Commercial real estate news releases from Avison Young Canada
Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.
Avison Young and Velocity Venture Partners arrange lease renewal for Fortis at 2572 Brunswick Pike in Lawrenceville New Jersey
![aerial view of Fortis at 2572 Brunswick Pike in Lawrenceville New Jersey](https://www-cdn01.avisonyoung.com/cdn-cgi/image/q=50/documents/191207401/199832128/brunswick - hero-small.jpg/9511fd46-fe9d-a587-c126-b2105506fb4d?t=1724339760886)
The 29,643-sf renewal follows significant renovations at the property
Lawrenceville, NJ – Avison Young and Velocity Venture Partners have arranged a long-term lease renewal with national credit tenant, Fortis, at 2572 Brunswick Pike in Lawrenceville, NJ. The 29,643-square-foot (sf) lease stems from action taken by Velocity Venture Partners to renovate the property positioning it as an ideal headquarters-level location for a wide variety of occupiers. The newly renovated, former pharmaceutical manufacturing facility has 168,036-sf of available, divisible space along with 27,514-sf of occupied space and can accommodate manufacturing, warehouse, and distribution tenants.
Velocity Venture Partners, as landlord, was represented by Jim Scott, Principal, and Chris Winnick, Associate, both based in Avison Young’s Philadelphia office. Fortis, as tenant, was represented by Brendan Kelley, Principal, who is based in Avison Young’s Philadelphia office and Darren Shibuya of Mohr Partners.
“In addition to the renewal with Fortis, we are seeing more international companies establishing or expanding into the US,” said Scott. “New Jersey in particular, is well-positioned to attract this international activity due to its proximity to major ports, access to I-95, and densely populated areas. The region’s diverse talent pool and access to New York City further amplify the area’s appeal for international firms seeking capital raises and strategic partnerships, which is one of the driving forces behind the renovations at 2572 Brunswick Pike.”
Velocity Venture Partners acquired 2572 Brunswick Pike in September of 2023 and launched a comprehensive renovation campaign to whitebox units for industrial users across all industries and an infrastructure which provides flexibility to deliver immediate occupancy to a range of tenants, who can further divide or improve their space according to specific needs. Renovations include upgraded climate control systems, heavy power access, expansive paved areas for car and trailer parking, and is well-located near major thoroughfares. The site encompasses 15.43 acres.
“Fortis has been a bedrock tenant at 2572 Brunswick for many years, and their suite of training programs, especially for building trades, are a great complement to the industrial users we are aiming to attract,” said Tony Grelli, Founding Partner, Velocity Venture Partners. “We are thrilled to partner with Avison Young to secure this long-term extension and look forward to capitalizing on the building’s significant infrastructure to accommodate what will likely be a mix of manufacturing and warehousing tenants.”
About Velocity Venture Partners
Velocity Venture Partners is a leading developer of industrial real estate throughout the Northeastern Region of the United States and one of the largest owners of industrial space in the region. The firm devotes its time exclusively to industrial & conversion-to-industrial (office/lab/retail to industrial) assets that are located close to densely populated suburban corridors and major transportation arteries.
Velocity has built and maintained a vast network of debt and equity relationships, streamlining the internal funding process for each new acquisition. In addition, the firm’s size and nimble approach enables quicker decision making & actions compared to competitors – ranging from acquisitions to leasing, to capex and cosmetic work on newly acquired assets. As a fully integrated firm – with internal infrastructure ranging from construction to property management – Velocity delivers an unmatched approach to strategic industrial acquisitions and asset management. The firm currently owns and manages over 8 million square feet of industrial space in the Greater Northeast region - a portfolio comprising more than 400 tenants and 100 properties.
About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2024 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 13 consecutive years.
For more information:
- Download property photos here.
Media contact:
Nathan Reyna, Regional Media Relations & Content Specialist, Northeast: +1.917.877.1697