Pantheon Properties

WOODBRIDGE, NJ - Manhattan-based Pantheon Properties leased its vacant 326,741 SF warehouse facility at 1500 Rahway Avenue, Woodbridge NJ. The tenant, to be announced, will employ this location for its regional NY/ NJ distribution. Improvements for the new tenant are underway, and operations are scheduled to commence mid-2010.

The transaction marks Pantheon and their equity-partner, Principal Real Estate Investors’, first lease of the property since the asset became vacant in December 2009. This lease brings the current occupancy of the buildings in the Pantheon/Principal JV to just over 98%.

“The successful closing of this transaction is a promising indicator for Pantheon, but more significantly, what we can anticipate from the emerging opportunistic market.” said Ken Cohen, CEO & President of Pantheon. Ken expanded on the importance of economic awareness and tenant accommodation in the role of the modern-day landlord, “It is crucial for landlords to understand the complications businesses are faced with in the new-economy, and must structure leasing transactions that are sustainable as both parties are navigating to survive the current climate.”

Zack Hitchcock, Vice President of the firm, added, “One of the tenant’s key requirements was to locate within a “business friendly” environment, and Woodbridge once again demonstrated their desire to attract viable and sustainable companies to their community, as new jobs will be created and additional revenues generated for local businesses - benefiting all.” Mr. Hitchcock continued, “The Township did not have to provide any financial incentives to attract this new tenant, they simply devoted their time and attention, helping provide the comfort & assurances required in order to move forward with the deal. The continuous assistance, support and cooperation were vital--confirming the importance of the private and public sector working hand-in-hand.”

“1500 Rahway Avenue was the perfect free-standing building for its new occupant, as it met all requirements: appropriate size, parking and loading facilities; image and strategic location.. Combining our excellent market knowledge and the parties patience to secure ‘the right’ deal, we realized early in the process, that they were the tenant for Pantheon’s building,” commented Chuck Fern of Jones Lang LaSalle’s Iselin, NJ office who represented the tenant in this transaction.

+/- 11 Acre parcel – adjacent to 1500 Rahway - is vacant and available for lease, sale or build to suit. Located at the corner/intersection of Randolph and Rahway Avenues – with direct access to Route 1 or a 5 minute drive to the NJ Turnpike – this opportunity is ideal for a host of uses: retail, hospitality, industrial – or a combination of all.

Please contact Michael Telano at 212.277.7500 or at MT@PantheonProperties.com for further information.