The tenant was co-represented in the lease transaction by Andrew Zezas, president and CEO of Real Estate Strategies Corp. of Kenilworth, NJ, and Marc Trevisan, formerly of CB Richard Ellis, who recently moved over to Cushman & Wakefield. The Realty Associates Fund VII LP, an affiliate of TA Associates Realty, owns 111 Bauer Dr., and was represented by Kwartler Associates of Waldwick. Terms were not released.
The space Topcon America will move into is currently occupied by children's giftware distributor Russ Berrie and Co., which will similarly be relocating its headquarters within the region to a location that has not yet been disclosed. "Russ Berrie's lease expires in April 2009, after which Topcon will complete its renovations and take occupancy," Zezas tells GlobeSt.com.
"Topcon has been our client for almost 15 years," Zezas says. "Marc Trevisan and I have jointly completed eight real estate acquisition and disposition projects for them, both in New Jersey and around the country. This is an important transaction for them."
Trevisan says that "this new headquarters lease will position Topcon for exponential operational growth and financial efficiency." Topcon America is a holding company that manages certain financial, legal, human resources and administrative functions for two of the parent's principal business units in North America. Topcon Medical Systems Inc., based in Paramus, makes eye care instrumentation and systems, and the Liveremore, CA-based Topcon Positioning Systems makes control products for engineering applications.
The remaining space at 111 Bauer, amounting to approximately 30,000 sf, is still available for lease, listed with Kwartler for an asking price indicated as "negotiable." And the duo of Zezas and Trevisan are currently marketing Topcon America's current 65,000-sf HQ building in Paramus for sale. The one-story asset contains a mix of office, training, assembly and distribution areas.
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