Studley
In 1994, Studley established its first New Jersey office in
Central New Jersey to capitalize on both the market’s potential and the synergy between Studley’s New York and
Philadelphia offices. After 10 years with one New Jersey location, Studley opened a second office in Northern New Jersey
in 2004—doubling the size of the firm’s regional coverage
and expanding its services to include industrial supply-chain
management.
That focus has paid off, as Studley comes in at number five
on our list of top leasing brokerage firms, with 60 leases completed between July 2009 and June 2010 for a total value of
$337.2 million. One of the most notable transactionis was
when Studley represented Coca-Cola Enterprises in its
225,000-square-foot build-to-suit lease at 60 Dean’s Rhode
Hall Rd. in Monmouth Junction, NJ.
The new facility, which is expected to be completed in July
2011, will contain 20,000 square feet of office space as well as
205,000 square feet of warehouse and distribution space.
Coca-Cola is currently working to achieve silver LEED certification with energy-saving strategies such as using skylights for
natural light, installing highly reflective surface to reduce
heat gain and adding low-flow plumbing fixtures and HVAC
JOSEPH MESSINA
Senior Managing Director
GREGG NAJARIAN
Senior Managing Director
equipment, all of which together will beat the current requirements by at least 20%.
“Third-quarter leasing activity posted levels that we have
not seen since 2008,” says Studley, which inked 60 leases for
$1.1 billion between July 2009 and June 2010. “Much of that
activity, however, was long overdue. The office market contin-
ues to favor tenants not only with increases in tenant improve-
ment packages and free rent, but also flexibility through
rights to expand, contract and cancel.”
Meanwhile, Studley says that “tenants continue to make
opportunistic deals that involve blend-and-extend leasing
strategies that provide savings now and into the future. Few
tenants are willing to reach deep into their capital and as a
result, most are trying to secure space wtih an existing instal-
lation that can be used as is or slightly modified. This flexibil-
ity, along with reduced rental rates and penalties, also helps to
minimize the downside for tenants who opt to sign long-term
leasing deals.
Thanks to our clients,
we were ranked #1 again in New Jersey by Real Estate Forum.
The right business partner for all your real estate needs.
#1 in commercial real estate worldwide www.cbre.com 201.712.5844
Jeff Hipschman | Senior Managing Director | jeff.hipschman@cbre.com
