MADISON, NJ-It’s not moving far: After considering sites as far away as Georgia and North Carolina, Realogy Corp. will relocate its corporate headquarters to 175 Park Ave. here late next year or in early 2013. The new location is just seven miles from its current location in Parsippany.
Realogy, which signed a 17-year lease for 270,000 square feet, will be the sole tenant at 175 Park Ave. The deal keeps the firm, one of the largest private employers in New Jersey, in the state. Incentives from the New Jersey Economic Development Authority, and work by the New Jersey Business Action Center’s efforts, were a significant factor in Realogy’s decision to remain, the company says.
“The $10.7 million Business Retention and Relocation Assistance Grant (BRRAG), the larger of the two grants awarded Realogy came through in April,” Mark Panus, Realogy’s senior VP of corporate communications, tells GlobeSt.com.
The new location also will mean a significant cost savings for Realogy, given that it is downsizing from its current, 370,000-square-foot location, and will be paying 25% less in base rent. Global Client Solutions LLC, a Realogy subsidiary, represented its parent in the deal. “We’ve got wasted space, but inefficient space,” Panus says.
The new building, now being redeveloped by The Hampshire Cos., will house all of Realogy’s brands—Better Homes and Gardens Real Estate, CENTURY 21, Coldwell Banker, Coldwell Banker Commercial, ERA and Sotheby's International Realty—its Franchise Group, brokerage subsidiary NRT, NRT’s Eastern Seabord Support Center and local brokerage Coldwell Banker Residential Brokerage. The facility will be LEED Silver certified, incorporating green roof technology and state-of-the-art mechanical systems.
“Since taking office, retaining and attracting top-quality businesses to the state of New Jersey has been a key part of our administration’s pro-growth agenda,” says Lt. Gov. Kim Guadagno, in a statement. “We are pleased that Realogy has made a commitment to keep more than 950 jobs at its new headquarters and other locations throughout the state. This sends a strong message that the New Jersey comeback has begun.”
David Simson, Tim Greiner and Brendan McBride repped The Hampshire Cos. Realogy’s in-house real estate manager Tom McGovern negotiated the transaction for the tenant.
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