Commercial and residential property managers last week announced two sets of deals that suggest Plainsboro’s real estate market is humming along nicely.
On March 10 Somerset-based commercial realty firm Cassidy Turley reported the signing of two leases at the almost fully occupied office complex at 101 Morgan Lane.
Wave Systems, a 15-person secure software developer, and Willowbridge Associates, a commodity trading advisory firm headed by Philip Yang, renewed long-term leases. The building is a Class-A office complex with roughly 65,000 square feet of space and is owned by Premier Properties, a private real estate investment firm based in Lakewood.
Eleven new tenants have moved into 101 Morgan since last spring, the most recent being video technology firm Harmonic; clinical research organization Pharm-Olam; biotech market research firm Strategic Research Insights; ViaPeople, a consultant for organizational and workforce management; and Oxford Princeton Programme, which provides training for the energy, commodities, and derivatives industries.
Cassidy Turley’s Douglas Twyman, Milton Charbonneau, and Jordan Forster spearheaded marketing efforts on behalf of Premier Properties. Premier’s managing partner, Jack Adler, said in a statement that his firm is renovating the final two suites for occupancy, meaning that 101 Morgan is 90 percent full.
On the residential side, Livingston-based real estate firm Gebroe-Hammer Associates announced on March 10 that it has bought the 288-unit Deer Creek Apartments from AIMCO for $26.4 million. Joseph Brecher, executive vice president of the Fort Lee-based Orbach Group, orchestrated the off-market transaction.
Deer Creek features 24 buildings with rents ranging $900 to $1,400 a month. Plainsboro was recently named by New Jersey Monthly as the seventh most desirable town in the state to live.
#b#Cassidy Turley#/b#, 200 Cottontail Lane, Somerset 08873; 732-868-5111; fax, 732-868-8055. Douglas Twyman, senior vice president. www.cassidyturley.com.
#b#Gebroe-Hammer Associates#/b#, 2 West Northfield Road, Suite 301, Livingston 07039; 973-994-4500; fax, 973-994-9752. Ken Uranowitz, managing director. Home page: www.gebroehammer.com.
