By Jeff Hamann
Lone Star Funds has inked an expansion of an office lease in northern New Jersey with mem property management to double the property management firm’s space in Somerset Executive Square. Lone Star acquired the building in 2016 from Equity Office Properties Trust as part of a 24-asset, $333.4 million portfolio transaction, according to Yardi Matrix.
Located at 3 Executive Drive in Somerset, N.J., the 86,000-square-foot asset is in a three-building office park, just off Interstate 287. A previous owner renovated the five-story asset—initially constructed in 1984—in 2007. The mid-rise is home to a variety of tenants, including SommaTech, Synergy Global Technologies and engineering firm GreenbergFarrow, per Yardi Matrix data. On-site amenities include common area Wi-Fi, a conference center and a parking ratio of 4.2 spaces per 1,000 square feet.
“The expanded offices in Somerset enable us to better serve and support our growing portfolio of local homeowners’ associations, high rise communities, condominium associations, townhomes and active adult communities,” said Matthew Laderman, vice president of mem property management, in a prepared statement.
Image courtesy of Yardi Matrix