NAI James E. Hanson, a Teterboro-based commercial real estate services firm, announced on Thursday it has negotiated three office leases totaling 15,437 square feet in Chester.
The deals include:
- 12,400 square feet with Ambac Assurance Corp. at 2 Mill Ridge Lane;
- 637 square feet with International Brain Research Foundation at 1 Mill Ridge Lane; and
- 2,400 square feet with Fulton Bank at 6 Mill Ridge Lane.
NAI Hanson’s Joseph Vindigni, Randy Horning, and Darren Lizzack represented the landlord, MGHC Group II LLC, in the deals at 1 and 6 Mill Ridge Lane. Vindigni also represented the tenant in the transaction with Mill Ridge Lane LLC, owners of 2-4 Mill Ridge Lane.
The property at 2-4 Mill Ridge is a 32,000-square-foot office building just across the street from 1 Mill Ridge. Ambac Assurance picked the property after it recognized the need to renovate and reconfigure its existing space at One World Trade Center in New York City. The property at 2 Mill Ridge has ample space and parking, separate entrances, private bathrooms and is fully-furnished.
“As a result of COVID-19, many office tenants are considering ways to modify or reconfigure their spaces to promote social distancing and prioritize employees’ health and safety within the workplace,” Vindigni said. “While it’s still too soon to predict the overall long-term impacts COVID-19 will have on the ways in which we work, it is possible we will start to see a small-scale temporary or even permanent migration from high-density population centers like New York City as companies like Ambac Assurance seek out social distancing-friendly spaces in the interim while they sort out long-term plans for their businesses.”
Located in the heart of downtown Chester, 1 Mill Ridge is a two-story, 16,000-square-foot office building within close access to routes 46, 202 and 206 as well as interstates 78, 80 and 287.