CB Richard Ellis' first vice president Daniel Casey and Jeffrey Hipschman, senior managing director, have been named the exclusive leasing agents for this property.
Sudler first began marketing the building last April for around $20 per square foot, before dropping the price into the teens. "Former tenant Aetna was offering the building for sublease at market, which at that time was between $18.50 and $21 per square foot," explains Sudler's executive vice president of real estate operations and development Steven C. Spinweber. "We began marketing the building for the same price, but then pulled it down to between $13.50 and $16.50 net." Spinweber tells GlobeSt.com that it had always been the company's intention to provide a very aggressive deal.
"In today's economic climate, it has become increasingly challenging to close real estate deals primarily due to the credit crisis and lack of liquidity in the marketplace," says Peter Sudler, president and CEO of the Sudler Companies. "As the economic turmoil worsens, companies are being forced to cut costs by either significantly downsizing their workforce or relocating to more affordable properties. We are in the fortunate and unique position at Sudler of being able to offer corporate tenants a class A office building in a corporate campus environment for the most attractive price for class A office space in the entire New York Metro area."
The five-story, debt-free building is located at Exit 8A off of the New Jersey Turnpike and spans 42 acres in a setting that features a five-story center atrium, windowed executive offices with walk out balconies, over 2,000 parking spaces, three dock-high loading doors and floor plates of 90,000 square feet. Additional amenities include two back-up emergency generators, modern lobby and a fitness center.
According to Spinweber, the Sudler is well capitalized with very little debt, which allows for the flexibility of being able to be super aggressive in this climate. "Our real estate holdings are treated as long-term assets," he explains. "The company portfolio features comparatively little reliance on leverage, and when debt is placed on a building it's usually very conservative."
Adds vice president of leasing Jeff Hale, "our message to the business communities is that you can make the smartest move for your business by substantially lowering overhead and improving the quality of your business by relocating to New Jersey."
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