Overlook at Great Notch Completes Major Recapitalization Program
-- Refinanced trophy office building in Little Falls, NJ kicks off new leasing program with 20,000-sf Genentech biotech lease; prime asset to undergo multi-million dollar renovation --
PARSIPPANY, NJ, November 12, 2013 – Ownership has successfully completed a major recapitalization of Overlook at Great Notch, its 425,000-square-foot Class A trophy office building at 150 Clove Road in Little Falls, NJ. The refinance program was completed by Theta Holdings Company, L.P. through a combination of equity and debt along with East West Bank.
Following on the heels of the recapitalization, biotechnology firm Genentech moved into its new 20,000-square-foot office at the building after signing a long-term lease. The corporate transaction points to the market’s appetite for space at Overlook at Great Notch, which is poised to begin a multi-million dollar capital improvement program.
“The addition of Genentech to Overlook at Great Notchis a testament to ownership’s long-term commitment to this trophy asset,” said Richard Mirliss, Executive Managing Director, Colliers International, who along with colleagues Richard Madison and Anthony Rinaldi were recently hired to represent Overlook at Great Notch. “Furthermore, it prepares this prime asset for a dynamic capital improvement program, which includes renovations to the lobby and common areas, and constructing a state-of-the-art conference room and fitness center.”
A member of global pharmaceutical company the Roche Group, Genentech is a research-driven corporation that uses human genetic information to discover, develop, manufacture and commercialize medicines to treat patients with serious or life-threatening medical conditions. The Little Falls site will serve as Genentech’s satellite office in New Jersey, housing approximately 60 corporate support staff comprised of lawyers and procurement executives. Operations in Nutley and Clifton will cease by the end of 2013.
Perched on a hill at the juncture of Routes 46 and 3, Overlook at Great Notch is minutes from the Garden State Parkway and I-80, offers stunning panoramic views of New York City and New Jersey, and provides corporate tenants up to 200,000 square feet of contiguous available space, making it the only remaining trophy building opportunity of this size in the northern New Jersey Metropolitan area. The facility includes covered parking, a full-service cafeteria, Wi-Fi access, 24-hour gated security, onsite ownership and management, with immediate access to mass transit and is within walking distance to the Montclair State University train station.
Other tenants in the building include Morgan Stanley, Mass Mutual, Cantel Medical, Sentrx Safety Solutions, and Systra Consulting.
ABOUT COLLIERS INTERNATIONAL
Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.
# # #