The FMERA Board this month empowered the Authority to enter into a Purchase and Sale Agreement & Redevelopment Agreement (PSARA) with RADAR Properties, LLC (RADAR) for the sale of an approximately 12.25-acre parcel of land, which includes Building 2525, an 86,400 square-foot, two-story former administration building. The property, situated on the Fort’s Charles Wood Area in Tinton Falls, is located near CommVault’s new world headquarters.
In keeping with the Fort Monmouth Reuse and Redevelopment Plan (Reuse Plan), as well as the Fort’s rich history of being a hub for innovative technologies, RADAR plans to lease 30,000 square feet of the building to its affiliate Aaski Technology, Inc. (Aaski). The defense contractor and communications engineering firm is currently leasing space in Eatontown and an office condominium in Ocean Township, as well as in Aberdeen, Maryland. Locating on Fort Monmouth will enable Aaski to consolidate its two Monmouth County offices in New Jersey, rather than in Maryland, thereby retaining 105 jobs in the Garden State and creating an additional 25 jobs at Fort Monmouth by 2018, and affording the company ample room for future growth.
FMERA anticipates that the remaining 56,400 square-feet of property within Building 2525 will accommodate Aaski’s potential growth, with RADAR seeking to lease any excess space to other technology companies.
“Creating and retaining jobs in the region remains a top priority of the FMERA Board,” FMERA Chairman James V. Gorman noted. “NJBIZ ranked Aaski as the seventh-fastest growing company in New Jersey last year. The company’s decision to keep its roots in Monmouth County is a testament to Fort Monmouth’s enormous potential, as well as Cushman & Wakefield’s aggressive marketing campaign.”
As part of the approved agreement, RADAR will also take possession of two other structures on the property, Building 2535 and a 250,000-gallon water storage tower, both of which are to be demolished under the Reuse Plan.