Company to remain in Ridgefield Park and occupy 193,000 sq. ft. of space.Real estate services firm Cushman & Wakefield Inc. said Friday it brokered a long-term lease agreement for 193,000 sq. ft. of space in Ridgefield Park with Samsung America Inc. The consumer electronics maker will take occupancy of its new headquarters at 85 Challenger Road in July 2010.
According to Andrew J. Merin, vice chairman with Cushman &Wakefield, Samsung signed the lease agreement Thursday. Samsung currently has its domestic headquarters across the street at 105 Challenger Road in a property owned by Mack-Cali Realty Corp.
The 235,000 sq. ft. office building at 85 Challenger Road is owned by KABR Real Estate Investment Partners. Merin said the property had been vacant for about three years before the current owners purchased the site.
Merin said Samsung wanted to remain in Ridgefield Park, but needed more space for its operations. ÂThey are moving from a building where they occupy 147,000 sq. ft. to a building where they will occupy 193,000 sq. ft.,Â he said.
Merin said Samsung has the ability to expand its occupancy in the building. ÂThe building was bought vacant earlier this year,Â he said. The building at 85 Challenger Road was originally owned by Korean conglomerate Daewoo, he said, which sold it to an investor in Connecticut. ÂAt the time the building was fully occupied by Mellon Bank,Â Merin said. ÂWhen Mellon consolidated its operations, the building was vacated.Â
He said the current owner will tailor renovations to meet Samsung requirements.
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