135 Route 202/206, Bedminster, New Jersey
Sitar Realty Company worked with Verizon Wireless for several years. Verizon was situated in a 63,000 sq. ft. office building. Throughout that time period Sitar Realty Company brokers presented many properties to Verizon Wireless. In turn, this helped to develop a strong relationship with the facilities department at the Branchburg location and learn more about the commercial real estate requirements of Verizon Wireless. Verizon Wireless made a decision to expand and relocate their Branchburg, New Jersey division. The requirement was for approximately 85,000 sq. ft. of Class A office space for a three-year term. The shorter term was required by Verizon Wireless pending purchase of the former AT&T campus in Bridgewater, New Jersey. The Verizon plan was to purchase the seven building 1.3 million square foot headquarters campus and combine the 2,800 Verizon staffers in New York City with the 2,600 Verizon Wireless people currently working in the Bedminster, Bridgewater, and Branchburg area. Sitar brokers worked with the Verizon’s real estate department to learn and fully understand their office needs. Through the Sitar Realty Company market research department, Sitar brokers prepared a full market study of the areas specified for Verizon. The committee handling this relocation chose eight Class A office facilities which were inspected. Sitar brokers visited the eight facilities with Verizon and were able to narrow down their choices to two facilities. A Request for Proposal was prepared for the two landlords, and the Sitar Research team analyzed and reviewed the proposals, comparing responses from the landlords of the two facilities. Verizon decided to pursue 135 Rt. 202/206 Bedminster One in Bedminster, New Jersey. Sitar Realty Company negotiated the terms and conditions of the 85,000 sq. ft. lease on behalf of Verizon Wireless.