TEANECK, NJ—Hanwha International, a South Korea-based conglomerate, is relocating its US domestic headquarters operations from Cranbury to the Glenpointe Centre here, a nice-pick-up for the landlord Alfred Sanzari Enterprises.
At the same time, Sanzari told Teaneck authorities this week that it wants to build a 350-room hotel at the Glenpointe complex instead of another office building as it had planned earlier this year, because of continuing weakness in the northern New Jersey office market.
A Sanzari representative laid out the new plan at a Teaneck council meeting. The new hotel site is adjacent to the existing Teaneck Marriott at Glenpointe hotel and conference center. The proposed 14-story hotel would provide more choices for guests in Teaneck, according to the company's Wendy Berger.
The lease deal for 8,561 square feet taken by Hanwha at 300 Frank W. Burr Blvd. was announced by Cushman & Wakefield's East Rutherford office, which represented Sanzari.
C&W's team included Richard Baumstein, Marc Graham and Christian Politan. They serve as the exclusive leasing agents for the 650,000-square-foot complex. Stephen Lee of C Land Realty represented Hanwha International.
“Hanwha looked at a number of locations in the area, and cited Glenpointe's convenience, access, amenities and location for client meetings for their decision,” C&W's Graham says. “There continues to be strong interest from international companies in Glenpointe, which clearly speaks to its strength as a business destination.”
Hanwha International is a diversified manufacturing and trading company, with products ranging from aircraft systems for the aerospace industry, to defense-related products and systems, industrial explosives and solar products.
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