Jones Lang LaSalle

Exec-Suites Firm Leases 18,000 SF
By Eric Peterson
Last updated: March 28, 2006 11:13am

EATONTOWN, NJ-Main Office Executive Suites is set to move into two-thirds of the second floor, or about 18,000 sf, of the three-story, 80,000-sf 12 Christopher Way here. The lease caps more than 60,000 sf of recent leasing activity at the site, leaving less than 10,000 sf still on the market at an asset that was once nearly vacant.

At one time, defense contractor Mitre Corp. was the building's major tenant, occupying more than 60,000 sf. “Mitre informed the owners that they were going to vacate the building upon expiration of the term,” says Doug Richter of the locally based Richter Organization, the asset’s exclusive leasing agent. “We saw it as an opportunity to repurpose the building and build a recession-proof tenant roster.”

In the past two years, according to Richter, the building has “undergone a major capital improvement and marketing transformation.” Besides Main Office, new tenants include Delta Financial Associates; Technol Fuel Conditioners; DSCI; and an eatery, Café Christopher. The remaining space, a unit of 2,875 sf and a 7,000-sf block that includes a research lab, is currently listed on Richter’s website with an asking price of $26 per sf plus tenant electric.