Bell and Shupak of NKF complete a 120,000 s/f lease renewal in Norristown
NORRISTOWN, PA — Newmark Knight Frank (NKF) has announced that managing director Justin Bell and senior managing director Neil Shupak represented T-Squared Realty, LLC, the landlord of 1547 N. Trooper Rd. in Norristown, with a 120,000 s/f, 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.