Newmark scouts tenants for top NJ complex

TRD New York /
Dec.December 07, 2009 07:11 PM
 

Manhattan-based commercial brokerage Newmark Knight Frank is in discussions with several potential New York-area tenants looking to relocate to the 650,000-square-foot Glenpointe Centre, a Teaneck, N.J.-based office complex that recently gained approval for a major expansion.

Glenpointe developer Alfred Sanzari Enterprises recently completed a deal to refinance $25 million in loans, plus spent more than $12 million to renovate the office complex, widely considered one of the top corporate centers in New Jersey.

“It’s a true Class A complex that caters to creditworthy small and mid-sized tenants,” said Frank Recine, principal at Newmark’s Rutherford, N.J. office. “We have the capability to build a new 230,000-square-foot complex, which will connect to the existing facilities.”

The property, located at Frank W. Burr Boulevard, at the intersection of I-80 and the New Jersey Turnpike, includes the 240,000-square-foot Glenpointe Centre East building at 300 Frank W. Burr Boulevard; the 330,000-square-foot Glenpointe Centre West building at 500 Frank W. Burr Boulevard; an 80,000-square-foot atrium; and the Teaneck Marriott at Glenpointe, a 350-room hotel and conference Centre at 100 Frank W. Burr Boulevard.

The proposed new building would be called Glenpointe Centre South and would be leased to a single-purpose tenant or a tenant agreeing to lease at least 180,000 square feet.

Jerry Barta, the vice president and director of leasing and marketing at Sanzari, said the proposed site would be ideal for a consumer products company, in large part because the location is one of the busiest interchanges in the country, located just minutes away from the George Washington Bridge.

“It’s ideal for a company where name recognition is critical,” Barta said.

The build-to-suit property would be constructed only if Newmark can sign a creditworthy tenant to occupy the space, Recine said. He said most of the discussions so far have centered on companies that are considering whether to relocate, but have not formally announced plans to relocate.

The developer also has 120,000 square feet of space available at the existing 650,000 square foot space.

Asking rents at the property are $35 a square foot, and area brokers say that a solid tenant could negotiate a great package at Glenpointe.

“If a broker’s got a tenant that has good credit the world is their oyster,” said Greg Najarian, senior managing director at the Hackensack, N.J. office of Studley.

The property is basically designed as a destination for corporate tenants, offering them the use of luxury spa facilities, a swimming pool, on-site restaurant and a full-service bank. A $12.5 million renovation included $6 million to upgrade the property’s common areas, $5 million to upgrade the Marriott and $1.5 million to upgrade the hotel’s spa facilities, which include a pool.

The developer launched the upgrades after losing Tokyo-based Eisai Pharmaceuticals in 2007, when that firm relocated to a new 209,000-square-foot headquarters in Woodcliff Lake, N.J.

Oracle, another Glenpointe tenant, has more than 75,000 square feet of space coming available in the summer of 2010, and is negotiating a deal to renew part of the space and sublease the remaining space, Barta said.

In May 2008, the developer signed a 51,000-square-foot lease with the law firm DeCotis, Fitzpatrick, Cole & Wisler to consolidate its existing space to the fifth floor of Glenpointe Centre West. In addition, Kumon North America, a children’s tutoring firm, agreed to a 41,000-square foot lease in the fourth quarter of 2008.

Newmark is in talks with New York-based tenants although Recine could not identify who they were.


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