10:00 AM
Newmark Grubb Knight Frank (NGKF) announced that The Meadows property at 201 and 301 Route 17 North, Rutherford, NJ is now under new ownership by Meadows Landmark LLC, a Delaware limited liability company. Executive Managing Directors Timothy R. Greiner and Frank D. Recine, Managing Director Blake J. Goodman and Director Jamie Ragucci have served as leasing agents for the property under the previous ownership and will continue to do so for Meadows Landmark LLC. American Landmark Properties has assumed management for Meadows Landmark LLC.
The Meadows is a Class A office property with 600,000 square feet of space across two towers. Located in the Meadowlands submarket, The Meadows’ location provides direct access to Manhattan and the rest of the region. The 19.8-acre campus sits on a four-way interchange at the intersection of Routes 3 and 17, and minutes from Route 80, The Garden State Parkway, the New Jersey Turnpike and the Lincoln Tunnel. Upper floors of each twelve-story tower offer stunning views of Manhattan.
Barbara Carley, vice president of American Landmark Properties, noted, “The excitement of the development in the area and the proximity to Manhattan is what attracted us to the building.” The rapid rate at which the property has reached 92% of its leasing capacity is reflective of the desirability of the location. In addition, the accessible New Jersey space leases at nearly one-third the price of similar New York City offices.
The abundant amenities of the property, which include a conference center, full-service cafeteria, café, sundry shop, on-site security, daycare center and WIFI connectivity throughout the public outdoor landscaped plaza, complete with a sitting area and water feature, have attracted major companies such as Sony, SGS and Shiseido Cosmetics USA. The buildings have an upgraded look now, complete with lobby and bathroom renovations, in addition to a repaved parking lot and updated signage. Interior improvements were also made, including updates to the cafeteria, lobby and fitness center. On the upper floors, the elevator cabs, lobby landings and bathrooms are newly-renovated. The on-site shuttle service was expanded and now makes stops directly to Secaucus Junction Transfer Station. The property is conveniently located at the intersection of Route 17 and Route 3, and is within miles of Route 80, the New Jersey Turnpike, Garden State Parkway, Newark Airport, Teterboro Airport and the Lincoln Tunnel.
As a reputable green firm, Meadows Landmark LLC has made investments in major capital improvements to position the property as an environmentally friendly facility, with features such as parking spaces that will soon offer electric charging stations and new fixtures throughout common spaces for improved water and electric efficiency. In addition, ownership plans to utilize recycled materials in the build-out of several spec units, becoming one of the only buildings in the area that will have these prebuilt suites available. The nimble and responsive nature of Meadows Landmark LLC further enhances the benefits offered to tenants, as principals of the company remain actively involved in all aspects of leasing and management.
About American Landmark Properties
American Landmark Properties is a real estate investment group which, through its affiliated entities, owns a diverse portfolio of assets. Over the past ten years, American Landmark Properties has purchased more than 12 million square feet of Class A office space, including the iconic Willis Tower in Chicago; three million square feet of industrial properties; a two-million-square-foot resort/marina/holiday home development; multi-family apartment communities; and Single-family home developments. American Landmark Properties was established in 1986 by Yisroel Gluck. Headquartered in Skokie, Illinois, American Landmark Properties is engaged in real estate acquisition, management, development and leasing. As investors, managers and marketers of major real estate investments, American Landmark Properties’ mission is the creation of maximum value, profits and benefits for its partners, investors and itself.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.