For Immediate Release
Bridgewater, N.J. (September 8, 2020) – Atkins Companies, a leading multigenerational commercial real estate development, investment, and property management firm, announces it has signed a lease with Atlantic Health System. The New Jersey healthcare provider will lease 37,030 square feet of space at Atkins’ Bridgewater Medical Building located at 1125 Route 22 West in Bridgewater, N.J.
Located on Route 22 West in Bridgewater, N.J., the Bridgewater Medical Building is a 95,000-square-foot building that formerly served as a regional headquarters for Bank of America. Acquired by Atkins Companies in 2017, through a joint-venture with Capital Solutions, Inc., the building was fully leased at the time to Bank of America and MidJersey Health Corporation, a joint-venture between Hunterdon Healthcare and Atlantic Health System. The ownership’s business plan recognized that Bank of America’s departure from the building at the expiration of their lease created an opportunity to reposition the entire property as a modern, full-service medical office building. Atkins’ additional lease with Atlantic Health System for the remaining 37,030 square feet will bring this vision to fruition.
Atkins will reimagine the existing design in the former Bank of America suite to tailor the space to suit the needs of Atlantic Health System through a comprehensive capital improvement strategy with Atlantic taking partial occupancy by year end. Completion of Atlantic Health’s entire buildout and full occupancy is scheduled to take place in Q1 2021. Improvements will include closing in the existing drive-thru banking underpass to seamlessly integrate the structure, various exterior site improvements including constructing two new entrances with canopies and drive-up/drop-offs, and a total interior renovation creating state-of-the-art medical suites. Upon completion, Atlantic Health plans to house various sub-specialty practices, including but not limited to, orthopedics, oncology and OBGYN to name just a few. Additionally, through Atlantic Health’s newly expanded joint-venture with Hunterdon Healthcare, Atlantic is now a partner in the existing state-of-the-art surgery center and imaging center, both located on the west side of the building.
“When we acquired the building three years ago, we sought to leverage our experience in similar healthcare adaptive reuse projects to reimagine it as one of central New Jersey’s finest medical office properties,” said Cory Atkins, Vice President and Director of Acquisitions, Atkins Companies. “We look forward to working with Atlantic Health System to expand their presence at this building to create a unique specialty healthcare hub designed around the diverse needs of their patients and the local community.”
Based in Morristown, N.J., Atlantic Health System is home to seven award-winning hospitals, including Morristown Medical Center, the number one hospital in N.J. according to U.S. News & World Report, Castle Connelly and Newsweek’s World’s Best Hospitals. With a workforce of 17,000 team members and 4,800 affiliated physicians dedicated to building healthier communities, Atlantic Health System serves more than half the State of New Jersey, including 11 counties and 4.9 million people. The system provides care for the full continuum of health needs across a wide array of settings, including 12 urgent care centers, Atlantic Rehabilitation Institute, Atlantic Home Care and Hospice, and Atlantic Anywhere’s Virtual Visits. Facilitating connections between these services on both land and air is the transportation fleet of Atlantic Mobile Health.
Bryn Cinque and Jim Bailey of Colliers International represented Atlantic Health System in the transaction.
To stay connected with Atkins Companies and for updates on the latest transactions and news, follow Atkins on LinkedIn (www.linkedin.com/company/atkins-companies).
About Atkins Companies
Atkins Companies is one of the Northeast’s premier, multigenerational commercial real estate developers, investors, and property managers. As a pioneer in the medical office space, Atkins Companies is a leading developer, investor, and property manager for regional healthcare systems and physician practices, providing state-of-the-art space solutions to meet the growing demand for well-located, Class-A medical office buildings. Driven by a deep focus on creating and maintaining strong relationships, their hands-on and solutions-oriented approach to development, investment, and management breeds successful projects across all asset classes while enhancing the businesses and communities that they serve. For more information about Atkins Companies, visit AtkinsCompanies.com or contact them in their West Orange office at 973-325-7900.
About Capital Solutions
Capital Solutions is a real estate investment and private equity firm founded by Frank Seidman in 1991. The Capital Solutions investment team consists of experienced professionals with strong backgrounds in real estate acquisitions, dispositions, finance, equity funding, redevelopment, asset management, structured finance and capital markets. Capital Solutions invests alongside quality operating partner across the U.S. and Canada with a focus on medical office, multifamily, student housing, senior living, and net lease opportunity within its real estate portfolio.
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Jessica Cummings
R&J Strategic Communications
908-334-8694
jcummings@randjsc.com
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