UPS--which now occupies 189,000 square feet at 435 South St. in Morris Township--considered several other options before settling on the Wayne property; these included staying in place, relocating to a different New Jersey location or moving the entire operation out of the state to another facility in its system, according to Consiglio, whose company was retained in Jan. 2009 to study all of the New Jersey possibilities.
"Bringing the employee base to Passaic County will be a huge boost to the economy in the area," Consiglio said in a release. "It's also great news for New Jersey since UPS decided not to leave the state."
At least part of the postal service's decision to stay in-state was likely due to the allocation of state tax credits, which it will receive under the Business Retention and Relocation Assistance Act Grant, a program that was designed to keep jobs within New Jersey.
UPS will begin moving employees into its new facility "beginning in, or around, August," according to Resource Realty's release. The building is not far from several other UPS locations in Paramus and Mahwah, both of which house information services employees. For its part, Prism is providing turn-key renovations, including a remodeled cafeteria.
"We handled UPS' original lease on its Morris County facility in 1994, and again when they renewed in 2004," Consiglio said. "Our strong, long-term relationship led them to ask us to search for new facilities. The long-term lease is one of the largest office lease deals in the state this year."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
