Bergman Real Estate Announces Lease Transactions Totaling 33,000 Square Feet at 155 Passaic Avenue in Fairfield, N.J.

Bergman Real Estate Group, a privately owned real estate investment firm that owns and manages office properties throughout New Jersey, today announced a lease signing at 155 Passaic Avenue, an 88,000-square-foot, headquarters-quality office building in Fairfield, N.J.

Science Applications International Corporation (SAIC) has renewed its 25,000-square-foot lease at the property, which Bergman owns in a joint venture with Time Equities, Inc. Jones Lang LaSalle Senior Vice President Steve Fleming represented SAIC in the transaction, which capped a highly active year for Bergman.

Following the recapitalization of 155 Passaic in 2012, ownership has been able to offer more aggressive lease rates, resulting in a number of recent leases at the building. In addition to the lease with SAIC, Petry Engineering, LLC expanded and renewed for 3,300 square feet; Business Processes Redefined, LLC also expanded and leases approximately 3,300 square feet; and Insurance Overload Services, Inc. renewed its lease at the property.

“Our leasing success at 155 Passaic Avenue is a testament to the location advantages, first-rate management and prime office space afforded by this building, as well as the effective execution of our strategy to recapitalize the asset in order to offer highly competitive lease rates,” said John G. Osborne, Bergman’s executive director of leasing and marketing. “We are extremely pleased to have renewed and expanded several of our tenants at the building in 2013 as we continue to welcome new companies to this premier business address.”

The transactions cap a highly active year for Bergen, which experienced robust leasing activity throughout its New Jersey office portfolio in 2013. On the year, the company completed 67 lease transactions for a total of approximately 245,000 square feet.

"The strategic partnership that we created with Bergman Real Estate has proved to be a great fit for Time Equities expansion into New Jersey,” said Aaron Medeiros, director of acquisitions for Time Equities. Securing SAIC as a long-term tenant in the building is a testament the great office product 155 Passaic Avenue offers companies. We consider their commitment to the location and building a good bellwether for assets in our local portfolio.”

The leasing activity comprises a mix of new leases and renewals, demonstrating Bergman’s success in capitalizing on the strong market position of its office portfolio to attract new tenants while retaining existing ones.

“Improvements in the economy in 2013 helped to move tenants off the sidelines and created solid momentum for the New Jersey market heading into 2014,” Osborne said. “Bergman is well positioned to benefit from this increasing velocity, with strategically located properties in key markets throughout the State.”

To learn more about leasing opportunities throughout the Bergman Real Estate Group portfolio, contact John G. Osborne or Kelly Ziegenfuss at 732-855-8600 or visit www.bergmanrealty.com.

About Bergman Real Estate Group

Founded in 1988, Bergman Real Estate Group is a privately owned, full-service real estate investment and management company. With more than 25 years of history operating in New Jersey and other select markets, Bergman has earned a solid reputation as a reputable and trustworthy owner/manager. The company’s fully integrated platform includes acquisition, ownership, asset and property management, leasing and construction supervision. Bergman, which has built its success on acquiring and successfully repositioning underperforming, “value-add” properties in prime locations, has acquired 31 assets in excess of $350 million since its inception.

The company’s current portfolio consists of 14 office buildings comprising 1.4 million square feet.  For more information, visit www.bergmanrealty.com.

About Time Equities, Inc. 
Founded in 1966, privately held Time Equities, Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 40 years.  With properties in 26 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 23.4 million square feet of residential, industrial, office and retail property.