Commercial real estate firm Cushman & Wakefield recently announce it has been selected as the exclusive leasing agent for a 198,376-square-foot Class A office property in Bridgewater.
In Wayne, the firm will also represent Peykar Family Properties at a 459,822-square-foot spec warehouse.
Stan Danzig, vice chairman of Cushman & Wakefield, and Stephen Elman will represent Peykay at 150 Totowa Road in Wayne. The previously vacant 31-acre office site has been approved for 418,500 square feet and an additional 41,072 square feet of mezzanine office space.
“We suggested industrial use and the company opted to move forward and develop the site themselves,” Danzig said. “The town was happy to see this property with a vacant 360,000-square-foot office building being put back into use after so many years. This is the first significant spec warehouse development in Wayne in a long time.”
Peykar intends to build a 40-foot clear ceiling warehouse to be completed by the beginning of the second quarter of 2018. The developer said it designed the property to accommodate up to three users, 70 trailers and 224 cars.
Cushman & Wakefield’s Shawn Straka and Bill Brown will manage leasing on behalf of American Equity Partners at 440 Route 22 East in Bridgewater — a Class A office property scheduled to undergo a capital improvement program.
“Our client has completed a series of recent New Jersey acquisitions, establishing a firm foothold in the marketplace and embarking on a program of property improvements to take its new assets to modern standards,” Straka said. “The work planned for 440 Route 22 will do just that.”
American Equity Partners said it had acquired the property earlier this year. The firm intends to renovate the lobby, cafeteria, common areas, update elevator cabs and incorporate LED lighting throughout the property.
“Our efforts are focused on enhancing aesthetics and improving operational efficiencies at 440 Route 22 East,” American Equity Partners’ David Elkouby said. “Ultimately, we are committed to providing a workplace that accommodates today’s tenant desires for attractive, sustainability-focused workplaces.”
Cushman & Wakefield is marketing units from 2,000 to 15,000 square feet at the property.