March 27, 2024 9:00 AM
Newmark announces it has secured 90,604 square feet of office leases on behalf of ownership at its Class A office building, 9 Entin Road, in Parsippany, New Jersey. The leasing momentum transpired over the last six months and includes 62,127 square feet of extensions and expansions with tenants Aetna Life Insurance Company/CVS Health and HNTB Corporation, as well as Wireless Telecom Group’s new 28,477-square-foot lease.
Newmark Senior Managing Director Jamie Drummond and Associate Director Andrew Perrotti facilitated the transactions on behalf of ownership, the real estate investment and management company, American Equity Partners (“AEP”).
“With the implementation of ownership’s robust capital improvement program, we continue to witness leasing demand at 9 Entin Road,” said Drummond. “This latest momentum at the property illustrates how Class A properties are a top choice for office users.”
An overview of the transactions include:
- Aetna Life Insurance/CVS Health, among the most recognized health services and insurance providers in the US, signed a long-term lease to occupy 19,785 square feet on the second floor. This transaction included relocating and expanding the tenant’s footprint at the building.
- HNTB Corporation, an American infrastructure design firm, signed a long-term renewal and expansion to occupy 42,342 square feet on the second floor of the building.
- Wireless Telecom Group, Inc., a global designer and manufacturer of radio frequency and microwave-based products for wireless and advanced communications industries, signed a new, long-term lease to occupy 28,477 square feet on the building’s first floor.
9 Entin Road is a three-story, 200,000-square-foot office building strategically located directly off Interstate 287 in the Parsippany Route 10 corridor. Ownership recently implemented and completed a multi-million-dollar capital improvement project at the property, delivering upgrades such as a state-of-the-art conference center, tenant lounge, food service, new modern lobbies and restrooms, a fitness center with locker room and shower facilities and updated landscaping. The remaining available at the property can accommodate users ranging from approximately 5,000 to 22,000 square feet.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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