Firm to lease Class A, 120,528-square-foot office building; owners launch capital improvement program
JLL was selected by American Equity Partners LLC as exclusive leasing agent for Independence Place, located at 10 Independence Boulevard in Warren, N.J. The firm will provide a full range of marketing services for the Class A, 120,528-square-foot commercial office building.
The JLL professionals overseeing the leasing assignment include Craig Eisenhardt and Robert Ryan, senior vice presidents, and Jason Benson, associate. They will work closely with David Elkouby, partner, with American Equity Partners.
“We are excited about the opportunity to work with American Equity Partners as ittransforms the building into a modern workplacefor New Jersey’s corporate workforce,” saidEisenhardt.“Close to Exit 33 off Interstate78, the space is easily assessable and is close to local amenities, Newark Liberty International Airport,New Yorkand the submarket’s large, diverse labor pool.”
The four-story Independence Place, located at 10 Independence Boulevard in Warren, N.J., was constructed in 1988.The roof was replaced in 2016 and American Equity Partners has launched a substantial capital improvement program for the building that includes a new lobby and restrooms, and upgraded common areas and elevators. The work will commence in June with completion expected by September.
Approximately 70,000 square feet of office space remain available at Independence Place, including the entire third and fourth floors, totaling 64,000 square feet, and two smaller spaces, totaling 7,000 square feet on the first floor. The building can accommodate tenants requiring office spacefrom 2,000 square feet to 64,000 square feet.
The property is situated within an attractive business park setting at the 118-acre Somerset Hills Corporate Center, with direct access to a four-way interchange at Exit 33 from Interstate78 and close to Interstate287.The property features ample surface parking, a café and on-site banking, and walkable access toseveral hotels and a variety of shops and restaurants.
American Equity Partners has been an active buyer in New Jersey of “value-add” office properties.These properties are well located, but typically have dated finishes and are viewed as commodity buildings by tenants.After acquisition,AEP immediately implements substantial capital improvements, transforming these assets into desirable modern environments that appealto today’s companies.This successful formula aligns with the needed updates and capital improvement plan for the well located 10 Independence Boulevard.
JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 1,000 professionals and support staff providing agency leasing and property marketing, tenant representation, industrial services, strategic consulting, occupancy planning, workplace strategies, project and development services, property and facility management, and investment sales/capital markets services to New Jersey's leading corporate tenants, investors and landlords. The firm, which assists clients from three full-service offices in Parsippany, Iselin (Metropark) and East Rutherford, also acts as a local service provider for JLL’s global and national corporate clients in need of real estate assistance in New Jersey. JLL’s New Jersey operations were honored by NJBiz magazine as one of its 2015 Best Places to Work in New Jersey.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
