Pharmaceutical firm relocates U.S. headquarters into 14,280 square feet at Class A, 10 Independence Boulevard
JLL has completed a new transaction for building owner American Equity Partners LLC with Cipla Inc. at Independence Place, 10 Independence Boulevard in Warren, N.J. The pharmaceutical firm signed for 14,280 square feet of office space at the Class A, 120,528-square-foot commercial office building.
The building owner was represented by Craig Eisenhardt, managing director, Robert Ryan, senior vice president, and Jason Benson, vice president, all with JLL. They worked closely with David Elkouby, partner, with AEP. The tenant, Cipla, was represented by David Leviton and Jon Meisel, senior vice presidents, with CBRE Inc.
“American Equity Partners has been transforming Independence Place into a modern workplace for New Jersey’s corporate workforce,” said Eisenhardt. “At the interchange of Exit 33 off Interstate 78, the building is easily accessible and is in walking distance to local amenities, and in close proximity to Newark Liberty International Airport, New York and the submarket’s large, diverse labor pool.”
Cipla inked a long-term lease for 14,280 square feet of office space and will occupy a portion of the third floor at Independence Place. The pharmaceutical firm is establishing its U.S. headquarters at the building.
The four-story Independence Place was constructed in 1988. American Equity Partners launched a substantial capital improvement program for the building in 2017. The owner completed the renovation of the lobby, first floor restrooms and elevator cabs in the first quarter of 2018 and expects the new conference space and fitness center to be finished in the fourth quarter.
Approximately 53,000 square feet of office space remains available at Independence Place, including the entire fourth floor and a portion of the third floor, totaling 49,000 square feet, and one space, consisting of 3,885 square feet, on the first floor.
The property is situated within an attractive business park setting at the 118-acre Somerset Hills Corporate Center, with direct access to a four-way interchange at Exit 33 from Interstate 78 and close to Interstate 287. When renovations are completed the property will feature a common conference space and fitness center, and walkable access to two hotels and a variety of shops and restaurants at Riverwalk Village Center.
American Equity Partners has been an active buyer in New Jersey of “value-add” office properties. These properties are well located, but typically have dated finishes and are viewed as commodity buildings by tenants. After acquisition, AEP immediately implements substantial capital improvements, transforming these assets into desirable modern environments that appeal to today’s companies. This successful formula aligns with the needed updates and capital improvement plan for the well-located 10 Independence Boulevard.
JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 1,000 professionals and support staff providing agency leasing and property marketing, tenant representation, industrial services, strategic consulting, occupancy planning, workplace strategies, project and development services, property and facility management, and investment sales/capital markets services to New Jersey's leading corporate tenants, investors and landlords. The firm, which assists clients from three full-service offices in Parsippany, Iselin (Metropark) and East Rutherford, also acts as a local service provider for JLL’s global and national corporate clients in need of real estate assistance in New Jersey. JLL’s New Jersey operations were honored by NJBiz magazine as one of its 2015 Best Places to Work in New Jersey.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
