Avison Young Principal and Managing Director Jeffrey Heller announced Wednesday the firm has been named exclusive leasing agent for Cedar Knolls Corporate Center, a Class A, 119,000-square-foot office property at 240 Cedar Knolls Road in Cedar Knolls.
An Avison Young team comprised of Marc Krieger, senior vice president, and Steven Geltzeiler, senior vice president, are marketing the available space on behalf of its new owners, Highstone Equity Group.
Highstone Equity Group acquired the office property from MB1 on Oct. 17, 2018.
This is Highstone Equity Group’s second acquisition of a suburban office property in New Jersey in twelve months. In November 2017, Highstone purchased Ramsey Office Centre at 500 N. Franklin Turnpike in Ramsey, which was fifty percent occupied at the time. Elazar Hamel, president of Highstone, also retained Krieger to handle the leasing there.
“We’ve already signed five leases and we are seeing an increased interest in the property by both prospective tenants and brokers” noted Krieger in a release. AY’s Geltzeiler, is also working with Krieger at both the Ramsey property.
Highstone Equity Group has embarked on a series of capital improvement program upgrades at 240 Cedar Knolls Road that have either been completed or scheduled to be completed by the end of April 2019. Enhancements include renovated bathrooms on the second through fourth floors; new exterior lighting; a new elevator lobby and hallway finishes, also on the second through fourth floors; a renovated shared conference room on the fourth floor; a renovated building entry vestibule; a new elevator lobby with enhanced hallway finishes on the first floor, including digital directory, wall and floor finishes, as well as ceiling and LED lighting; brand new artwork; improved exterior landscaping and parking lot re-surfacing; and a new building identity branding, including new exterior identity and directional signage.
Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,700 real estate professionals in 85 offices, including New Jersey which provide value-added, client-centric investment sales, leasing, advisory, management, financing, and mortgage placement services to owners and occupiers of office, retail, industrial, multifamily and hospitality properties.d