Jones Lang LaSalle
More Competition
At the same time that three new buildings are going up on Route 1, two very big blocks of space have gone on the market - the Technology Center of Princeton (the former Lucent property in Hopewell) and the former Rhodia property in Cranbury - and they will compete with the new Class A space on a price basis.
Even more hazardous to the health of the Route 1 buildings, some say, will be the developments to the south. Right next to I-95 in Ewing Township, Opus East is developing the Atchley tract, which it bought from Bloomberg (see Life in the Fast Lane, page 62).
More imminent: Brandywine Realty is leasing the vacated Lenox building on Lenox Drive and is moving swiftly to build on that property as well. Lenox Drive has excellent access to I-95 and appeals to companies with one foot in Philadelphia.
Milt Charbonneau of Colliers International represented the Lenox Drive owner, Kentucky-based Brown Forman, in the sealed-bid sale of the 90,000 square-foot building to Brandywine for just over $10 million. Lenox will be moving in the next couple of months to Bristol, Pennsylvania. Brandywine's Steve Jennings is leasing the Lenox Drive property and the two speculative buildings that will be built behind it. Philadelphia-based Ewing Cole is doing the design.
Charbonneau is the son of a realtor who works for the Indianapolis branch of Colliers. He graduated in 1981 from Miami University of Ohio and worked for Colliers in New York before coming to New Jersey, where he works in the Somerset office and also in the new Princeton Forrestal Village office opened last fall by Doug Twyman.
With 1.2 million square feet of new construction, vacancy signs are hanging out in the neighborhoods of all three new buildings. An entire building emptied out when Bloomberg left the Forrestal Center, at least one floor at the Carnegie Center is looking for tenants, and Alexander Road is lined with vacancy signs. "The nay-sayers in our industry might say this proliferation of new product threatens to heighten the vacancy rate and flatten rents," says Twyman. "We prefer to view these events as new opportunities."
More Competition
At the same time that three new buildings are going up on Route 1, two very big blocks of space have gone on the market - the Technology Center of Princeton (the former Lucent property in Hopewell) and the former Rhodia property in Cranbury - and they will compete with the new Class A space on a price basis.
Even more hazardous to the health of the Route 1 buildings, some say, will be the developments to the south. Right next to I-95 in Ewing Township, Opus East is developing the Atchley tract, which it bought from Bloomberg (see Life in the Fast Lane, page 62).
More imminent: Brandywine Realty is leasing the vacated Lenox building on Lenox Drive and is moving swiftly to build on that property as well. Lenox Drive has excellent access to I-95 and appeals to companies with one foot in Philadelphia.
Milt Charbonneau of Colliers International represented the Lenox Drive owner, Kentucky-based Brown Forman, in the sealed-bid sale of the 90,000 square-foot building to Brandywine for just over $10 million. Lenox will be moving in the next couple of months to Bristol, Pennsylvania. Brandywine's Steve Jennings is leasing the Lenox Drive property and the two speculative buildings that will be built behind it. Philadelphia-based Ewing Cole is doing the design.
Charbonneau is the son of a realtor who works for the Indianapolis branch of Colliers. He graduated in 1981 from Miami University of Ohio and worked for Colliers in New York before coming to New Jersey, where he works in the Somerset office and also in the new Princeton Forrestal Village office opened last fall by Doug Twyman.
With 1.2 million square feet of new construction, vacancy signs are hanging out in the neighborhoods of all three new buildings. An entire building emptied out when Bloomberg left the Forrestal Center, at least one floor at the Carnegie Center is looking for tenants, and Alexander Road is lined with vacancy signs. "The nay-sayers in our industry might say this proliferation of new product threatens to heighten the vacancy rate and flatten rents," says Twyman. "We prefer to view these events as new opportunities."
posted by Jones Lang LaSalle NJ News Blog at 11:22 AM
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