Global IT provider SHI International has sold an office building, acquired another and leased a warehouse in a recent flurry of Central Jersey deals brokered by JLL, the real estate services firm said.
The deals included SHI’s sale of 33 Knightsbridge Road in Piscataway, a 153,000-square-foot office building, to Rutgers University in September, JLL said. The firm had purchased the property in 2007 but had outgrown the space.
In late November, SHI signed a 10-year lease with Trammell Crow Co. and Clarion Partners for the 305,751-square-foot 10 Knox Drive warehouse facility in Piscataway, the news release said. The newly completed property will accommodate SHI’s growing warehouse and configuration business.
The following month, SHI completed the acquisition of 300 Davidson Ave. in the Somerset section of Franklin, a 414,000-square-foot office building, from MetLife Inc. The building is located adjacent to SHI’s headquarters at 290 Davidson Ave; MetLife will continue to occupy a significant portion of the property for an undisclosed period of time, while SHI will occupy a portion of the space in the building to accommodate its future growth.
The JLL team handling all three transactions was led by Shawn Straka and Steve Fleming, senior vice presidents, and John Buckley, vice president, the firm said in a news release. The JLL team worked closely with Steve Alt, vice president of operations, with SHI International.
The announcement comes after SHI, one of New Jersey's largest privately owned businesses and one of the nation's largest IT solutions providers, said last week that it set a record for revenue in 2014. The company said its revenue reached $6 billion, with its global workforce reaching more than 2,800 employees.
“SHI International continues to experience significant growth, and these transactions aligned the firm’s real estate with its business needs,” said Straka. “JLL’s broad platform of services allowed us to assist SHI with all of its real estate needs for the immediate future. Along with the disposition of its previous headquarters building, the firm tapped JLL to accommodate its growth needs with a new warehouse and additional office space.”
In the Piscataway office sale, Rutgers was represented by Bill Brown, a senior director with Cushman & Wakefield Inc. In SHI’s warehouse lease, JLL Executive Vice President Nathan Demetsky and JLL Managing Director Paul Torosian represented the building owner.
In SHI’s acquisition 300 Davidson Ave., MetLife was represented by Jeffrey Dunne, vice chairman with CBRE Inc.
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