AIPSO, a leading nonprofit service provider to the insurance industry, has signed a lease for 6,769 square feet to “right size” its office space at 10000 Midlantic Drive, Mt. Laurel Corporate Center, Mt. Laurel, NJ.
The transaction enables AIPSO to remain in the same office park it has called home since 1997, yet in higher quality, more efficient office space, better suited to its needs, at a lower rental rate.
International commercial real estate services provider Studley’s Executive Managing Directors Marc Shapses, based in New York City and Robert Bull, based in New Jersey, represented AIPSO, a Studley client since 1990, in the 10-year lease. This marks the third time that Studley has represented AIPSO in a New Jersey transaction in the last 13 years, each time structuring a transaction that matched its business plan.
“In a market where most companies are leveraging the soft market and then staying-put, we negotiated an economically favorable deal that compelled our long-time client to move,” explained Mr. Bull. “The free rent included in the new lease will cover the early termination penalty that we negotiated seven years ago in AIPSO’s current lease.
“The rental rate is also lower than its current one,” added Mr. Shapses, “for updated space.”
AIPSO plans to move to the third floor of 10000 Midlantic Drive, a 183,147-square-foot four-story building owned by Brandywine Realty Trust in October, 2010.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com.