Lincoln Equities Group said its recent spate of signed renewals and long-term leases is signaling a resurgence and strong activity in key industry sectors, including life sciences and manufacturing. The leading owners, managers and developers of commercial real estate said a total of 205,264 square feet has been signed in the first half of the year across the tri-state area.
“Lease activity across our office portfolio has remained incredibly strong and steadfast this year,” Lance Bergstein, CEO of Lincoln Equities Group, said. “Our strategic locations across New York and New Jersey, coupled with our commitment to executing on capital improvements that ensure we’re providing state-of-the-art facilities, have been instrumental in our ability to attract a diverse range of long-term tenants. We look forward to continuing to foster our relationships with tenants and supporting the growth of these companies within our properties.”
At the Princeton West Innovation Campus, a 433-acre, 1.2 million-square-foot campus in Hopewell, LEG has seen strong growth for leasing in the life sciences industry. Most notably, GenScript ProBio — a New Jersey-based biotech company — signed a 127,000-square-foot long-term lease for space that will be used for research, development and manufacturing. At this same property, BeiGene is nearing completion on a new 450,000-square-foot biomanufacturing, R&D and office complex.
JLL, the exclusive leasing broker for this property, is currently marketing three build-to-suit aseptic/specialty manufacturing opportunities (ranging from 80,000-150,000 square feet), a 56,000-square feet shell R&D building ready for tenant fit-out and 250,000 square feet of available office space.
The nearby Princeton Forrestal Village, a mixed-use 550,000-square-foot campus located in Plainsboro Township, also saw activity in the office sector. CHDI, a nonprofit biomedical research organization, renewed its lease of 19,308 square feet for the next 10 years. Regus, a global leader in coworking and flexible workplace solutions, renewed its lease of 23,254 square feet for the next five years. This property also saw additional activity with a lease renewal from Fusion Academy, which offers customized education for middle- and high-school students, and several new tenants, including Pulte Homes, ProFit Sports and Hope Restored.
At 60 Columbia Road, located in Morristown’s downtown center, National Exchange Carrier Association renewed its 27,035-square-foot lease for the next five years.
“Our leasing activity this year is a clear indicator of the trust and confidence our tenants have in us,” Ken Flynn, senior director of leasing at Lincoln Equities Group, said. “Our focus on quality assets in desirable locations has enabled us to attract high-caliber tenants, and we are excited about the economic growth these leases will bring to the communities we serve.”
In addition to LEG’s track record of robust office leasing, the company also continues to see upside in the industrial space. At its Rockland County, New York, property, Valley Cottage, AeroHealth signed a five-year renewal totaling 25,600 square feet space, Publishers Circulation Fulfillment extended its lease for 16,480 square feet and Bray International signed an eight-year lease for 14,315 square feet. An industry leader in moving and storage, PODS also signed a 29,400 square-foot, 10-year expansion.
