Cushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza
East Rutherford, New Jersey 07073
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Samsung Move-In Marks Renovation Completion at 85 Challenger
Cushman & Wakefield Marketing 28K Sq. Ft. at Ridgefield Park, N.J., Property
RIDGEFIELD PARK, N.J., July 30, 2010 – Samsung Electronics America, Inc. has taken occupancy of its 195,000-square-foot United States headquarters at 85 Challenger Road in Ridgefield Park, marking the completion of an over $20 million retrofit at the Class A office tower and presenting an attractive leasing opportunity for the building’s remaining space.
Commercial real estate services firm Cushman & Wakefield, Inc. in East Rutherford, N.J., serves as exclusive agent for the 235,000-square-foot 85 Challenger Road. KABR Real Estate Investment Partners, a value fund dedicated to the timely and opportunistic purchase of select real estate assets in the New York metro area, owns the property.
The recently completed improvements include a newly rebuilt lobby, including flat-screen televisions and other high-tech accents. A new, 7,200-square-foot, cafeteria features both Korean and American food lines. Other highlights include hallways with Asian-inspired finishes such as wood ceilings and modern lighting, a state-of-the-art fitness center, high-tech restrooms, and extensive landscaping.
“Every piece of the building has been redone to Samsung’s and the landlord’s exacting standards,” said Cushman & Wakefield’s David DeMatteis, who is heading the leasing team with Marc Trevisan. “Essentially, an additional tenant or tenants at 85 Challenger Road will reap benefits of the company’s work letter.”
Cushman & Wakefield currently is marketing 28,000 square feet at 85 Challenger Road. Units can be divided to 3,500 square feet. “Tenant space will be delivered in brand-new condition at a rate about one-third lower than competing properties,” DeMatteis said. “85 Challenger offers a flight to quality at the right price. In terms of architecture and amenities, this building now ranks among the top five addresses in northern New Jersey.”
DeMatteis added that the availability at 85 Challenger Road is ideally suited for companies looking for Class A office space at incredibly competitive prices. “Clearly, companies that desire to be in the Samsung halo have expressed interest.”
Part of the 60-acre Overpeck Centre, 85 Challenger Road has direct access to I-95/NJ Turnpike, Route 46 and I-80, and is proximate to the George Washington Bridge, Lincoln Tunnel, and Newark Airport. The building offers a public bus stop across the street, with service to the NYC Port Authority Terminal and many towns throughout Bergen County.
The property is surrounded by dense, established housing providing access to a large labor pool, while also remaining convenient to the executive housing areas of northern Bergen County. Abundant area dining and retail, mass transit access, a new Hilton Garden Inn across the street and a 22-acre county park within walking distance add to its appeal.
KABR Real Estate Investment Partners, LLC, founded in 2009, is dedicated to the timely and opportunistic purchase of select real estate assets in the New York metro region and South Florida. Its founders are experienced real estate professionals and proven entrepreneurs. They currently own and operate a diverse portfolio of properties in several states that have exhibited stellar returns. Investments targeted by KABR lend themselves to significant further enhancement via detailed and value-oriented management. The firm aims to financially re-leverage the appreciated properties and reinvest the cash flow to acquire additional assets.