RIDGEFIELD PARK, NJ−A subsidiary of American Stock Transfer & Trust Co. is relocating to the 55 Challenger Road building in the Overpeck Centre office park here.
Financial services firm ASTOne will occupy 45,000 square feet at the 300,000-square-foot building, which is owned by KABR Group and Kushner Cos. The companies picked up the Bergen County property in 2012, when office leasing seemed to have a reached a new nadir, but when they had already successfully repositioned another building at the Overpeck Centre.
This year, various first-quarter reports have indicated a discernible improvement in the northern New Jersey office market fundamentals, but overall vacancy is still running above 20%.
KABR chairman Kenneth Pasternak said multi-million-dollar improvements to 55 Challenger include adding a gym and cafeteria and renovating bathrooms and lobby areas.
The new tenant for 55 Challenger says the facility will allow it to operate more efficiently and better serve clients. "The new office space is the next logical step in the evolution of ASTOne," said an executive, Paul Torre. "The facility will provide greater capacity for integrated job flow.”
KABR/Kushner now owns four buildings at the Overpeck Centre, pursuing what KABR CEO Laurence Rappaport calls a “value-oriented approach” to creating top-flight properties. In 2009, KABR/Kushner acquired 85 Challenger Road when the 235,000-square-foot building was entirely vacant. It paid less than a third of assessed value to buy it – and after upgrades, attracted Samsung to establish its US headquarters there.
In addition to 55 Challenger, KABR also owns 65 and 100 Challenger Road.
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