CBRE Arranges Long-Term Lease with Historic Dance Company on Behalf of Building Ownership

The New Jersey Ballet Company has committed to 16,641 sq. ft. of space at 7-9 Vreeland Road in Florham Park, New Jersey in a lease transaction arranged by CBRE. The 60-year old dance companyis expanding and relocating from Livingston to Florham Park with an anticipated occupancy of October 2019.

CBRE’s Thomas Mallaney represented landlord SK Realty Management, an opportunistic real estate investment group that specializes in the acquisition and management of warehouse distribution centers and flex industrial product located in the Northeast and Midwest, in the lease negotiations. Additionally, CBRE Project Management has been hired by New Jersey Ballet to oversee and manage the construction and costs during their move. The building architect, Parette Somjen, will design the new space.

Built in 1979, 7-9 Vreeland Road is a 155,819-sq.-ft. building located in an upscale suburban neighborhood. The property boasts 20-foot ceiling heights, ample parking and an interior courtyard. ??

“Celebrating its sixtieth year of entertaining the public, the New Jersey Ballet required additional space that would allow the company to expand its operations and grow its mission of teaching the community about the art of ballet,” said Mr. Mallaney. “This transaction was a team effort, which included the building ownership, the brokers at NAI James E. Hanson and architect Parette Somjen.”

The NAI James E. Hanson team of Joshua Levering and Nick DePaolera acted on behalf of the New Jersey Ballet Company.

For more than half a century, New Jersey Ballet has thrilled audiences from Bergen County to Cape May with top quality professional ballet and has given thousands of adults and children their first introduction to ballet and inspired in many a lifelong love of the arts. During its 26-week season, New Jersey Ballet performs a variety of works from classical, contemporary and jazz ballet at 10 venues throughout the state, and has toured nationally and around the world.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.