The health system signed for a total of 533,000 square feet across three properties, at 435, 465 and 475 South St., representing one of the largest office and medical transactions signed in the state over the past five years, Colliers said.
Atlantic Health now fully occupies all three properties, which include its corporate headquarters and other facilities.
The team of Bryn Cinque, executive managing director; James Bailey, senior managing director; and Stephen Graziano, associate, represented Atlantic Health in the transactions.
“The creative and strategic restructuring of its lease enables Atlantic Health System to control the day-to-day operations of the property and recognize significant savings while tailoring the services specific for their needs as both a headquarters and medical offices,” Cinque said in a prepared statement. “There’s not a large supply of properties that offer more than half a million square feet of high-quality, cost-effective space in the region, so we’re very happy that we were able to negotiate this deal and help keep Atlantic Health System in its home for years to come.”
John M. Demarco of Schenck, Price, Smith & King LLP represented the health system as outside counsel on the deals.