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Urban last-mile delivery service signs 79K-square-foot lease in Carlstadt

A new last-mile delivery service is setting up shop in Carlstadt.

AxleHire signed a lease for 79,076 square feet of space at 100 Industrial Road in the Bergen County municipality, NAI James E. Hanson announced Jan. 5.

Senior Vice President Scott Perkins, Vice President Chris Todd and Associate Vice President William Ericksen represented the landlord in the transaction. The tenant was represented by Executive Director Robin Dodson, Executive Managing Director Stephen Elman and Vice Chairman John McManus of Cushman & Wakefield.

AxleHire is an expedited urban last-mile delivery service with same- and next-day options. The company currently operates in 17 major U.S. metro areas, according to NAI Hanson.

100 Industrial Road in Carlstadt is a 142,815-square-foot industrial building. – NAI JAMES E. HANSON

In Carlstadt, 100 Industrial Road is a 142,815-square-foot building with 21-foot ceiling heights, 21 tailgates, 110 feet of truck court depth and ample parking. The property is near Routes 3, 17, 21 and 46; Interstate 80; and the New Jersey Turnpike. Additionally, the George Washington Bridge is less than 15 miles away.

“Competition continues to be fierce for well-located industrial properties with access to the major trucking routes in the New York City metropolitan area,” Perkins said in a statement. “Tenants with last-mile delivery needs continue to dominate the market and have placed landlords in an advantageous position to maximize the values of their assets. We’re happy that our experience within the market provides the solutions needed to bring these deals across the finish line and provide value for our clients.”

In recently released research, Colliers’ reported the average asking rent in the sector in North Jersey was $17.08 per square foot for the fourth quarter of 2022, up from the previous period’s $15.89 per square foot and well above the first quarter’s $12.62 per square foot price tag.

According to NAI Hanson, AxleHire will utilize the new space’s proximity to the major trucking routes to expand its presence within the New York City metro area.

Avis relocates HQ to Parsippany’s Latitude (updated)

Avis Budget Group is moving its headquarters, about four miles across town in Parsippany.

A joint venture of Rubenstein Partners LP and Vision Real Estate Partners announced the car rental agency holding company signed a lease for a new, 155,234-square-foot office at Latitude Jan. 6.

Avis, which has been based in Parsippany since 2001, will make the move from the single-tenant 6 Sylvan Place.

“LATITUDE represents the future of suburban office space,” said Sam Morreale, founder and managing partner of Vision. “Avis Budget Group was seeking a best-in-class office experience for their employees and the thoughtful design and dynamic amenities at LATITUDE offered everything they were looking for.”

Latitude is a 35-acre, two-building office campus in Parsippany. – RUBENSTEIN PARTNERS / VISION REAL ESTATE PARTNERS

Rubenstein and Vision acquired the property in 2018, since then updating and transforming its 700,000 square feet.

In its announcement of the lease, the JV highlighted the hospitality-inspired aspect of the workplace, which it said is “designed to foster a productive and dynamic work-life experience,” as attracting the new tenant.

“We’re pleased to welcome Avis Budget Group to their new headquarters at LATITUDE,” Stephen Card, director of acquisitions at Rubenstein, said in a statement. “We set out to create a modern suburban office product that attracts the highest quality corporate users, and with recent transactions this year with Avis and Gilead Sciences, we continue to execute that business plan.”

Latitude consists of two, symmetrical five-story wings with offices, meeting spaces, and lifestyle services and experiences. The annexes are connected with a new central glass atrium that offers common areas, dining options, fitness centers and U.S. city-themed spaces for collaborating. According to the JV, as tenants move from one end of the property to the other, they travel through “time zones” that invoke different regions through their artistic and design elements as well as cuisine options.

According to Card, “The trend of large corporate tenants making long term commitments in quality product is happening across our portfolio.”

Sax LLP made the move to Latitude in 2020, the same year that Rubenstein and Vision announced Reckitt Benckiser would renew – and expand – its lease at the property.

Avis Budget Group was represented by Jonathan Meisel and Joseph Sarno of CBRE in the transaction. Rubenstein and Vision were represented by Vice Chairman David Simson, Senior Managing Director Jamie Drummond and Associate Director Andrew Perrotti of Newmark.

Editor’s note: This story was updated at 9:26 a.m EDT on Jan. 9, 2023, to include that Andrew Perrotti was part of the Newmark team that worked on the deal.

Avison Young arranges new HQ lease for Scarinci Hollenbeck (updated)

Scarinci Hollenbeck will move its HQ to the Overlook Corporate Center at 150 Clove Road in Little Falls. - AVISON YOUNG — The Overlook Corporate Center at 150 Clove Road in Little Falls. – AVISON YOUNG

Scarinci Hollenbeck is making a move from Lyndhurst to the Overlook Corporate Center in Little Falls.

That’s according to Avison Young’s Morristown office, which announced it negotiated a new lease for the law firm to occupy 18,529 square feet on the ninth floor of the office property at 150 Clove Road.

“In our 30-year relationship with Scarinci Hollenbeck, we’ve seen them grow exponentially and have established trust. We’re proud to support their continued growth in their new headquarters,” said Principal Drew Persson. “We conducted a 10-month search, landing at the Overlook Center, which was a natural fit for the firm as it not only geolocates them centrally, but offers greater access to health, wellness and conveniences through the building’s amenity offerings.”

Grand reception

Avison Young said it conducted a study at the start of Scarinci Hollenbeck’s office search that together with results from the law firm’s own internal survey of its employees, helped to paint a picture of the square footage necessary – and the commuting limitations of the team.

Following an open house to show off the new space – located less than 10 miles from the old one – AY said that interest in returning to the office full time rose 75% among Scarinci Hollenbeck’s attorneys.

Scarinci Hollenbeck, the tenant, was represented by Persson and Principal and Managing Director Jeff Heller, who are based in Avison Young’s Morristown office. Theta Holding Co. LP, the landlord, was represented by JLL’s Executive Managing Director Frank Recine, Senior Vice President Derek DeMartino and Associate Nicholas DeCotiis.

The Overlook Corporate Center recently underwent a multimillion-dollar repositioning. Comprised of two connected towers, the property offers public space, a full-service cafeteria, executive conference room, fitness center, yoga studio, access to terraces – and views of the Meadowlands and New York City skyline – covered parking with EV charging stations and enhanced security.

“The Overlook Corporate Center is second to none,” Ronald Reisner, chair of Scarinci Hollenbeck’s Work-Life Balance Committee, said in a statement. “We spent considerable time searching for a space that complements our firm’s work-life balance culture and meets our quality-of-life agenda standards.

“Our attorneys have the option to work from home. However, if they chose to be in the office, we wanted it to be a place that creates an environment for a productive day,” he added.

The firm will make the move from its current office to the new space as of Sept. 6, 2022; at that point, AY said, making it the largest corporate firm in Passaic County.

Editor’s note: A previous version of this article said that Scarinci Hollenbeck would move into its new space in September; it was updated updated Aug. 9, 2022, to specify the firm will be operating from the Little Falls office as of Sept. 6.

PTC Therapeutics signs 360K-square-foot lease to move HQ to Warren

Biopharmaceutical company PTC Therapeutics will move its global headquarters from South Plainfield to Warren.

Joint venture partners Rubenstein Partners LP and Vision Real Estate Partners announced a long-term, 360,000-square-foot lease with the company for the Warren Corporate Center June 9.

PTC will occupy a new facility at the park. The agreement spans two full buildings, 400 and 500 Warren Corporate Center Drive, and will include offices, collaboration and conference spaces and research laboratories upon completion.

Building 500 at the Warren Corporate Center in Somerset County. – RUBENSTEIN PARTNERS

“Our new headquarters allows us to have a Class A facility for our growing team, while keeping the new flexible work paradigm in mind,” said PTC Vice President of Global Facilities Doug McLeester. “As PTC grows into one of the world’s leading rare disease companies, our in-house capabilities must similarly grow and adapt.

“The new facility at Warren Corporate Center, which complements our existing operations at the PTC’s Gene Therapy Center of Excellence in Hopewell, is the ideal space for our expected future expansion in New Jersey, a foundational and growing market for biotech in the U.S.,” he added.

PTC opened the Hopewell manufacturing facility in October 2021. At the time, the company said it’s number of New Jersey-based employees was 625.

Work on the new headquarters is set to begin in Warren this month.

“Since acquiring and repositioning Warren Corporate Center, our goal has been to create the kind of fully-amenitized and differentiated office product high-end companies in the region are seeking,” said Rubenstein Principal Stephen Card in a statement. “PTC Therapeutics is a true global leader and innovator in the biopharmaceutical sector and adding an organization of their magnitude to the roster of tenants at the Warren campus validates the strategic investments we’ve made at the site.”

The 176-acre Warren Corporate Center was originally built as a headquarters for Lucent Technologies. Its five buildings collectively offer more than 820,000 square feet and are situated among walking trails and a landscaped pond. The campus also features four covered parking structures.

Partners Rubenstein and Vision acquired the complex in 2016. Their repositioning of the property included the development of a 20,000-square-foot lifestyle center, Warren Hill, with amenities including an outdoor amphitheater, indoor and outdoor patio dining, multi-function conference areas, a full service café and coffee bar, a fitness center with locker rooms, and a full-size basketball court, in addition to an outdoor roof deck.

“Warren Corporate Center is a suburban office site designed for the modern employee,” said Sam Morreale, founder and managing partner of Vision Real Estate Partners. “The institutional-quality property is a rare blend of full-service amenities, outdoor spaces and experiential features, such as our unique lifestyle center, that separate the property from others in the region. Warren Corporate Center is a singular offering in the highly competitive New Jersey office market, and we are pleased to welcome PTC as the long-term addition to the campus.”

Jeff Zell and Louis Kluger of JM Zell Partners represented PTC Therapeutics in the lease transaction, while Robert Donnelly Sr., Robert Donnelly Jr., Paul Giannone, Todd Elfand and Kevin Carton of Cushman and Wakefield represented building ownership.

Last year, the joint venture offloaded two of Warren Corporate Center’s buildings for $150.25 million.

Leica Camera relocating North American base to Alfred Sanzari’s Glenpointe

The newest tenant signed on for Alfred Sanzari Enterprise’s Glenpointe has been in business for more than 150 years, helping professionals and amateurs alike capture moments and memories through its cameras and sports optics.

Leica Camera Inc. will take up residence at the live-work-play campus’s largest office building – Glenpointe Centre West – moving its North American headquarters from Allendale to the new 12,274-square-foot space, which will include executive offices in addition to a camera display showroom and equipment repair facility, Alfred Sanzari announced June 7.

Newmark‘s Jeff Schotz, Peter Rossi, Dan Reider, Peter Kasparian and David Simson represented Alfred Sanzari Enterprises in the long-term lease transaction; Cushman & Wakefield‘s Mark Zaziski and Marc Trevisan represented Leica Camera.

The atrium at Glenpointe in Teaneck. – ALFRED SANZARI ENTERPRISES

“For over 150 years, our success has been powered by a ceaseless commitment to quality in everything we do,” said Mike Giannattasio, president of Leica Camera U.S. “As we toured Glenpointe, it was immediately clear that every aspect of the tenant experience has been meticulously designed to engage our employees and to inspire them to continue to deliver the high-quality products and services that Leica has become synonymous with over our history.

“We are excited to bring our team to Glenpointe and continue to build upon our success over the years to come,” he added.

The 670,000-square-foot Bergen County campus offers tenants access to the 26,000-square-foot Glenpointe fitness center, 700 hotel rooms across three operators, casual and fine dining options, abundant covered parking and more.

“We continue to see tenants gravitate toward amenity-rich, well-located, and modern office buildings like Glenpointe as they welcome their workforces back to the office and jumpstart their dormant corporate cultures,” said Reider, managing director at Newmark. “In this search for a truly culture-defining workplace, Alfred Sanzari Enterprises’ visionary construction and consistent capital improvements have ensured that there is no other property in the market better suited to do so than Glenpointe.”

Beyond amenities, tenant engagement service provider Better Spaces also partners with Glenpointe to further enhance the onsite experience through The Pointe — a community lounge — and via its app, which offers more than 40 free programs and classes each week to tenants. Further bolstering its offerings, Alfred Sanzari debuted its FLEX coworking space just last week.

In recent months the efforts have paid off, with a number of renewals announced for the property, along with new additions, including Sunovion Pharmaceuticals and Asiana Airlines of South Korea.

“Since our construction of Glenpointe, we have consistently sought to ensure it reflects the changing needs and demands of the workforce,” said Alfred Sanzari Enterprises Manager, Leasing and Marketing Carolina Gutierrez. “Today, as we look at the future of work and the dramatic changes that have taken place, it is clear that our proactive efforts have made Glenpointe the premier corporate destination for companies like Leica Camera.”

Colliers arranges long-term office leases in East Hanover

An office property in East Hanover secured 36,000 square feet of space, bringing the building to nearly 90% occupied.

That’s according to Colliers, which arranged and announced the four leases for 120 Eagle Rock on May 9, each covering term lengths of from five to 10 years.

Colliers Executive Managing Director Samuel Horowitz represented building ownership, Northeast Capital Group, in the transactions. The firm was tapped as exclusive leasing agent for the 177,820-square-foot Class A office building in the summer of 2020. Northeast Capital acquired the property in February of that year.

“We were pleased to work with Northeast Capital Group to capture the momentum and enthusiasm that has been rising for a return to the office,” Horowitz said in a prepared statement. “The New Jersey office has been well on its way to recovery over the past year and we expect the market will resume a positive momentum in the coming months.”

120 Eagle Rock’s new tenants are:

Nonprofit Pillar Care Continuum, providing lifelong support for people with disabilities;
Financial services company Kingdom Financial;
Boutique law firm Paris Ackerman LLP, which focuses on sophisticated franchise transactions; and
Construction service company Eastgate Group.

“The activity that we have seen at 120 Eagle Rock speaks to the quality of the building, the attentiveness of property management and the efforts of our brokers,” said Joel Kiss, CEO Northeast Capital Group. “We are pleased to welcome our new tenants as several companies in New Jersey begin to return to the office in earnest.”

Amenities at the building include a full-service café with outdoor seating, conference rooms and a fitness studio. Workplace @ 120 Eagle Rock also offers coworking amenities, like free WiFi and meeting spaces. There are 600 parking spaces for the three-story building, on-site FedEx and mail drop boxes and 24-hour secure key card access with an after-hours security guard.

According to Colliers, just 12,000 square feet of space remains available at the building.

Pillar Care Continuum was represented by Cushman & Wakefield’s Curtis Foster and Jerry Shifrin, and Kingdom Financial was represented by Cushman & Wakefield’s David DeMatteis and Mena Shehata.

Eastgate Group was represented in-house and Paris Ackerman was represented by Barbara Gross from Sheldon Gross Realty.

Parsippany’s The Grand office building signs 2 new tenants, 2 renewals

Cushman & Wakefield announced new leases for The Grand, located at 300 Interpace Parkway in Parsippany. – CUSHMAN & WAKEFIELD

Cushman & Wakefield secured four leases — two new agreements and two renewals — totaling 46,342 square feet at The Grand in Parsippany.

The real estate services firm announced the transactions for the office building campus located at 300 Interpace Parkway and One Upper Pond Road on May 9, with William O’Keefe, Charles Parmelli, Bill Brown and Joseph Ratner representing the landlord, Clifton-based P3 Properties.

“Despite the pandemic, the New Jersey office market has experienced a modest rebound in the first quarter of 2022, as is evident from these new leases. Tenants are focused on best-in-class properties with high-quality amenities for their return to office,” O’Keefe said in a statement.

That recovery is evident: The same day The Grand’s latest transactions were made public, Colliers also announced securing four office-space tenants for a building in East Hanover.

At The Grand, Cushman & Wakefield arranged deals with:

Medical device manufacturer Extremity Medical, which will occupy 23,753 square feet on the second floor;
NorthPointe Bank, which will occupy 7,157 square feet on the third floor;
Provenir Inc., a software developer for financial institutions that renewed its 10,951-square-foot lease on the fourth floor; and
Financial planning firm Deerfield Management Co., which renewed its lease to occupy 4,481 square feet on the third floor.

“P3 Properties has done an outstanding job providing their tenants with top tier amenities by implementing capital improvements to the building including a new tenant lounge and game room as well as an outdoor dining terrace and waterside deck,” O’Keefe added.

According to Cushman & Wakefield, the improvements at The Grand are ongoing; the new tenant lounge — “GRAND Central” — is set to offer gaming areas, a café, shared conference and training rooms, and other collaborative meeting spaces. Already boosting The Grand’s appeal are a fitness center, and two-tiered pond with a pergola and seating. The office building is conveniently located near Interstates 287 and 80.

Cushman & Wakefield was appointed exclusive leasing agent for The Grand, formerly Morris Corporate Center 1 and 2, in 2020.

Autism therapy provider signs signs on for Union medical space

NAI James E. Hanson negotiated a lease for 4,000 square feet of medical space at 2780 Morris Ave. in Union. – NAI JAMES E. HANSON

As National Autism Awareness Month comes to a close, a newly negotiated lease in Union will bring a new therapy facility serving the neurodiverse community to the town.

NAI James E. Hanson said April 28 that it arranged a deal for 4,000 square feet of medical space at 2780 Morris Ave. NAI’s Andrew Kirshenbaum represented the landlord, The Robbins Agency, in the transaction with Bryn Mawr, Pa.-based Kaleidoscope Family Solutions.

According to the real estate firm, Kaleidoscope will use the new location — its sixth New Jersey office — to provide one-on-one therapy to area patients. Located at the crossroads of Union, Essex and Morris counties — with ample parking and in close proximity to Children’s Specialized Hospital’s new Kenneth Esdale Pavilion outpatient center — the new location offered an ideal spot for the tenant.

“Finding suitable locations to practice specific therapy techniques can be difficult for tenants in northern New Jersey’s health care market,” Kirshenbaum said in a statement. “However, deals such as this help to illustrate our market knowledge and continued success in helping tenants, such as Kaleidoscope Family Solutions, find spaces that fit their unique needs and bring their valuable work to communities in need.”

Since its founding in 2004, Kaleidoscope has launched 12 centers on the East Coast offering in-home and in-community services promoting the development of children, adults and families. According to NAI Hanson, the organization utilizes Applied Behavior Analysis therapy to children ages 2 through 8 with autism.

JLL secures 14K square feet in Cedar Knolls

JLL announced March 29 it completed two leases for a fully renovated office property situated at the crossroads of the Morristown-Parsippany office corridor.

The agreements cover 14,143 square feet at 240 Cedar Knolls, a four-story, 119,587-square-foot office building in Morris County’s Cedar Knolls.

A JLL leasing team led by Executive Managing Director Frank Recine and Vice President Colleen Maguire represented the landlord, Highstone Equity Group, in the transactions with GTL Construction and p-value communications.

GTL, which also has an office in White Plains, N.Y., is relocating its Garden State outpost from Parsippany to accommodate its steady growth, JLL said. Meanwhile, medical communications firm p-value communications is a long-standing tenant of the building that signed a new lease for 10,739 square feet, extending its existing commitment through Jan. 31, 2027. According to JLL, p-value reconfigured its space to adapt to the demands of a hybrid workforce.

The lobby at 240 Cedar Grove, located within the Cedar Grove Corporate Center. – JLL

“Both the p-value communications restructure and GTL lease needed to be negotiated and executed simultaneously in order to accommodate the space,” according to a statement from Recine. “It was a pleasure working with all parties involved. There was a real concerted effort to get it completed in a short timeframe.”

Recine and Associate Vice President Nicolas DeCotiis represented GTL Construction in its lease; p-value communications was represented by Senior Vice President Chris Conklin and Brokerage Coordinator Maria Casaliggi.

“These transactions demonstrate the leasing momentum for superior-quality assets with best-in-class ownership,” Maguire said in a statement. “Highstone Equity Group has positioned 240 Cedar Knolls to accommodate the needs of new and existing tenants seeking to provide a collaborative environment for tenants.”

Situated in the Cedar Knolls Corporate Center, 240 Cedar Knolls is located on 14 acres of landscaped grounds with easy access to Routes 10 and 24 and Interstates 287 and 80. Recently upgraded amenities include a full-service café, fitness center with lockers and showers, and a conference center. Highstone’s additional renovations saw the building’s common areas refreshed to create bright and welcoming spaces, with an eye from onsite management toward tenant comfort and security.

“It is a pleasure to maintain p–value communications as a tenant and welcome GLT Construction to a property that provides a leading tenant experience,” Highstone Equity Group founder and Managing Partner Elazar Hamel said. “240 Cedar Knolls Road is an ideally located property with a package of amenities that distinguishes it among the Class-A offerings in the market.”

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