertise in the medical office asset class and through our partnership, we were able to create a space tailor-made for their long-term needs to help them continue to establish a larger presence in New Jersey. For us, this type of partnership represents a win-win for all parties, and we’d like to thank their senior leadership team for their cooperation and vision in bringing this project to completion.”
The Rothman Medical Building anchors the 35-acre Washington Square Town Center project being developed by Atkins and Woodmont. Once completed, it will feature 330 residential apartments, 100 townhomes, 30,000 square feet of retail space and an assisted living facility.
“The Rothman Medical Building enables each health care tenant to enhance their delivery of in-demand medical services and increases the local community’s access to care. We hope that our success in the leasing of this facility and overall execution of our development team’s Washington Square Town Center vision can serve as a model for a new kind of mixed-use development built with the needs of a cross-generational population in mind,” Atkins said.
Financial terms were not disclosed.