Firm Experiences 21-Percent Growth Over Last Year, With Almost 100-Percent Tenant Retention
FLORHAM PARK, N.J. (Dec. 20, 2011) – Bergman Real Estate Group, a privately owned real estate investment firm that owns and manages office properties throughout New Jersey, announced today that it completed 57 lease transactions in 2011. A combination of new leases and lease renewals and expansions, the transactions total 260,000 square feet, with an aggregate rent value exceeding $34 million.
The transaction total — made up of 60 percent new leases and 40 percent renewals — represents a 21-percent growth in leased square footage from 2010. Additionally, Bergman posted an impressive near 100-percent tenant retention rate in 2011.
“Considering the uncertain economic climate, we’re extremely pleased with this year’s results, which demonstrate encouraging levels of positive absorption and an excellent retention rate,” said Michael Bergman, President and CEO of Bergman Real Estate Group. “We anticipate more new tenant leases and expansions on the horizon that will see our numbers continue to increase in 2012.”
Notable 2011 transactions included:
- Managed Healthcare Associates, Inc. inked an expansion/renewal totaling 39,060 square feet at Florham Park Corporate Center, located at 25 A Vreeland Road in Florham Park, N.J.
- Schwartz Simon Edelstein & Celso, LLC signed on for 22,275 square feet at Jefferson Plaza, located at 100 South Jefferson Road in Whippany, N.J.
- Northwest Mutual Life Insurance Company leased 21,198 square feet at 10 Madison Avenue in Morristown.
- SuperMedia, Inc. leased 14,030 square feet at 45 Eisenhower Drive in Paramus, N.J.
- Veritext Corp. signed a 13,872-square-foot expansion deal at Florham Park Corporate Center located at 25 B Vreeland Road.
John G. Osborne, Executive Director of Leasing and Marketing adds: “This year’s strong leasing activity indicates an improvement to our overall portfolio and is a positive indicator for the commercial office market in general. We have very few tenants that are shedding employees, in fact, the opposite is true with many of our tenants looking to expand their office premises.”
To learn more about leasing opportunities throughout the Bergman Real Estate Group portfolio, contact John G. Osborne or Kelly Ziegenfuss at 732-855-8600 or visit www.bergmanrealty.com.
About Bergman Real Estate Group
Bergman Real Estate Group is a privately owned real estate investment and management firm that specializes in the acquisition, management, leasing and construction of commercial office properties throughout New Jersey. Since its formation in 1988, Bergman Real Estate Group has earned a solid reputation as a leader in the New Jersey commercial office market with a current portfolio consisting of 16 office buildings comprising 1,890,000 square feet, including two New Jersey properties where Bergman provides third party leasing services on behalf of a pension fund advisor. Bergman also owns two additional office buildings in Columbus, Ohio totaling 240,000 square feet. The company continues to actively pursue value-added investment opportunities in the marketplace.