Currently, Eisai Inc. and Eisai Corp. of North America are housed in a 210,000-square-foot building at 100 Tice Blvd., a built-to-suit property that was completed two years ago. By the fall, EMR will move into two adjacent buildings--118,000 at 155 Tice Blvd. and 41,000 square feet at 300 Tice Blvd.
According to Daniel Foley, the senior managing director at Studley who represented Eisai in the deals--along with colleagues Chip Conklin, senior managing director, and Gregg Najarian, corporate managing director--EMR needed more space than the 140,000-square-foot building it currently occupies under a sublease in Ridgefield Park provided. That property will be sublet back to the landlord, Hartz Mountain Industries.
However, Foley and his colleagues needed to secure more footage beyond the 118,000 square feet at 155 Tice Blvd. Therefore, that lease was held in escrow until an additional 40,000 square feet could be found.
That was accomplished when Mack-Cali Realty Corp. reconfigured the space JP Morgan Chase had been leasing at 300 Tice Blvd. from about 60,000 square feet down to 20,000 square feet. By doing so, that freed up the extra 40,000 square feet EMR needed, Foley says.
Foley declined to give many specifics on the deal, except to say the leases are long term and involved "significant concessions." As for the actual rate, he says it is at "a number both the landlord and client can live with."
The deal--which took a year-and-a-half to complete--was challenging, says Foley, "because we needed to find a unit of space that was larger than the market provided."Studley also secured exclusive signage rights on both properties as well as expansion provisions at 300 Tice Blvd.
Hartz Mountain Industries was represented by its president and CEO Emanuel Stern, Gus Milano, EVP of finance and leasing, and SVP of sales and leasing Ernie Christoph. Mack-Cali was represented by VP of leasing Christopher DeLorenzo.
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