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News and Information Article
DENVER, Feb. 2 /-FirstCall/ -- ProLogis (NYSE: PLD), the
worlds largest owner, manager and developer of distribution facilities,
announced today that it has leased more than 750,000 square feet of
distribution space in central New Jersey to LG Electronics, USA Inc., the
North American subsidiary of the global consumer electronics, appliances
and mobile communications company. Terms were not disclosed.
(Photo: http://www.newscom.com/cgi-bin/prnh/20070202/LAF005)
Under the agreement announced today, LG Electronics has leased 100
percent of the space at a stand-alone ProLogis warehouse located in South
Brunswick, N.J., along Exit 8A of the New Jersey Turnpike. LG plans to use
the facility as a primary northeast distribution center for consumer
electronics and home appliance products.
"LG evaluated a number of providers before selecting ProLogis for this
important project," said Roger Lekberg, vice president of logistics for LG
Electronics USA, based in Englewood Cliffs, N.J. "The building offers
state-of-the-art design and strong access to transportation infrastructure
serving markets throughout the region. We look forward to realizing the
benefits of this new facility, which will help support LGs continuing
sales growth in the United States."
Paul Loosmann, senior vice president of operations for ProLogis in the
northeast, said the LG agreement "significantly expands our relationship
with LG, an important customer and a global leader in its industries. As
one of the largest single industrial leases in New Jersey over the past
year, the transaction highlights the leadership position ProLogis has built
in this strategic market."
LG Electronics also leases more than 665,000 square feet from ProLogis
in Southern California. The newly leased New Jersey facility is located
approximately 35 minutes from the Port of New York/ New Jersey, the
second-largest container port in the United States, and is approximately 30
minutes from Newark Liberty International Airport.
ProLogis is one of the largest providers of industrial distribution
space in New Jersey, with more than 18.7 million square feet owned, managed
or under development as of December 31, 2006. In addition to LG
Electronics, other customers in New Jersey include Williams Sonoma, Inc.,
General Electric Appliance Group, Home Depot, Inc., Berry Plastics
Corporation and ConAgra Foods, Inc.
About ProLogis
ProLogis is the worlds largest owner, manager and developer of
distribution facilities, with operations in 81 markets across North
America, Europe and Asia. The company has $25.3 billion of assets owned,
managed and under development, comprising 406.9 million square feet (37.8
million square meters) in 2,406 properties as of September 30, 2006.
ProLogis customers include manufacturers, retailers, transportation
companies, third-party logistics providers and other enterprises with
large-scale distribution needs. Headquartered in Denver, Colorado, ProLogis
employs more than 1,200 people worldwide.
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