Cushman & Wakefield secured the renewal of specialty manufacturer Roller Bearing Company of America's (RBC) 86,123-square-foot lease at 370 Sullivan Way in West Trenton. The Conshohocken, PA-based team of Matthew Marshall and Brian Hilger, along with Josh Feldman in the firm's Chicago office, represented the tenant. The landlord, Hilton Realty, was represented in-house.
The 156,192-square-foot industrial/flex/office property is strategically located just 1.2 miles from Exit 2 of I-95 and minutes from the Trenton/Mercer Airport, Ewing, Trenton, Lawrenceville and Hopewell. The building is within walking distance of the West Trenton train station, which offers service to Philadelphia and Bucks County.
"Since Hilton purchased the property in 2006, 370 Sullivan Way and The Roller Bearing Company of America have had a long history together in West Trenton," said Mark P. Hill, Director of Leasing. "With the assistance of Cushman and Wakefield's team of brokers, that history will continue with the inking of a new long-term lease."
Hilton has been and will continue to invest in substantial improvements to the property, making it an ideal location for a number of different businesses and end-uses.
According to Cushman and Wakefield's Marshall, shifting market conditions are putting pressure on corporate tenants facing lease expirations to begin looking for space sooner rather than later. Industrial availability, which seemed infinite two or three years ago, has tightened significantly.
"In Central New Jersey, we're looking at vacancy of less than 4 percent," said Marshall. "When we take tenants to market with specific criteria, they have fewer options and more competition, which means they can be less selective when it comes to negotiating. Sophisticated companies like The Roller Bearing Company of America understand that the earlier they plan, the more leverage they can have with landlords during lease negotiations."
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.