TETERBORO, NJ-With a long list of requirements--including a fixed budget, a need for a Bergen County location that includes both significant parking and proximity to public transportation, and a landlord willing to accept long working hours--finding a new headquarters for the rapidly expanding Advance Housing was more than a little challenging.
Still, Cushman & Wakefield’s Curtis Foster found a 14,000-square-foot home for the state-funded community housing organization, which saw 25% growth in 2011, at 100 Hollister Rd. in Teterboro. The organization is relocating from Hackensack, NJ, this weekend.
“Everything was going against me,” Foster tells GlobeSt.com. “It was very difficult to find the right match.” Michael Marchese of Newmark Knight Frank served as broker for the landlord, KTR Capital Partners.
The move marks an expansion for Advance Housing. The site is near bus lines and mass transit, critical for Advance Housing, which works to expand the range and scope of housing opportunities available to consumers of mental health services.
“We also were looking for a heavy parking allowance, as they need to drive from time to time,” Foster says. “Our needs were price, parking, the ability to operate beyond typical business hours and overnight parking of vehicles.”
The client base also was a concern for some landlords, Foster notes. He looked at properties in Lyndhurst, Moonachie and a number of areas in Bergen County, only to hear of an unlisted space.
“You can have a stigma,” he says. “Fortunately this particular office did not have that.”
The class C flex facility was built in 1998, according to a LoopNet listing. The rent was not disclosed, but a current listing for flex space in Teterboro is asking $12.50 per square foot, according to Showcase.com. Foster also was able to find used furniture vendors and to convince contractors to cooperate on payment terms. “They wanted a place for today and for the future,” Foster says. “You wouldn’t believe the before and after.”
“With growth comes change,” said Kevin Blanchard, the organization’s director of development, in a prepared statement. “With our lease expiring, it was a perfect opportunity to look at potential new office space. On a non-profit shoestring budget, Curtis took us to a dozen different office spaces. With his help, we found the perfect location.”
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