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Samsung Inks 193,000-SF HQ Lease

RIDGEFIELD PARK, NJ-The deal marks a turnaround for the former REO asset, which had been listed on Real Capital Analytics' "Trouble Asset Radar" earlier this year.

By Alyson Grala | Updated on December 11, 2009

RIDGEFIELD PARK, NJ-On Friday, electronics giant Samsung Electronics America, Inc. signed a 193,000-square-foot office lease at 85 Challenger Rd. here. Arguably New Jersey’s most significant transaction of 2009, the deal marks the successful, six-month turnaround of this class A, 235,000-square-foot former REO asset.

Samsung will relocate its US headquarters to 85 Challenger from another local address. Cushman & Wakefield’s Metropolitan Area Capital Markets group in East Rutherford, headed by Andrew Merin, David Bernhaut, Gary Gabriel and Jose Cruz, and leasing specialists Marc Trevisan and David DeMatteis, represented building owner KABR Real Estate Investment Partners in the long-term transaction. CBRE’s John Oh and Paul March served as tenant broker.

In June, Cushman’s Capital Markets group orchestrated the sale of the then-vacant 85 Challenger from AIG–to which 85 Challenger had been returned under foreclosure–to KABR, a value fund dedicated to the purchase of select real estate assets in the New York-metropolitan area. That all-cash transaction represented the tri-state area’s first post-Lehman large class A office building investor purchase.

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