PHX Expands, Extends Lease At Crossroads Business Center

Cushman & Wakefield Brokers Transaction at Spear Street Capital Property. End Quote

Newark, NJ (1888PressRelease) November 24, 2010 - Commercial real estate services firm Cushman & Wakefield, Inc. has announced a 6,000-square-foot expansion and lease extension by Premier Healthcare Exchange Inc. (PHX) at Crossroads Business Center in Bedminster. The health plan cost management solutions firm now occupies 19,000 square feet at 2 Crossroads Drive, which serves as its corporate headquarters.

Cushman & Wakefield's Bill Brown, Josh Cohen and Heather Polhamus - all based in the firm's Morristown office - serve as exclusive leasing agents for Crossroads Business Center on behalf of owner Spear Street Capital. Larry Martin from Grubb & Ellis represented PHX in the multi-year extension, as well as in the original transaction.

Founded in 2001, PHX delivers a full suite of integrated, automated claim processing solutions to healthcare payors, including the industry's leading insurance companies, HMOs and third-party administrators. Its product portfolio includes clinical bill review and audit, out-of-network re-pricing and fee negotiation, claims editing, primary network management and advanced data analytics.

"PHX has grown substantially since it moved to Crossroads Business Center in 2007," Brown noted. "We are pleased that the company chose to grow in place here - it is a real testament to the image and quality of this property."

Totaling 135,000 square feet in two buildings, Crossroads Business Center is located at the junction of Routes 202/206, and interstates 78 and 287. The property is within walking distance of Bedminster's Pluckemin village, which offers a variety of shops and restaurants.

"Location, close proximity to amenities, and superior quality has positioned Crossroads Business Center among the most sought-after addresses in its market," Brown noted. "Add to that the responsive approach to property ownership taken by Spear Street Capital, and it is no surprise that tenants also choose to stay and expand."

In addition to PHX, Crossroads Business Center houses offices for Merrill Lynch, Peapack Gladstone Bank, Altria, Archimedes Pharma US, Allergan, and Hartford Steam Boiler among others. Since purchasing the property in 2007, Spear Street Capital has implemented significant capital improvements, including lobby updates and a full landscape renovation. Only one, 3,318-square-foot unit remains available.

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