Cushman & Wakefield Inks 100,000-Sq.-Ft. Renewal for Revlon
In Early Renewal in Edison, N.J., Both Tenant, Landlord Capitalize on Market.
- Newark, NJ (1888PressRelease) January 21, 2011 - Revlon Consumer Products Corporation has renewed its 100,000-square-foot, full-building lease at 2121 Route 27 in Edison, announced James L. Frank of commercial real estate services firm Cushman & Wakefield, Inc.
Frank and Dan Johnsen, both based in Cushman & Wakefield's East Rutherford, N.J., office, represent Revlon's real estate interests in New Jersey; Josh Kuriloff of Cushman & Wakefield's Manhattan headquarters serves as account executive for Revlon nationally. They headed the team representing Revlon in the long-term renewal.
The Morris Companies owns 2121 Route 27, an R&D building that is part of Towne Corporate Centre. The campus also includes a 250,000-square-foot office building at 2147 Route 27. Revlon occupies a portion of the building there as well. Cushman & Wakefield serves as exclusive leasing agent for the entire property.
Towne Corporate Centre initially was developed in its entirety by Revlon, which sold and leased it back several years ago. The renewal comes three years in advance of the company's lease expiration.
"Beyond its scope, the Revlon renewal at 2121 Route 27 is significant as a prime example of how credit tenants and their landlords are using early renewals to capitalize on today's market and stabilize assets for the long term, respectively," Frank noted.
"Revlon was able to renew at a rate that will save them a significant amount of money each year, and The Morris Companies was able to create long-term value in the property, which is critical in today's credit markets."
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