Jones Lang LaSalle
Rudolph Technologies Inks Deal for 83,000 SF
By Eric Peterson
Last updated: February 9, 2006 02:02pm
(To read more on the industrial market, click here.)
MT. OLIVE, NJ-Rudolph Technologies has signed a long-term lease for 83,000 sf at 550 Clark Dr. within the International Trade Center here. The developer and maker of systems used by semiconductor manufacturers has three other locations in the region, including its headquarters in Flanders. The signing also concludes a series of transactions that has brought the 128,000-sf building to 100% occupancy.
The owner of the building, the locally based Mount Olive Industrial Realty, was represented in the latest and all of the previous transactions by Trammell Crow Co., Florham Park, specifically by the leasing team of senior vice president Leo Paytas, vice president Mitchell Katz and senior associate Neal Heinze. Rudolph Technologies was represented by the Krupat Group of Morristown.
The way the series of transactions played out, Lucent Technologies, which had vacated the space, terminated their lease through a buyout involving approximately 83,000 sf, according to Paytas. Rudolph took over that space, signing a long-term lease. The remaining 45,000 sf within the building continues to be occupied by Agilent, which had been subleasing it from Lucent.
After Lucent’s buyout, Agilent cut a deal to lease its existing space on a direct basis from Mount Olive Industrial Realty. The details of the various transactions were not released.
“The building was at least partially vacant for nearly four years,” Katz says. “So this was a win-win-win scenario for all of the parties involved.”
The building at 550 Clark Dr. is within the New Jersey Foreign Trade Zone, which itself is within the larger International Trade Center. The NHFTZ occupies 300 acres within the 684-acre mixed-use International Trade Center, which contains a total of seven million sf of building space, originally developed by Rockefeller Group Developer. Other major corporate tenants include BMW of North America, BASF, L-3 Communications and Seiko.
TCC got the exclusive leasing assignment at the ITC about three years ago, and since then has signed leases totaling 620,000 sf, aggregating more than $32 million, according to Paytas. “We continue to see strong leasing activity here. This particular series of transactions required significant negotiation and creativity.”
Rudolph Technologies Inks Deal for 83,000 SF
By Eric Peterson
Last updated: February 9, 2006 02:02pm
(To read more on the industrial market, click here.)
MT. OLIVE, NJ-Rudolph Technologies has signed a long-term lease for 83,000 sf at 550 Clark Dr. within the International Trade Center here. The developer and maker of systems used by semiconductor manufacturers has three other locations in the region, including its headquarters in Flanders. The signing also concludes a series of transactions that has brought the 128,000-sf building to 100% occupancy.
The owner of the building, the locally based Mount Olive Industrial Realty, was represented in the latest and all of the previous transactions by Trammell Crow Co., Florham Park, specifically by the leasing team of senior vice president Leo Paytas, vice president Mitchell Katz and senior associate Neal Heinze. Rudolph Technologies was represented by the Krupat Group of Morristown.
The way the series of transactions played out, Lucent Technologies, which had vacated the space, terminated their lease through a buyout involving approximately 83,000 sf, according to Paytas. Rudolph took over that space, signing a long-term lease. The remaining 45,000 sf within the building continues to be occupied by Agilent, which had been subleasing it from Lucent.
After Lucent’s buyout, Agilent cut a deal to lease its existing space on a direct basis from Mount Olive Industrial Realty. The details of the various transactions were not released.
“The building was at least partially vacant for nearly four years,” Katz says. “So this was a win-win-win scenario for all of the parties involved.”
The building at 550 Clark Dr. is within the New Jersey Foreign Trade Zone, which itself is within the larger International Trade Center. The NHFTZ occupies 300 acres within the 684-acre mixed-use International Trade Center, which contains a total of seven million sf of building space, originally developed by Rockefeller Group Developer. Other major corporate tenants include BMW of North America, BASF, L-3 Communications and Seiko.
TCC got the exclusive leasing assignment at the ITC about three years ago, and since then has signed leases totaling 620,000 sf, aggregating more than $32 million, according to Paytas. “We continue to see strong leasing activity here. This particular series of transactions required significant negotiation and creativity.”
posted by Jones Lang LaSalle NJ News Blog at 3:27 PM
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