RAMSEY, NJ—A $29 million Grow New Jersey grant helped facilitate dual sale/leaseback transactions for Konica Minolta Business Solutions USA on Williams Drive in Ramsey, NJ. Cushman & Wakefield brokered the deal, which enables the consolidation of the technology and IT services firm's US operations into a single, northern New Jersey campus.
Richard Baumstein and Marc Graham, based in Cushman & Wakefield's East Rutherford, NJ, office, serve as national real estate advisors for Konica Minolta. The team represented the company in contracting to purchase 133 Williams Drive, a 171,500-square-foot industrial asset. Dan Foley of Savills Studley served as broker for the seller, Prestige Motors.
Baumstein and Graham, along with Manhattan-based Cushman & Wakefield sale-leaseback specialists Ben Cooper and Peyton Horn, then brokered a 277,900-square-foot package involving the 133 Williams Drive contract assumption and sale of the adjacent, 100 Williams Drive from Konica Minolta to LCN Capital Partners. A 106,400-square-foot office asset, 100 Williams Drive is the long-time home of Konica Minolta's headquarters operation.
Konica Minolta, which currently employs 474 people in Ramsey, leased back both buildings on a long-term basis. The firm continues to own a third, 85,000-square-foot combination warehouse/office building at 101 Williams Drive. Plans call for relocating the 101 Williams Drive warehouse operation to 133 Williams Drive, and replacing that portion of the building with a 52,000-square-foot office addition and structured parking. Ultimately, the new, unified campus will accommodate up to 400 additional jobs, according to a Konica Minolta press release. The job growth will include the relocation of administrative functions and a distribution operation currently located in Windsor, CT.
“Konica Minolta's presence in this neighborhood dates to the early 1970s, when 101 Williams Drive was built,” says Baumstein, who maintains a decade-long relationship with the organization. “The company's various mergers and expansions into new product lines – including smart office technology products, industrial printing and managed services – are driving significant growth. This series of calculated moves paves the way for Konica Minolta to create an exciting, modern work environment while gaining efficiencies and accommodating future growth – all while remaining in place.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
