-- Commitments Reflect Progress for this Vital Sector in the Garden State --
Colliers International Group Inc.(NASDAQ:CIGI, TSX:CIG) has inked two leases for solar industry tenants in New Jersey’s Middlesex County. The global commercial real estate services firm’s Doug Twyman brokered the transactions for Momentum Solar and Code Green Solar as tenant representative.
In Metuchen, Momentum Solar signed a long-term lease for 27,000 square feet at 325 High Street. New Jersey’s fastest-growing solar energy company, the privately held firm designs systems for both residential and commercial properties. Its headquarters will relocate to 325 High Street in a significant expansion move. Currently Momentum Solar is fitting out the space to accommodate administrative office, call center and distribution operations.
“I am pleased that I was able to help Momentum Solar achieve their objectives,” said Twyman, who is based in Colliers’ Princeton, N.J., office. “The competitive rent and opportunity to customize the space at 325 High Street made this property the right fit.Arthur Souritzidis and the other principals at Momentum Solar have great vision, and the investment they are making will yield a headquarters well suited for the company’s evolving needs.” Colliers’ Jon Tesser and Mike Markey, also based in Princeton, served as landlord representatives in negotiating the lease.
In Edison, Twyman brokered a multi-year lease for Code Green Solar at 95 Newfield Avenue in Raritan Center. The commitment marks an expansion into northern New Jersey for the firm, which already maintains a strong presence in the state’s southern region. Code Green Solar installs turnkey renewable energy solutions in more than one dozen states.
“Code Green Solar wanted to be in Edison, ideally at an address that would provide a quality image and easy access to its growing northern New Jersey client base,” Twyman said. “Raritan Center, which is one of the area’s best-known industrial and office developments, provided the right physical, geographic and financial solution for this requirement.” Summit Associates owns the flex building at 95 Newfield Avenue and was represented in-house by John Visceglia.
“Both leases reflect the continued progress of the solar energy sector in New Jersey,” said Twyman, who has been involved in additional solar industry leases in recent months. “The Solar Energy Industries Association ranks New Jersey as number four in its Top 10 Solar States and reports that we are one of only three states in the nation with more than 1 GW of installed capacity. In the next five years an additional 1,709 MW of capacity is anticipated – which is more than double the amount installed over the past five years. It is no wonder that companies like Momentum Solar and Code Green Solar want to be here.”
About Colliers International Group
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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