Colliers Arranges 11,200-Sq.-Ft. Sublease at 50 Park Place, Newark, N.J.
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NEWARK, N.J., Aug. 14, 2017 – Colliers International NJ LLC Inc. (NASDAQ:CIGI, TSX:CIG) has arranged a sublease with Shredz Supplements LLC at 50 Park Place in Newark, as the subleasing agent. The bodybuilding and weight-loss solutions company will relocate its regional office from Jersey City, N.J., into an 11,200-square-foot space at the 15-story office tower.
Jason Fray of Savills Studley served as broker for Shredz Supplements. The Berger Organization owns 50 Park Place, known as Robert Treat Center. Berger previously built out the high-tech offices that Shredz will occupy.
“The subtenant’s relocation to Newark from Jersey City is reflective of the marketplace, and its choice of 50 Park Place ties to the opportunity to lease attractive, plug-and-play space,” noted Colliers’ Robert Gallucci, who spearheaded the transaction with the global commercial real estate services firm’s Alex Vitro and Richard Mirliss. “As pricing on the waterfront continues to climb, companies looking for the benefits of a CBD market can find competitive rates in Newark. The city also offers excellent mass transit infrastructure and a full range of urban amenities.”
Robert Treat Center sits adjacent to the 176-room Best Western Robert Treat Hotel, near Newark’s cultural, dining, retail and entertainment offerings. Tenants there enjoy easy access to the city’s light rail, Newark Penn Station and Broad Street Station.
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Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
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Evelyn Weiss Francisco, Vice President