NAI James E. Hanson on Tuesday said it negotiated a lease renewal for the Wharton Institute for the Performing Arts for an 11,500-square-foot lease office/flex building in Berkeley Heights that has long been used as a performing arts school.
Located at 60 Locust Ave., the asset is an 11,500-square-foot single-story office/flex building with 16-foot ceiling heights, one exterior loading dock, 400-amp power service and a dedicated parking lot. It is situated across from the Berkeley Heights YMCA and nearby the Thomas P. Hughes Elementary School with easy access to Route 24 and Interstate 78.
NAI Hanson’s Andrew Kirshenbaum represented the Wharton Institute, and Angel Mitlo of Berkshire Hathaway Home Services represented the landlord, 50-60 Locust Avenue Associates LLC, in the transaction.
The tenant, having occupied the space for many years, tapped Hanson and its proven track record of success in the local market to negotiate the renewal on its behalf. The tenant will continue to operate a performing arts school within the location and will offer accessible, high-quality performing arts education that sparks personal growth and builds inclusive communities.
“In today’s market, it’s essential that tenants secure properties that fit their specific needs,” Kirshenbaum said. “With the current economic landscape creating complications for many tenants, it’s important that businesses work with an experienced brokerage team to determine whether a renewal or a new location is the best option for them. We’re proud to play a role in keeping the Wharton Institute for the Performing Arts in the Berkeley Heights community.”