Rutherford, NJ-In moving its New Jersey office to 201 Route 17 North here from Paramus, NJ real estate advisory firm Cresa faced some of the same challenges as many of its clients: finding the proper location at the proper price, outfitted to its needs.
The solution was to give itself some of the same advice it offers clients: continuing to search and not settling for a lesser location, notes co-managing principal Tom Giannone.
“All the things we tell our clients, we did,” Giannone tells GlobeSt.com. Co-managing principal Ron Ganter, along with Dennis Gralla, principal of Cresa’s New Jersey office, represented the firm in-house in the transaction. Michael Nevins of Onyx Equities represented the landlord, Meadows Office LLC.
The new location is 20 minutes south of the former offices in Paramus. The current 10-year lease was expiring and the New Jersey office of the international firm has been rapidly growing, Giannone notes.
“We service from the Trenton area north,” Giannone says. “We have people in New York we do business with, so this is a much more convenient location.”
But finding exactly what it needed in approximately 5,500 square feet was not as easy as expected. “It was difficult to find,” Giannone recalls. The firm required enclosed offices for four senior brokers and cubicles for salespeople in a high-quality building. Class B was not an option.
“It’s a perfect building with a great landlord,” Giannone says. The rent, in the low $20s per square foot, is in the general market range and gives Cresa the chance to grow its business in the state.
“We had three brokers marketing class A space. That’s not enough,” Giannone says. “Cresa is the fastest growing firm in the United States. We’re making a commitment to grow the space [here]. We’re ambitious.”
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