Newmark Knight Frank (NKF) in coordination with Murray Construction announces Rigel, a newly revamped urban office property in Westfield. Located at 600 South Avenue, the 70,000 square-foot property offers up to 57,000 square feet of space for an office user seeking a modern workspace. NKF’s David Simson and Dan Reider are the exclusive leasing agents on the asset.
“This is the first time that this sizable a block of space has come available in over 20 years at the property,” said Simson of NKF. “As more firms are looking to diversify their workplace locations and spread their employees throughout the region, we see Rigel as the perfect place for employers looking for an easily accessible, renovated, top-quality building.”
Rigel’s extensive interior renovation program is set to meet the needs of a 21st-century workforce including all-new state-of-the-art lobbies, restrooms, elevators, and a new grab and go café. The available 57,000 square feet of space spans the entire third floor and partial second floor connected with an internal staircase. The enclosed space offers controlled access for tenants with exceptional ceiling heights for abundant light and circulation. The remaining space at Rigel is currently leased to Wells Fargo.
“We see this size of space as a great opportunity for firms looking for an upgraded and secure workplace in which to grow their business,” said Brian Fitzsimmons of Murry Construction. “We are confident that the rarity of this type of space in the market will attract office users looking to offer their employees easy access to downtown amenities, transit and parking for commuters.”
Rigel’s prime location is in the heart of Downtown Westfield’s vibrant retail corridor, with dining, retail and banking steps away. The Westfield Train Station is a seven-minute walk from the property and offers direct service to/from Midtown Manhattan. The property is a 10-minute drive to Garden State Parkway (Exit 135), Route 22 and a 17-minute drive to MetroPark offering Amtrak train access to Boston on Washington DC.
According to NKF Research, the need for companies to practice social distancing in offices as they reopen might require additional space. These social distancing concerns have generated an interest by some companies to inquire about shifting some employees out of the dense metro areas and into Northern New Jersey.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,800 professionals operate from approximately 500 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.