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Jones Lang LaSalle Oversees Sale of Former BMW Site in Montvale, N.J.

08/13/2012

 

Jones Lang LaSalle Oversees Sale of Former BMW Site in Montvale, N.J.

New ownership plans to construct state-of-the-art fitness facility in the corporate business park 

Jones Lang LaSalle (NYSE: JLL) today announced that it represented ownership in the sale of One BMW Plaza in Montvale, N.J. Purchased by Life Time Fitness, Inc., the site was formerly home toBMW of North America, which used the facility for corporate offices, parts distribution, automotive repair and mechanic training. The property became available in late 2009 when the auto manufacturer relocated its operations to other locations throughout the Northeast region.

The Jones Lang LaSalle team of Managing Directors Robert Kossar, SIOR, David Knee and Joel Lubin and Vice Presidents Blake Chroman and Christopher Hile represented the seller, a group of charitable trusts, while NAI Hanson Senior Vice President Kenneth Lundberg represented Life Time Fitness.

The new ownership has obtained approvals to level the existing structure and construct a state-of-the-art fitness center on the site. Life Time is headquartered in Minnesota and currently operates 105 centers in the United States and Canada.

“With BMW vacating the site after nearly three decades of occupancy, this was a rare opportunity to lease or buy a free-standing building in sought-after Bergen County, and it attracted a significant amount of interest from a diverse group of prospective buyers and tenants,” Chroman said. “With the terrific demographics in the area and the built-in clientele within the business park, Life Time viewed the site as the ideal location to expand its footprint in New Jersey.”

According to Chroman, the property’s location lends itself very well to a high-end gym. Specifically, it is located within a corporate park where tenants include Sony, Mercedes Benz and KPMG. Situated on a 9.3-acre tract of land, the property is located adjacent to the Garden State Parkway, with easy access to I-287 and in close proximity to New York City.

In New Jersey, Jones Lang LaSalle is a leader in commercial real estate brokerage, project management and investment sales. Employing more than 600 of the region’s most respected industry experts, the firm offers office and industrial brokerage, tenant and landlord representation, project and development services, property management, and capital markets services to its clients in New Jersey. The operations also serve as the local service provider for the firm’s global and national corporate clients that have a presence in New Jersey.

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About Jones Lang LaSalle

Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firmoffers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visitwww.joneslanglasalle.com.

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08/13/2012 - 16:25

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Jones Lang LaSalle

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