ROCKLEIGH, NJ-Newmark Grubb Knight Frank has negotiated a new lease and expansion on at Rockleigh Corporate Center for Spectra Laboratories. Under terms of the 15-year lease, Spectra will expand its U.S. headquarters from 107,000 square feet to 191,000 square feet.
The NGKF team of Frank Recine, and Blake Goodman, assisted by David Simson, COO and vice chairman of New Jersey operations, spearheaded the project. The lease deal followed the recent sale of the corporate center at 8 King Road to Boston-based Marcus Partners by GHP Office Realty.
The new owner, a landlord to Spectra at another one of its locations, plans to expand and retrofit the property to accommodate the tenant's long-term schemes.
“We worked on this requirement for more than three years, with a site search that included New Jersey, New York and North Carolina,” said Recine. “Spectra was close to moving to another location after our team's careful analysis of the various markets and the potential incentives, but opted to expand at its existing location and retrofit the headquarters facility.
“Marcus Partners' acquisition of the building and commitment to Spectra ultimately influenced the firm's decision,” he said.
Spectra Laboratories, a subsidiary of Fresenius Medical Care North America, provides clinical laboratory services for kidney dialysis. Its new business lines and functions made the added space necessary, said Goodman. “Of the total space, 60 percent is office space and 40 percent is laboratory space,” he said.
The corporate center is a two-building, multi-tenant complex totaling 194,000 square feet. The location is near both the Palisades Parkway and I-87 in Northern Bergen County.
Besides retrofitting the property, Marcus will add a 30,000-square-foot area to suit Spectra.
“The expansion and improvements will be completed with a landlord contribution to the tenant,” said Simson. “We were ultimately able to create a solution that is in the best interests of all parties,” he said.
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