Avison Young announced a 105,959 s/f full-building lease with pharmaceutical billing software company, MedAssets, Inc. at Saddle River Executive Center, a Class A office property at 1 Route 17 in Saddle River, NJ.
The Avison Young team of principal William McCaffrey and Senior Vice Presidents Marc Krieger and Steven Getzeiler oversaw the transaction on behalf of Madison Core Property Fund (MCPF), a real estate fund managed by New York Life Real Estate Investors, while John Flack and James Scancarella of Cresa represented MedAssets, which is headquartered in Georgia.
“MedAssets, which started out as a subtenant at Saddle River Executive Center, has continued to expand in recent years, leasing direct space and subleasing additional space at the building,” stated Dennis Morris, Director at New York Life Real Estate Investors.
“When it became apparent that the company needed more space, they could have gone anywhere. This transaction proves that well managed New Jersey suburban office space can compete with buildings in any other submarket in the region.”
While it’s rare in recent years for a single tenant to lease an entire existing building in Bergen County, Avison Young led a strategic initiative to reposition the building for a single-tenant occupier upon the expiration of the previous lease. The MedAssets transaction is the latest success that Avison Young has achieved on behalf ofMCPF.