Newmark has announced that Managing Director Justin Bell and Senior Managing Director Neil Shupak recently represented T-Squared Realty, LLC, the landlord of 1547 N. Trooper Road in Norristown, PA, with a 120,000-square-foot, long-term lease renewal for a longstanding tenant, Techni-Tool.
T-Squared Realty, LLC, initially hired Bell and Shupak to provide a Broker Opinion of Value and to assist with the sale or lease of the building. Techni-Tool occupied the entire building with a fourth quarter 2019 lease expiration date approaching. Newmark provided a strategic plan of action to leverage its local market knowledge, costs involved with leasing new space, relocating an operation of this magnitude, and the timing required to complete a relocation before the renewal notice period. All strategic goals were accomplished, there was no downtime in finding a replacement tenant, and ownership increased the value of its building substantially.
The building sits on 26+ acres providing ample land for future building expansion when necessary. 45,000+ square feet is two-story office space and 75,000+ square feet of the building is 25-foot clear warehouse space that is fully climate controlled. It includes six tailgate loading docks and 40’x40’ column spacing throughout. Larry Maister of JLL represented the tenant.
“We are excited with the outcome and very happy to continue our relationship with Techni-Tool for the foreseeable future,” said Paul Weiss of T-Squared Realty.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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