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Tullett is a division of Tullett Prebon Plc, a global brokerage firm based in London. With its expansion, the 1.25 million-square-foot waterfront office tower, owned by Mack-Cali Realty Corp., is now fully leased.
With the new lease, Tullett signed on for a 12 year-seven-month renewal of the 63,372 square feet it previously occupied, and agreed to take 37,387 more square feet for 15 years.
"This transaction demonstrates Mack-Cali's ability to build long-term tenant relationships, as well as the Jersey City waterfront's strong appeal to global companies," said Mitchell Hersh, president and chief executive officer of Edison-based Mack-Cali, in a statement.
According to data from The CoStar Group, the Hudson Waterfront remains one of the most desirable office markets in New Jersey. In the past year, Class A vacancy has dropped to 7.5 percent from 10.4 percent. Available Class A space on the waterfront has been snatched up rapidly since 2005, when the vacancy rate was 17.8 percent. Average rents there, now $34.71 per square foot, are the highest in New Jersey.
In other market news, More Specialized Transportation of Hackensack signed a lease for 20,851-square feet at 30 Wesley St. in South Hackensack. The 248,000-square-foot building, owned by The Hampshire Cos. of Morristown, is now fully occupied.
"30 Wesley Street has proven to be an excellent performer for our portfolio," said Norman Feinstein, executive managing director of Hampshire, in a statement. The building's primary draw is its access to the New Jersey Turnpike, Garden State Parkway and routes 17 and 46, he said.
Hampshire also signed two lease deals for its Park 80 East building at 160 Pehle Ave. in Saddle Brook. Manufacturer Fuji Electric has leased 6,158 square feet, and Hepco Inc., a technical staffing organization based in Rutherford, has leased 3,243 square feet.
To see more of The Record, or to subscribe to the newspaper, go to http://www.NorthJersey.com. Copyright (c) 2008, The Record, Hackensack, N.J. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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