Bergen County mixed-used development North Market from The S. Hekemian Group will see its second office building rise at the former Mercedes-Benz USA headquarters property, with Valley Health System signed on as a tenant.
JLL announced April 12 it completed a lease with Valley Health for 60,000 square feet at the Montvale property, which will be situated within a new 86,000-square-foot building that features 26,000 square feet of ground-level Class A retail space.
According to Valley Health System, the new lease will add to its ambulatory medical services in Montvale—the health care system already offers both a Primary & Urgent Care Center and a Center for Women’s Health in the municipality. While plans for North Market are not yet final, Valley said it anticipates its new Montvale offerings will include Valley Medical Group physicians in a variety of specialties and outpatient therapeutic and screening services.
“We are excited to enhance our services in Montvale,” said Valley Health System President and CEO Audrey Meyers. “We know so many residents of the Montvale area choose Valley for their care, and this will make it easier and more convenient to receive their medical care close to home and in a brand new facility.”
According to the announcement, construction on the new building from SHG is slated to begin in the fall of 2023. The company celebrated the opening of the first office building at North Market — a 52,000-square-foot property located at 200 Market St. — in May 2021.
“Valley Health System’s commitment to the property validates the success of our effort to create a dynamic neighborhood experience in North Market,” said Peter Hekemian, senior managing director of SHG. “Joining one of the premier, high-visibility projects in northern Bergen County is a powerful opportunity for the Valley Health System brand, and we are excited to welcome an organization of this caliber to the property.”
In addition to its current office offering and this forthcoming project, North Market also offers 308 rental apartments. Situated on 32 acres, the development is adjacent to SHG’s 26-acre Shoppes at DePiero Farm, a lifestyle retail complex with 66,000 square feet anchored by Wegmans.
JLL Executive Managing Director Frank Recine represented SHG in the transaction; Valley Health System was represented by Cushman & Wakefield Vice Chairman Robert Rudin and Senior Director Peter Hamburger.
“Peter Hekemian’s vision for The Shoppes at DePiero and North Market has been realized in a transformative project in Northern Bergen County,” said Recine. “Valley Health System, SHG and the Township of Montvale, collaborated in a partnership that facilitated the development of this new, state-of-the-art, built-to-suite office building.”"