The KABR Group announced on Nov. 18 Samsung Electronics America extended its lease at 85 Challenger Road within Overpeck Corporate Center in Ridgefield Park.
The renewal by Samsung is a reaffirmation of its continued long-term commitment to the property within Bergen County. Samsung leases approximately 235,000 square feet within the highly visible Class-A office building, which has its own exit on the New Jersey Turnpike and is just minutes from the George Washington Bridge and Secaucus Junction.
Terms of the deal were not disclosed.
Samsung has been headquartered within Overpeck Corporate Center since 1991, and has had its headquarters at 85 Challenger Road since 2010. The firm has deep roots in the surrounding communities and has more than 1,000 employees on the site. Samsung affiliate companies also staff several hundred additional employees who are located in three nearby buildings on Challenger Road.
The KABR Group acquired 85 Challenger Road in 2009 and currently owns six properties within the Overpeck Corporate Center, including two development sites.
“Samsung is a world class company and a phenomenal tenant,” said Kenneth Pasternak, executive chairman and chief executive officer of The KABR Group. “Samsung’s investment within 85 Challenger Road coupled with KABR’s upgrade program has led to a transformation of the office park. Ten years later, we now find ourselves 99 percent leased across our approximately 850,000-square-feet with strong fundamentals and rent growth trends.”