NAI Hanson Completes Lease Renewal

TETERBORO, NJ-NAI James E. Hanson has just completed a 51,000-square-foot, long-term office lease renewal agreement at 100 Hollister Rd. here. NAI Hanson’s Scott K. Perkins, SIOR, managing director of corporate services, and Andrew Somple, SIOR, senior vice president, represented the tenant, Swift Electrical Supply, in this transaction. Property owner, KTR Capital Partners, was represented in-house by Steve Pron.

“Overall, deals are still getting done in the commercial real estate market,” Perkins tells GlobeSt.com, “but in order to be successful, all parties involved in the lease negotiation process must exercise creativity and flexibility in order to overcome the obstacles that have been created by this economic downturn.”

In this specific transaction, NAI advised its client, who has been a tenant in the building since 2003, to renew their existing lease early, while taking into consideration favorable market conditions. “This quality asset, due to its centralized location, satisfies Swift’s current operational needs, coupled with its competitive price and the importance and stability of having a reputable company such as KTR Capital Partners as a landlord,” Perkins adds.

Built in 1966 and situated on a 10-acre parcel of land, 100 Hollister Rd. is a 175,000-square-foot office building, located in Bergen County.