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Deals & Dealmakers

100,000 s/f keeps Andalex property close to full

SYLVAN CORPORATE CENTER

Newmark Grubb Knight Frank (NGKF), exclusive leasing agent for Sylvan Corporate Center in Englewood Cliffs, NJ, has consummated nearly 100,000 s/f in new leases.

Long-term renewals have been signed with LG Electronics U.S.A. for 67,000 s/f; Unilever for 27,000 s/f and; COFCO USA INC. for 4,000 s/f.

The four-building, Class A, multi-tenant corporate campus totals 260,790 s/f and is owned by New York City-based developer The ANDALEX Group.

NGKF executive managing director Frank D. Recine and managing directors Blake J. Goodman and Kenneth N. Porreca, with the firm’s Rutherford office, serve as long-term leasing agents for Sylvan Corporate Center, also home to anchor tenants Whole Foods, IBM and LG Chemical.

“Ownership’s impressive occupancy rate of 98 percent over the years is attributable to its Class A standards and hands-on management,” Recine pointed out, noting that the availability rate in the Bergen East submarket is at 22.7 percent.

“The strategy has been to provide the highest level service to the tenants, staying ahead of their real estate needs. Ownership is proactive and dedicated to maintaining the quality asset it has developed.”

When The ANDALEX Group completed the construction of the campus in 2007, adding 930 & 940 Sylvan Avenue, it marked the first new development of speculative, corporate-quality space in Englewood Cliffs in over 25 years.

In the transactions, LG was represented by Cushman & Wakefield’s James Frank and Dan Johnson. Unilever was represented by Cushman’s Curtis Foster and COFCO was represented by CBRE’s Dorothy Chuang.

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