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News release

Red Bank, NJ

Strong Leasing Activity Brings Red Bank Corporate Campus to 95 Percent Leased

Full-Service Café Drives Sustained Leasing Velocity at Office Campus


RED BANK, N.J., June 15, 2010 — Jones Lang LaSalle and M. Alfieri Co., Inc. announced that a steady stream of leasing activity at M. Alfieri Co.’s Red Bank Corporate Campus has brought the strategically located office complex to 95 percent leased, spurred in part by the recent addition of a full-service cafe at the property.

Over the past two years, leases totalling 65,599 square feet have been signed at the property, in addition to a lease extension and lease expansion that have taken the building from 75 percent occupancy to 95 percent occupancy in the face of a highly challenging economic environment.

Jones Lang LaSalle, which serves as the exclusive leasing agent for the property, was able to generate sustained leasing activity at the office campus by successfully marketing its numerous strategic advantages, including its highly desirable location at Exit 109 off the Garden State Parkway, as well as ownership’s addition of a full-service café, which opened last year.

“This property has a phenomenal location, near to major thoroughfares and the numerous shopping, dining and entertainment attractions of nearby downtown Red Bank,” stated Paul Giannone, managing director of Jones Lang LaSalle, who is heading up the assignment along with Vice President Kevin Carton. “The flight of tenants to well-located, quality buildings that have reputable ownership and offer desirable amenities is evidenced by the strong leasing activity we have been able to generate for the property.”

“A cornerstone of our business model is to consistently reinvest in our properties to meet market demand, and the recent enhancements we have made to Red Bank Corporate Campus are a continuation of this time-tested strategy,” said Michael Alfieri, President of M. Alfieri Co., Inc.  “With the addition of food service, we were able to reintroduce the property as offering the type of amenities that today’s tenants demand.”

Leases completed at the building include:
  • The Curchin Group, an accounting firm specializing in the construction, real estate, credit union and non-profit industries, which signed a long-term 12,706-square-foot new lease at 200 Schultz Drive within the complex.

  • Continental Casualty Company, a fire, marine and casualty insurance provider, which took 5,264 square feet at 200 Schultz Drive.

  • Log-Net, Inc., a trade, transportation and logistics solutions provider, which signed a 26,466-square-foot office lease for 230 Half Mile Road within the campus.

  • Veris Consulting, a specialized accounting, financial and survey service provider extended its 6,380-square-foot lease at 230 Half Mile Road.

  • North American Risk Services, one of the country’s leading claims management firms, which  took 6,278 square feet at 230 Half Mile Road.

  • Combined Insurance Company of America, a leading provider of supplemental insurance, which signed a 6,494-square-foot lease at 200 Schultz Road.

  • Ansell, a leading provider of barrier protective solutions, which expanded by 2,011 square feet to occupy 49,629 square feet at 200 Schultz Road.
    Situated on 16 landscaped acres adjacent to Exit 109 on the Garden State Parkway, the three-building Red Bank Corporate Campus is minutes from Route 36, providing direct access to the Jersey Shore, and only 45 minutes to New York City. Furthermore, the property is located near to downtown Red Bank, known as one of the region’s premier entertainment destinations and home to numerous restaurants, boutique shops and recreational venues.
About M. Alfieri Co., Inc.

The M. Alfieri Co., Inc. is a full-service, integrated commercial real estate development firm headquartered in Metropark, N.J. Established in 1951 we have grown steadily over the past half-century by following the guiding principles of vision and performance and currently rank among the leading commercial real estate developers in New Jersey. The company is experienced in all areas related to commercial real estate, including development, finance, architecture, construction, legal, leasing and property management. Over the course of its 50-year history, M. Alfieri Co., Inc., has developed more than 6 million square feet of Class A office space. The firm currently maintains 1,000 acres of land in prime New Jersey locations, on which it plans to develop up to 8 million square feet of premier corporate real estate and is poised to remain a key player in the market for years to come. For further information, please visit our website, www.malfieri.com.
 
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.6 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with approximately $40 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.