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EDISON, NJ, FEBRUARY 7, 2003— The New York Times announced today it has closed on the leasing of its 300,000 square foot inventory building located at 3001 Woodbridge Avenue in Edison, New Jersey to Home Essentials & Beyond, a wholly owned division of Godinger Silver.
David Simson, President; Joel Orenstein, Senior Vice President-Corporate Accounts and John T. Potter, Assistant Director-Corporate Services of GVA Williams, were responsible for closing this lease on behalf of the property owner, The New York Times. Gary Green and Tom Nuara of Resource Realty represented Home Essentials in this transaction.
"We are pleased to have closed this lease transaction on behalf of our client, The New York Times. This facility represents one of the largest blocks of high-quality industrial/warehouse space in the Exit 10 marketplace and an ideal location for Home Essentials & Beyond. GVA Williams is particularly proud to have consummated one of the largest industrial transactions in New Jersey in 2002," stated David Simson.
Joel Orenstein commented, "Perhaps the slow down in absorption that we have observed since the beginning of the year may be approaching an upturn. GVA Williams has responded to numerous inquiries over the past several months, which shows a dramatic improvement in the state of the market. It seems as if, in the industrial market, the times are changing for the better."
Herb Valentine, Real Estate Director for The New York Times noted the relatively quick lease up time of this facility since the previous tenant vacated the premises in late spring of 2002. "In an industrial market that at best has been described as sluggish, the successful marketing was due in large part to the aggressive and responsive efforts of GVA Williams of New Jersey. While we had many companies kicking our tires, we were inclined to wait for a tenant that met our long-term objectives for the asset. GVA played a pivotal part by understanding our objectives and evaluating the various end users until one was secured that matched our criteria."
Home Essentials noted that the exact size and physical amenities of this facility met all of its objectives.
Situated on 18.3 acres adjacent to the New York Times printing plant, 3001 Woodbridge Avenue features 27’4” ceiling heights, 24/7 manned and video security, on-site rail, immediate access to Exit 10 on the New Jersey Turnpike and is in close proximity to the Garden State Parkway, I-287 and Routes 1, 9, 18 and 440. Additionally, 3001 Woodbridge Avenue is just 30 minutes from New York City via the Holland and Lincoln tunnels.
Based in New York City with regional headquarters in Parsippany, New Jersey, GVA Williams employs a staff over 250 professionals in the New York and New Jersey markets. GVA Williams is a full-service real estate firm which serves the needs of owners, investors and tenants, offering expertise in leasing, investment sales, property management, construction management, asset management and corporate services. GVA Williams currently manages over 200 commercial properties occupying 19.1 million square feet in the Tri-State region.
GVA Williams is a founding partner of GVA Worldwide, an international strategic partnership of real estate industry leaders in key markets in 20 countries. The partnership encompasses 3,000 real estate professionals serving approximately 80 markets. Collectively, GVA partners completed $7 billion in transactions and currently manage 100 million square feet of office, industrial, retail and specialized properties.
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