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Sony Music is the most recent in a string of tenants committing to The Meadows in Rutherford, N.J., signing a 39,200-square-foot, long-term lease, according to exclusive leasing agent Newmark Grubb Knight Frank (NGKF). The deal follows a 12-month span of rapid leasing at the Class A office park.
Sony will occupy the top two floors of 301 Route 17 North in December 2014, when it relocates from its current offices in Lyndhurst, N.J. The new space offers great panoramic views of New York City, a convenient location for its current employees and recent upgrades to the property.
In the last fifteen months, $3.4 million in renovations have been completed at The Meadows located at 201 - 301 Route 17 North. In that time, NGKF negotiated 17 transactions, totaling more than 216,000 square feet, including SGS North America’s long-term extension for 36,900 square feet.
Fourteen of those were new deals, such as Shiseido’s 26,520-square-foot lease and Clermont Specialty Managers’ 18,768-square-foot lease.
“In the last few years when the economy was slow, many owners didn’t spend the capital to improve their properties. Onyx’s philosophy has been to keep up to modern standards and made a wise investment during that pivotal window,” said NGKF Managing Director Blake Goodman, who represents the office park’s owner. “It speaks volumes about ownership’s dedication and it has set The Meadows apart from other properties in the area.”
Last year, the parking area was resurfaced and the curb cut expanded, plus new monument signage, an outdoor sitting area with a water feature and Wi-Fi were added. The cafeteria, lobbies, shared conference facility and fitness center were updated, along with new elevator cabs, upper floor lobby landings and bathrooms. Additionally, the on-site shuttle service now makes direct stops at the Secaucus Transfer Station.
The two 12-story buildings, totaling 600,000 square feet, offer a myriad of amenities for the discerning tenant. They include on-site security, a conference center, daycare center and a sundries store. The ownership, which manages the building, is also located on-site to better facilitate requests from tenants. The property is conveniently located near major highways and airports and features easy access to the N.J. Turnpike and the Lincoln Tunnel.
The occupancy of the property increased to nearly 90 percent after the new deals. One full floor of 26,520 square feet or contiguous spaces between 1,200 square feet and 38,000 square feet remain available. Executive Managing Directors Tim Greiner and Frank Recine also comprise the leasing team. JLL’s Dan De Palma, Tom Reilly and Martin Horner represented Sony Music.
About Onyx Equities, LLC
Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC is a leading private real estate investment, management and development firm. Since its founding in 2004, Onyx has acquired more than $1 billion worth of real estate assets across the tri-state region. The company currently owns, manages or is the appointed receiver for 21 million square feet of office, retail, industrial, and self-storage properties located in New Jersey, New York, Connecticut and Pennsylvania. For more information on Onyx Equities, contact the firm at 732-362-8800, or visit www.onyxequities.com.
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 12,000 professionals operate from more than 330 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. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets. For further information, visit www.bgcpartners.com.