LITTLE FALLS, NJ—New tenants apparently like what they see so far from the renovations at Overlook Corporate Center in Little Falls, NJ. Colliers International, which has the exclusive leasing assignment for building owner Theta Holding Company, LP, says the new amenities and the building's location near the Montclair branch of NJTransit's Morristown Line rail service are big selling points.
“We, along with the landlord, decided to bring the building back to its trophy status by doing an overhaul to the building,” Richard Mirliss, Colliers executive managing director, tells GlobeSt.com exclusively. Mirliss says Colliers hired design firm Gensler to create the amenities package and subsequently to help with rebranding the property.
“The thought process behind it was that buildings with these amenities are in the low single digits of vacancy and getting some of the highest rates in the state,” says Richard J. Madison, a Colliers executive managing director who also works on the leasing team for the property. “People are willing to pay for the quality of the assets.”
The influx of new tenants occurs as Theta starts an amenity-focused multimillion-dollar enhancement initiative at the twelve-story, 415,000-square-foot, class-A office building. Unity Construction Services is managing the renovation project.
Improvements will include the upgrading of all common areas including the lobby, elevator cabs, bathrooms, corridors, and cafeteria, development of a state-of-the-art conference center and a fully equipped fitness center, and addition of a “grab-and-go” cafeteria with coffee bar. Upgrades are scheduled for completion in the third quarter of 2015.
“I think the coolest thing is that all these amenities are centralized within one open atrium area,” says Mirliss. “The fitness center, the 'grab and go,' and the conferencing facility all empty out into the same airport lounge area. So it creates more of a 24/7 community which you don't' see in most office buildings, because in most office buildings they take leftover space or undesirable space to do these amenities and usually they're buried and not contiguous to each other, so it doesn't create the environment that this will.”
“People aren't working nine to five anymore,” says Madison. “3 or 4 o'clock in the afternoon, most standard cafeterias are shut down. These people want to keep working and it helps them support the lifestyle by having these amenities.”
Milliman Inc. –– a global provider of actuarial services –– will assume occupancy of the entire tenth floor by the end of this year. The company is relocating to its new, 26,000-square-foot quarters from 3 Garret Mountain Plaza in Woodland Park.
In addition, Ceragon Networks Inc., a global wireless backhaul solutions provider, will relocate from 10 Forest Avenue in Paramus to occupy a 5,500-square-foot office on the ninth floor this spring.
Finally, New Possibilities Group, LLC, a boutique digital agency, has recently taken occupancy of a 3,500-square-foot space located on the second floor.
As previously reported by GlobeSt.com, the largest new tenant is the American Society of Mechanical Engineers (ASME), which will occupy the entire, 32,500-square-foot sixth floor by mid-year. The global, not-for-profit organization is relocating its New Jersey operations from 22 Law Drive in Fairfield to accommodate expansion.
The building's tenant roster also includes Morgan Stanley, Roche/Genentech, Cantel Medical, Telerx Healthcare Connexions, Systra Consulting, and The Marcus Group.
Other amenities at the facility include: shuttle service to the nearby Montclair University Train Station, panoramic views of New York City and New Jersey, covered parking, Wi-Fi access, gated security, and onsite ownership and management.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
