New Jersey Property Liability Insurance Guaranty Association

Client Situation

In 2003, Savills Studley (formerly Studley, Inc.) negotiated a deal for New Jersey Property Liability Insurance Guaranty Association (NJPLIGA) at Mack Cali’s 222 Mount Airy Road. With two (2) years left on their lease, NJPLIGA had a need for additional space.

Consideration Analysis

Savills Studley was called in to evaluate options to accommodate the firm’s expansion needs. 222 Mount Airy was fully occupied. Mack Cali owned a building across the way at 233 Mount Airy Road. After evaluating all options, it was determined that 233 offered the best opportunity for immediate and future expansion.

The recommendation was made to go into the market looking for a long-term deal. This strategy helped to off-set the remaining two (2) years on the existing lease and leveled the playing field.

Result

The competitive environment created by the long-term strategy enabled Savills Studley to negotiate a rate that was below NJPLIGA’s current per square foot rent.

Summary Information

  • Property: 233 Mount Airy Road, Basking Ridge, NJ 07920
  • Transaction Size: 28,234 SF
  • Transaction Type: Lease Restructure
  • Service Line: Office

Meet the Team

Feeney, John (Jack) P.

Feeney, John (Jack) P.

Managing Director
732.635.0004