BASKING RIDGE, NJ – The New Jersey Property-Liability Insurance Guaranty Association (NJPLIGA), a provider of statutory benefits, has leased approximately 28,000 square feet at 233 Mount Airy Road, a class A office building located in the heart of Somerset County’s I-287 corridor.
NJPLIGA, presently located nearby at 222 Mount Airy Road, will expand by 8,000 square feet in a long-term lease with the building’s owner, Mack-Cali Realty Corporation.
Studley Managing Director John “Jack” P. Feeney represented NJPLIGA in the long-term transaction, while Richard Travaglini, senior director of leasing at Mack-Cali Realty Corporation, represented the landlord in-house.
According to Mr. Feeney, who is known for notable New Jersey transactions such as Verizon Wireless, Tiffany & Company and Wockhardt USA, the new lease allows the company “the physical room to grow” without having to move elsewhere in the county. Mack-Cali provided a seamless transition by offering space in their building across the street. “In addition, the new building has an existing generator, and a separate negotiation was done to enable the tenant to tap into it during potential power outages.”
The NJPLIGA provides a safety net designed to mitigate the effects of loss on claimants and policyholders who, through no fault of their own, find themselves without coverage.
Studley is the leadingglobal commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, with 60 offices worldwide, Studley provides strategic real estate solutions to top-tier corporations, not-for-profit organizations and law firms. For more information, please visit www.studley.com.