Newmark is pleased to have represented The Hampshire Companies in a 17-year, full-building lease with Realogy Corporation. The transaction marks the relocation of Realogy’s headquarters to the future green, LEED certified, 175 Park Avenue in Madison, N.J.
The service firm plans to relocate from One Campus Drive in Parsippany to the soon-to-be 270,000-square-foot building in late 2012. Realogy will occupy the entire building, which will house its renowned franchise brands such as Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby’s International Realty®.
The building’s owner, The Hampshire Companies, has engaged world renowned architectural firm Kohn Pederson Fox to design a state-of-the-art, energy efficient office building slated for 175 Park Avenue. The design will be LEED Silver Certified by the U.S. Green Building Council, an internationally recognized green building designation. It will offer such environmentally friendly features as the latest green roof technology and highly efficient mechanical systems that will greatly reduce the building’s carbon footprint.
Realogy, recently ranked as second on NJBIZ’s top 100 private employers in New Jersey, received attractive business incentives from the New Jersey Economic Development Authority and the New Jersey Business Action Center to keep such a premier company in the state.
“Realogy is an ideal tenant for the building,” said David Simson, vice chairman and COO of Newmark’s New Jersey operations, whose team represented The Hampshire Companies and has a longstanding relationship with the firm. “Realogy chose the building that represents where commercial real estate is heading today: Green, environmentally friendly and energy efficient. The savings from a LEED Silver building alone makes it the most exciting and desirable building in Morris County,” Simson added.
“Securing a tenant such as Realogy truly is a testament to our ability to deliver the most sought after office space in the state,” Kim Stirba-Reynolds, a senior investment manger for The Hampshire Companies. “This building will be like no other and will raise the standard for Class A office design. We are thrilled to welcome Realogy to 175 Park Avenue.”
Newmark Principal Tim Greiner and Director Brendan McBride also worked on the transaction. Realogy’s in-house real estate manager Tom McGovern negotiated the transaction for the tenant.
Among its other attributes, 175 Park Avenue is centrally located for Realogy’s employees, conveniently near Interstate 287 and Routes 24 and 124. A New Jersey Transit train station is also just a mile away.
Construction on the building has commenced and is scheduled for completion in December 2012. The building’s amenities will include a full-service cafeteria, conference centers and a health club/gymnasium.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment firm based in Morristown, N.J. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at www.hampshireco.com.
About Newmark
Newmark is one of the largest real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank together operate from more than 240 offices in established and emerging property markets on five continents. With a combined staff of more than 7,000 and revenues last year exceeding $993 million, this major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark is a part of BGC Partners, Inc. (NASDAQ:BGCP), a leading global brokerage company primarily servicing the wholesale financial markets. For further information, visit www.bgcpartners.com.