"This is a well-equipped and amenity-filled property easily accessible to highways within the densely populated Bergen County region, which has made it an attractive asset to many tenants that are looking for affordable space within a class A facility," Eigen tells GlobeSt.com.
"Samuel Geltman & Co. expressed an interest in continuing to occupy space in close proximity to its current location, which is very convenient for the company's employees," he continues. "And so, after an extensive evaluation of office buildings within this area, we were able to leverage an existing relationship with the Bergman Real Estate Group." Although Eigen declined to give rental rates, office space in Bergen County is leasing for around $29, according to a third quarter report from Cushman & Wakefield.
The property, which is now 84% leased, is a five-story, 175,000-square-foot building that is situated in a corporate park-like setting between the Arcola and Ridgewood Country Clubs. The building features amenities such as a full-service cafeteria with patio seating, full-time lobby security, card-key access, fiber optics and other high-speed telecommunications options.
This deal follows another CBRE-arranged lease relocation on behalf of the Morris County Chamber of Commerce. The Chamber will relocate from 25 Lindsley Dr. in Morristown to 4,500 square feet at 325 Columbia Tpk. in Florham Park, bringing the building's occupancy to 94%.
The firm's Tom Mallaney, first vice president, and Lee Barnes, associate, represented the tenant, while Brian Decillis, represented the landlord, Mack-Cali Realty Corp. Rental rates for this transaction were also not provided, however, C&W puts Morris County office prices at just over $30.
The 168,144-square-foot, class A office building sits on 12.6 acres and features a recently renovated atrium lobby including granite finishes, water features, plants and seating areas, multiple corner offices, an on-site full-service café, fully landscaped grounds, flexible floor plans, 24-hour security, fiber optic risers enabling high-speed voice and data transmission and abundant surface parking as well as under-building executive parking.
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