Case Studies
Verizon Wireless
Bedminster, NJ
Sitar Company ? ONCOR International worked with Verizon Wireless for several years. Verizon was situated in a 63,000 square foot office building. Throughout that time period Sitar Company ONCOR International brokers presented many properties to Verizon Wireless. This in turn 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.
In the last quarter of 2004, Verizon Wireless made a decision to expand and relocate their Branchburg, New Jersey division. The requirement was for approximately 85,000 square feet 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, NJ. 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 Company market research department, Sitar brokers prepared a full market study of the areas specified for Verizon.
The committee handling this relocation chose approximately 8 Class A office facilities which were inspected. Sitar brokers visited the 8 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 Company ONCOR International negotiated the terms and conditions of the lease on behalf of Verizon Wireless.
Verizon signed a 3 year, 85,000 square foot lease.
...Sitar Success Story
- Statistics
- Parking: Free Surface Spaces; Ratio of 3.70/1,00
- Amenities: Atrium
- Building Type: Class A Office
- Stories: 3
- RBA: 166,781 SF
- Typical Floor: 55,594 SF
- % Leased: 100%
