The new tenant, which will occupy half of the third floor of the five-story, 278,500-square-foot property, was not identified by name. Principals of the transaction contacted by GlobeSt.com either declined to name the tenant, citing confidentiality or related concerns, or did not respond by deadline.
The new tenant is said to be relocating from a site in nearby Secaucus, and will move in by April 2009, occupying space once used by Ernst & Young as an office and data center. The latter was once the property's major tenant, but shed its extensive space relating to financial industry cutbacks.
Owner SL Green Realty Corp. of New York was represented by Gregory Barkan, first VP of CB Richard Ellis in Saddle Brook. The unnamed tenant was represented by JC Giordano and Charlie Dillon of Jones Lang LaSalle, Florham Park--formerly an office of the Staubach Co. The latest signing leaves the remaining 250,000 square feet in the building on the market, and the asset recently underwent a major overhaul after E&Y's departure.
"The capital improvement program included a brand-new, architecturally distinct lobby, common area renovations incorporating green building technology, new systems, a new amenity base and new landscaping," says John Barnes, SVP and senior director for SL Green. "We transformed an obsolete class B building into a class A facility that is beginning to generate tremendous interest among prospective tenants, both locally and from further afield."
"This transaction is the largest intra-market deal in the Meadowlands to date this year," Barkan says. "It demonstrates the trend of flight-to-quality by today's corporate tenants."
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