Newmark Knight Frank (NKF) has announced that Managing Director Justin Bell and Senior Managing Director Neil Shupak recently represented T-Squared Realty, LLC, the landlord of 1547 N. Trooper Road in Norristown, PA, with a 120,000-square-foot,long-term lease renewal for a longstanding tenant, Techni-Tool.
T-Squared Realty, LLC, initially hired Bell and Shupak to provide a Broker Opinion of Value and to assist with the sale or lease of the building. Techni-Tool occupied the entire building with a fourth quarter 2019 lease expiration date approaching. NKF provided a strategic plan of action to leverage its local market knowledge, costs involved with leasing new space, relocating an operation of this magnitude, and the timing required to complete a relocation before the renewal notice period. All strategic goals were accomplished, there was no downtime in finding a replacement tenant, and ownership increased the value of its building substantially.
The building sits on 26+ acres providing ample land for future building expansion when necessary. 45,000+square feet is two-story office space and 75,000+square feet of the building is 25-foot clear warehouse space that is fully climate controlled. It includes six tailgate loading docks and 40’x40’ column spacing throughout. Larry Maister of JLL represented the tenant.
“We are excited with the outcome and very happy to continue our relationship with Techni-Tool for the foreseeable future,” said Paul Weiss of T-Squared Realty.
About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark"), is one of the world's leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, NKF's 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, NKF's strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and NKF Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world's largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, which is listed on the NASDAQ Global Select Market under the symbol "NMRK", is a publicly traded subsidiary of BGC Partners, Inc. ("BGC"), a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol "BGCP". BGC also has an outstandingbond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol "BGCA".
