Both ACE and property owner 553-565 Dowd LLC were represented in the transaction by Mark Tannen, first vice president in the Saddle Brook office of CB Richard Ellis. The owner is a private local group, and 545 Dowd Ave is part of a multi-building industrial park. Terms of the signing were not released.
"Despite the uncertainty in the global markets, New Jersey's industrial market is still one of the strongest in the country, because of its proximity to an extensive consumer market, increased activity around the ports and the dense and supply-constrained population, Tannen says. "This was a significant lease transaction."
ACE was founded two decades ago as an international freight forwarder and customs broker at the nearby Newark Liberty International Airport. The signing at 545 Dowd is a relocation within the market, and besides its location here, the company currently has operations in Chicago, New York, Miami, Houston and Los Angeles.
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