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Real Estate Journal — New Jersey — December 11 - 23, 2015 — 5B
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David Simson of Newmark Grubb Knight Frank represents the tenant Mountain Development Corp. and Square Mile Capital announce 170,000 s/f lease in Roseland R with MDC, and we have great confidence in the ultimate suc- cess of this partnership.” and we plan to bring much of that learning to New Jersey, while adapting it to the beauty of the local environment.”
OSELAND, NJ — National law firm Low- enstein Sandler has signed a long-term lease for 170,000 s/f at 56 Livingston Ave. in Roseland. Owned by joint venture partners Moun- tain Development Corp. (MDC) and Square Mile Capital (Square Mile) , the property formerly served as the headquarters of Organon International, a pharmaceuti- cal company acquired by Mer- ck in 2009. MDC and Square Mile have repositioned the property for class A tenancy. David Simson , of New- mark Grubb Knight Frank , represented the tenant in the transaction. Lowenstein Sandler will be the marquee long-term tenant at the 433,945 s/f building, set on a 56-acre campus. In collaboration with ownership, the space Lowenstein Sandler has leased will be custom developed to meet the firm’s specifications. The firm is con- solidating its New Jersey office and firm-wide administrative center into the new location and is scheduled to move to the property in 2017. Originally developed by Pru- dential at the insurer’s former corporate satellite campus, the MT. ARLINGTON, NJ — Woodmont Properties ’ newest rental apartment community in Morris County has officially opened for leas- ing. Woodmont West offers residents resort-style living with a variety of amenities and convenient access to shopping, restaurants and transportation. “Woodmont West will pro- vide residents with an impres- sive array of indoor and out- door amenities,” said Lewis Zlotnick , president of Wood- mont Properties. “This spec- tacular community represents luxury as it should be, offering residents a world-class club- house, fitness center and an indoor golf practice facility, just to name a few.”
The new Lowenstein offices, with interiors to be custom designed by Manhattan-based Marner & Associates , will create a fully branded building within a building, which fea- tures its own tree-lined “bou- levard” dubbed Lowenstein Way, leading to Lowenstein’s own private, grand entryway. Lowenstein will occupy the entire third floor as well as its own vertical townhouse. Un- der the terms of the lease, the landlord and tenant will share the cost of the renovation, as well as major upgrades to the building overall. “We’re creating inviting, efficient and technology-rich offices here in a wooded natu- ral environment,” said Gary Wingens, chairman and man- aging partner of Lowenstein Sandler. “The space will re- flect the intense energy and collaborative nature of our firm, which, along with the terrific amenity package, will certainly help us recruit and retain top talent,” continued Wingens. “We learned an enor- mous amount from the recent expansion and remodeling of our Rockefeller Center offices,
David Simson of Newmark Grubb Knight Frank, calls the lease a win-win-win. “The ten- ant, the owners and the town- ship all netted huge benefits,” he said, “Lowenstein can con- solidate their operations into great space offering their long- term vision and objectives, MDC and Square Mile can turn around a huge property and attract additional high- end tenants, and Roseland will retain its outstanding corporate presence.” Brown & Brown, the inter- national insurance company, currently occupies 29,500 s/f at 56 Livingston Ave. Mountain expects them and Lowenstein Sandler to be joined by other leading professional firms in the remaining 130,000 s/f of available space. Extensive up- grades, including renovations of the kitchen, cafe and event area, executive dining spaces, meeting rooms, fitness center, terraces, main entryway and lobby, are planned. In addition to a full package of high-end amenities, tenants will be sup- ported by the building’s state- of-the-art infrastructure. n
56 Livingston Avenue
building was later totally reno- vated as the U.S. headquarters of Organon International at a cost exceeding $50 million. MDC and SquareMile acquired the property from Merck in 2012 for $20 million. “This is not just a deal. It’s a collaboration. When we first saw 56 Livingston Avenue, we were struck by its size, scale, and quality of design,” said Michael Seeve , MDC’s president. “We knew it was the ideal corporate home for sophisticated tenants with unique needs unmet by or- dinary space. Lowenstein is that kind of tenant, and we are working together to assure that we fill out the rest of the building with equally presti- gious co-tenants.” The community’s outdoor amenities include resort- style swimming pool with expansive sundeck, hot tub, barbeque area, sports court/ bocce court, walking paths, picnic areas, gazebo and a first-of-its-kind community garden. The more than 15,000 s/f of indoor activities consist of indoor theatre and lounge, game room, club room, kiddie playroom, business center, 24/7 active lifestyle center including a fitness center, yoga room/fitness on demand center, and indoor golf center with putting green and a golf simulator. There are also plenty of pet-friendly ameni- ties including “bark parks,” pet stations and a pet groom- ing center.
Square Mile principal Mat- thew Drummond added, “Clearly 56 Livingston Avenue is one of Northern New Jer- sey’s finest office properties. Well located right on the I-280 corridor in a beautiful campus setting, it has already served two major companies very well, and the MDC/Square Mile venture has modern- ized and repositioned this irreplaceable asset to serve the top end of the market. As evidenced by the two leases now in place, 56 Livingston can easily accommodate both large and smaller space users from various industry sectors in an attractive multi-tenant environment. We recognized this when we decided to enter into this, our second venture Situated on 55 acres, Wood- mont West features one- and two-bedroom apartments, with select apartments in- cluding a den and/or loft. In addition to the unique floor plans, the apartments include private patios or balconies and large walk-in closets. Wood- mont West is also equipped with energy efficient central gas, heating and air-condi- tioning systems, and is built with energy efficient windows and doors.Private garages and storage units are also available. Woodmont West is located directly on Valley Rd. at Exit 30 off of Route 80, which also provides access to Routes 10 and 46. The location is close to numerous dining, shopping
Woodmont West, Woodmont Properties’ newest apartment community, opens for leasing in Mount Arlington, NJ
Woodmont West
and entertainment options in Ledgewood and Rockaway, as well as parks and other recreational areas for activi- ties such as boating, fishing and hiking. Less than a mile away from Mount Arlington Train Sta-
tion, Woodmont West is also in close proximity to NJ Transit rail and Lakeland Bus Lines, providing commuters and residents with easy access to Morristown, Roseland, Parsip- pany, Newark and New York City. n
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