JERSEY CITY-Cushman & Wakefield and Hartz Mountain Industries have collaborated on two major leases totaling 360,000 square feet at buildings in Secaucus and Jersey City, the companies have announced. The Fashion & Textile Division of Samsung C&T America has leased 185,000 square feet at 35 Henry St. in Harmon Cove Park in Secaucus, while Walong Marketplace has renewed its lease at 99 Caven Point Rd. in Jersey City for another 20 years.
Andrew Stypa and Daniel Badenhausen of C&W represented the tenants in both leases, and Hartz was represented in-house by Gus Milano and Ernest Cristoff. "The key in both transactions was working closely with Hartz to make them happen," says Stypa, in a statement. "We continue to cultivate relationships throughout the marketplace."
According to Stypa, the Samsung deal actually kept the company in the state. "Samsung initially wanted to move the operation to California," he says. "After we had identified several locations there, the company decided to remain and expand within New Jersey. Hartz's building at 35 Henry St. ultimately was the ideal location for them."
"We stayed in New Jersey for a variety of business reasons, including the fact that we didn't want to lose sales, especially with the back-to-school season coming up," says Ali Abid, senior manager of office administration and logistics for Samsung, in the statement.
Walong renewed its occupation of the entire 175,456-square-foot distribution center in Jersey City for 20 years. Its previous lease had a 10-year term. "Our underlying desire was to remain at the spot, but they took the time to research other potential sites," says Jonson Chen, vice president-real estate for Walong Marketing. "The cost of moving would be something to take on, but we were ready to do so if necessary. In the end, we were able to work out an agreement and signed for 20 years."
"In any cycle, it is vitally important to work together to retain businesses and the jobs they provide," says Stypa. "In this case, we are pleased to have worked closely with Hartz to get these transactions completed and retain these companies and jobs for New Jersey."
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