Avison Young and Velocity Venture Partners recently renovated the property at 2572 Brunswick Pike in Lawrenceville, positioning it as an ideal headquarters-level location for a wide variety of occupiers.
The space, formerly a pharmaceutical manufacturing facility, has 168,036 square feet of available, divisible space — along with 27,514 square feet of occupied space — and can accommodate manufacturing, warehouse and distribution tenants.
The plan appears to be working.
This week, Avison Young and Velocity announced they have arranged a long-term lease renewal with national credit tenant, Fortis, for 29,643 square feet of space.
Velocity Venture Partners, as landlord, was represented by Jim Scott, principal, and Chris Winnick, associate, both based in Avison Young’s Philadelphia office. Fortis, as tenant, was represented by Brendan Kelley, principal, who is based in Avison Young’s Philadelphia office, and Darren Shibuya of Mohr Partners.
Scott is confident more movement is coming — and may be coming from overseas.
“In addition to the renewal with Fortis, we are seeing more international companies establishing or expanding into the U.S.,” he said.
“New Jersey in particular, is well-positioned to attract this international activity due to its proximity to major ports, access to I-95, and densely populated areas. The region’s diverse talent pool and access to New York City further amplify the area’s appeal for international firms seeking capital raises and strategic partnerships, which is one of the driving forces behind the renovations at 2572 Brunswick Pike.”
Velocity Venture Partners acquired the 15.43-acre property last September and launched a comprehensive renovation campaign to whitebox units for industrial users across all industries and provide an infrastructure that offers flexibility to deliver immediate occupancy to a range of tenants, who can further divide or improve their space according to specific needs. Renovations include upgraded climate control systems, heavy power access, expansive paved areas for car and trailer parking, and the property is well-located near major thoroughfares.
“Fortis has been a bedrock tenant at 2572 Brunswick for many years, and their suite of training programs, especially for building trades, are a great complement to the industrial users we are aiming to attract,” Tony Grelli, founding partner, Velocity Venture Partners, said. “We are thrilled to partner with Avison Young to secure this long-term extension and look forward to capitalizing on the building’s significant infrastructure to accommodate what will likely be a mix of manufacturing and warehousing tenants.”
