Environ International Corporation

Client Situation

ENVIRON, a Carnegie Center tenant for 18 years, had a lease that was near expiration.  The firm was under-utilizing its 30,000-square-foot space and therefore wanted to downsize, while remaining in Carnegie Center.  In order to accomplish this, the firm needed turnkey built-out space that was competitively priced.

Consideration Analysis

Studley (now Savills Studley) identified several sublease opportunities that created the leverage that the brokerage firm needed to effectively negotiate with ENVIRON's landlord.

Result

As a result, Studley secured a new 24,100-square-foot lease in Carnegie Center, where ENVIRON wanted to stay.  The new lease was for space across the atrium but on the same floor as its former office.  In addition, the landlord delivered a turnkey installation, a rental rate 10 percent below market and the ability to reduce its rent to the new rate immediately from the time the lease was executed.

Summary Information

  • Property: 214 Carnegie Center, Princeton, NJ
  • Transaction Size: 24,100 SF
  • Transaction Type: Lease Relocation
  • Service Line: Office