Crafters renew full-building lease at Warren Innovation Center

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Kids crafts purveyor Horizon Group USA has renewed its
full-building lease at Ivy Realty’s 45 Technology Drive in Warren, NJ.

Newmark’s Jeff Schotz, Dan Reider and Harrison Russell
represented ownership in the 45,805s/f deal at the property, which is part of
the rebranded Warren Innovation Center.

In 2018 Ivy acquired four buildings at the campus, renaming
the area the Warren Innovation Center and launching a capital improvement plan
to modernize the buildings. 

The original portfolio included 7 Powder Horn Drive, 30
Technology Drive, 40 Technology Drive and 45 Technology Drive. Ivy repositioned
the campus with upgrades and physical improvements to attract and retain
innovative tenants.

Notable transactions include the full-building lease renewal
of 7 Powder Horn to Celgene, and the new 66,413 SF lease at 40 Technology Drive
to Huber + Suhner Astrolab Inc. After the repositioning and successful
lease-up, Newmark worked with Ivy to sell 30 Technology Drive in June 2020 and
7 Powder Horn in October 2020.

Founded in 1996, Ivy Realty is a Greenwich, CT-based real
estate investment, development and management company and has acquired more
than $2.4 billion in assets and currently has a portfolio exceeding six million
square feet of office, industrial, residential and retail properties.

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