18B — May 15 - 28, 2015 — New Jersey — M id A tlantic
Real Estate Journal
N ew J ersey
Prime 202,000 s/f NY Metro distribution facility Tulfra & Hampshire Cos. acquire Former Glaxo Building
Sidewalk, lighting and landscaping Novus Equities to strengthen Irvington’s community core
IRVINGTON, NJ —To link the vitality of Irvington’s urban downtown district to its overall economic development, Novus Equities, LLC is partnering with Irvington officials and economic development leaders to strengthen the city’s commu- nity core. The company, which acquired the 40 and 50 Union Ave. Medical/Professional Of- fice Campus less than a year ago, has contributed toward a preliminary plan that focuses on improving access to trans- portation links and parking, enhancing visual appearance and implementing pedestrian improvements. “In cities like Irvington that have undergone numer- ous transformations over the course of several decades, eco- nomic progress can be acceler- ated through revitalization ini- tiatives rooted in a village-like downtown streetscape,” said Scott Seale , principal with Novus Equities. “Irvington has its own unique identity where history merges with contempo- rary city living.” At the center of this revi- talization effort is the 40 and 50 Union Avenue Medical/ Professional Office Campus, lo- cated in the heart of Irvington’s emerging downtown district. Boasting a rich, distinct façade along the city’s commercial skyline, the office buildings are undergoing extensive interior and exterior capital improve- ments. According to Seale, “This medical/professional office campus is ideally suited for service providers with a cli- ent base throughout Irvington
LIFTON, NJ — Tulfra Real Estate has added 65 Industrial St. South in Clifton, the former Glaxo SmithKline building, to its portfolio. The Rochelle Park based industrial real estate management and develop- ment company has teamed with Hampshire Companies to acquire the 202,000 s/f asset, which includes 28,000 s/f of new office space. The partners, which have a decades-long re- lationship and have combined to develop more than three million s/f, have launched a major repositioning of the for- mer manufacturing plant for single-tenant use, including a major project to ‘raise the roof.’ Four months of demolition and structural foundation work has preceded the roof lift. Over the next 4 weeks the C PARSIPPANY, NJ — In a major Northern New Jersey office move, Securitas Security Services USA, Inc. has executed an 82,092 s/f office lease to relocate its North American Headquarters to 9 Campus Dr. in Parsippany. The new office space will keep Securitas’ Eastern Operations Center in Morris County, and will house 225 employees on three full floors and a portion of the ground level at the four- story, 156,495 s/f class A office property. The company, which has been located in Parsippany since 1978, is currently situated at 2 Campus Dr. and expects to relocate to the building in the second quarter of 2016. ELMWOOD PARK, NJ — Lee & Associates, New Jer- sey , one of the state’s premier commercial real estate firms, has completed the sale of an 8-acre property in the heart of the Meadowlands for $3 mil- lion to Catalyst Development Partners, LLC. This location is the gateway to the Paterson Plank Redevelopment Zone, an area that has been ap- proved for offices, restaurants, hotels, cultural facilities, and indoor recreation in an area already vibrant transporta- tion and tourist hub near New York City. The site that sold, at the junction of Paterson Plank Road and Route 17 in East Rutherford, is close to Rtes.
65 Industrial St. South in Clifton
height of the building will grow to a clear height of 27 feet. “The lift will be accom- plished in stages,” said Sonny Jumani , president and part- ner of Tulfra initially 80,000 s/f and then 100,000 s/f .” Upon completion, a new ESFR sprinkler will be in- stalled, a new exterior “skin” and “Tulfra Finishes”. Effi- cient T5 lighting, epoxy floors and new electrical and me- chanical systems will be added. An additional 22,000 s/f will
also be available for Lab and/ or Office. “Tulfra’s tenant base of food, pharmaceuticals and tech- nology companies demands high-end finishes in their buildings,” said Jumani. “The repositioning will make 65 In- dustrial Street South extreme- ly functional and appealing. There is very little competition in the market for facilities in that size range, and no space like it currently available in the Meadowlands market.” n
50 Union Ave.
and greater Essex County as well as medical groups special- izing in or serving an urban population with quality health services. For this reason, the medical campus is a focal point of the city.” As an extension of its efforts to reposition the 52,000 s/f 50 Union Ave., office tower and adjacent four-story, 20,000 s/f 40 Union Ave. mid-rise build- ing, Novus Equities has been working in collaboration with city and economic development officials for the past several months to develop a streetscape plan. Tentative plans extend beyond the Union Avenue campus to Nye and Springfield avenues and Irvington Bus Ter- minal, one of the state’s busiest transit stations. Utilization of the municipal parking deck abutting Nye Avenue, sidewalk and pedestrian walkway expan- sions, lighting improvements, and landscaping updates are all being explored. n
Savills Studley arranges Securitas 82,092 s/f HQ lease at Mack-Cali’s 9 Campus Dr. in Parsippany
9 Campus Dr. in Parsippany
wanted to enhance their cor- porate image in a prestigious building, geographically appeal- ing to their existing employees. “Securitas had clear goals to be in a first-class environment, and 9 Campus Dr. was a perfect fit,” he said. “We were able to secure premier, class A space at favorable terms that met the company’s criteria.” n Senior vice president Michael Schaible , who handled the sale transaction for Lee &Associates, New Jersey, with Brian Lynch and Lew Solomon , said, “The importance of this site as it relates to the Paterson Plank Redevelopment area cannot be understated. It will set the stage for upgraded improvements to this busy, easily accessible area near NYC. The commercial pos- sibilities are endless.” The Paterson Plank Rede- velopment area is one of four redevelopment zones in the Meadowlands. It is the zone closest to Rte. 17 and serves as a gateway to the Pater- son Plank Road corridor, the Sports complex and the Ameri- can Dream. n
A Savills Studley team of se- nior managing directors Daniel Foley and Christopher Marx , along with Joseph Messina arranged the 15-year transac- tion for Securitas, while Mitch- ell Hersh, Diane Chayes and Brian Decillis represented the landlord, Mack-Cali Realty Corporation, in-house. According to Foley, Securitas 3, 46, Lincoln Tunnel, the New Jersey Tpke., the Se- caucus Junction train sta- tion, and all other major access routes to New York City. It is just minutes from the IZOD Center and the growing $3.5 billion Ameri- can Dream recreation/retail complex. In addition, it is also in close proximity to New Jersey Transit’s new Pascack Valley Line station, a transit facility, which when built will be directly across the street from the site. With the American Dream entertainment/mall complex scheduled to open next year, visitors are set to pump mil- lions of dollars into the local economy.
NAI Hanson facilitates office lease at 500 Route 17 South
Lee & Associates sells Meadowlands property for $3 million
500 Rte. 17 South in Hasbrouck Heights
because of growth. The three-floor, 42,764 s/f, class B office building is con- veniently located along one of Bergen County’s central thor- oughfares, in close proximity to Routes 46 and 80 as well as the Teterboro Airport. “This building includes 24/7 security as well as an atrium and ample parking,” Cassano said. n
HASBROUCK HEIGHTS, NJ — NAI James E. Hanson has brokered a three-year of- fice lease at 500 Rte. 17 South in Hasbrouck Heights. NAI Hanson vice president Anthony Cassano repre- sented the tenant, Sales and Marketing Group, Inc., a third-party energy company that was looking to relocate its sales and training office
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