ROCKLEIGH, NJ-Spectra East has signed a new long-term lease for expanded space at the 8 King Road location where it operates the only dialysis laboratory and testing facility serving the eastern half of the country.
Spectra is a division of Fresenius Medical Care Holdings, Inc., the world’s largest integrated dialysis company. The company has over $12 billion in annual revenue and over 73,000 worldwide employees. The Rockleigh location is the East Coast executive headquarters for Spectra East.
The property, owned by GHP Office Realty and a group of private investors, has two buildings with 190,000 square feet and 800 parking spaces. It boasts two back-up generators, multiple sources of power and state-of-the-art fiber optic systems.
Andrew M. Greenspan of GHP tells GlobeSt.com, “One very large reason Spectra decided to remain in our Rockleigh location was the local availability of a highly skilled work force.” The company employs 500 technicians, laboratory specialists and other skilled workers.
Spectra was an existing tenant at 8 King Road when GHP purchased the property on 12 acres in 2000. It has grown rapidly since then and anticipates further growth, according to the landlord.
“Another important reason we were able to retain Spectra as a tenant is certainly the commitment to a level of service required by this sophisticated company,” Greenspan says. “They are testing blood samples 24-7, necessitating full security and unfailing sources of power. We are a hands-on local owner, not a hired-gun asset manager. We can always be called upon at a moment’s notice,” he says.
Spectra’s current lease for 106,800 square feet will expire in June. Asking rents for the remaining 16,000 square feet on the second floor of the western building at the Rockleigh address are in the “high teens” per square foot.
The only other tenant besides Spectra in the eastern building is The New York Times, which has a 3,600-square-foot home subscription office there.
Editor's note: As a clarification on the Feb. 23rd GlobeSt.com story, Spectra has extended its lease in Rockleigh, NJ, which was set to expire in May 2012, on a short-term basis to afford the company adequate time to complete its due diligence on alternative locations in the region. These Include facilities in northern NJ (including the current facility) and Rockland County NYM This remains an active process and no decision as to the long-term home for the company has yet been made.
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.
