Signature Acquisitions is celebrating its successes from the second quarter of 2023.
After negotiating more than 28,7000 square feet in Q1, the Cranford-based owner and manager of Class A office space said July 25 it handled more than 43,700 square feet of new leases and renewals across its portfolio in Q2.
According to Senior Vice President and Director of Leasing Sandy Monaghan, “Our strong leasing and renewal activity across our New Jersey office portfolio highlights the continued flight to quality that is driving the regional office market.”
That desire for quality spaces was also reflected in CBRE’s Northern and Central New Jersey Office report for Q2, which helped to boost leasing during the period to its best quarterly total since the Q2 2022.
“While the overall outlook for the economy remained cloudy, New Jersey’s office market proved resilient during the second quarter as a number of tenants continued to focus on a flight-to-quality, with 85% of all leasing activity involving Class A space,” said CBRE Senior Vice President Jon Williams. “As a result, office leasing during Q2 was up 16% from the five-year quarterly average and a robust 43% higher than Q1, and year-over-year asking rents are up 10%.”
CBRE attributed that uptick in rents to “concentrated demand in better product, allowing landlords to push pricing.” For Class A space, the report found rates were up by 9% year over year to an average $34.28 per square foot.
From Monaghan’s perspective, ensuring quality spaces is good for tenants already on the roster, as well.
“Our commitment to providing premier, well-located workspaces for companies and employees not only helps us attract new tenants but ensures that our existing tenants have a superior experience at our properties,” Monaghan added. “It’s an honor to continue our relationships with our current tenants and we look forward to building strong relationships with the new businesses we are welcoming to our portfolio.”
Here’s a closer look at some of Signature Acquisitions’ Q2 activity:
20 Commerce Drive – Cranford
National insurance agency AssuredPartners renewed its lease for 19,773 square feet, while fast-growing generic pharmaceutical company Viona Pharmaceuticals re-signed for its 4,909-square-foot space.
100 Walnut Ave. – Clark
Prometric, a technology-driven global assessment service provider renewed for its 4,263 square feet of space while front-office software applications provider InvestorFlow inked a 3,323-square-foot lease.
Waterview Plaza and Boulevard Plaza – Parsippany
At Waterview Plaza, third-generation paper and packaging distributor Clifford Paper signed a new lease for 7,441 square feet of space. Signature Acquisitions also secured a new tenant at Boulevard Plaza, with Greenspan Family Eyecare signing on for 4,006 square feet.
Altogether, new leases accounted for 15,000 square feet of Signature Acquisition’s Q2 total