Transwestern Secures Exclusive Leasing Assignment for 105 Challenger Road in Ridgefield Park, N.J.
Transwestern Secures Exclusive Leasing Assignment For 105 Challenger Road in Ridgefield Park, N.J.
New Ownership Offering Competitive Rates at Highly Visible, Class A Site with Best-in-Class Amenities
(November 26, 2012 – PARSIPPANY, N.J.) – Transwestern’s New Jersey office today announced that the firm has been named the exclusive leasing agent for 105 Challenger Road, a 150,480-square-foot, Class A office building in Ridgefield Park, N.J. The property is owned by Eye Level, also known as Daekyo USA.
Built in 1992 by Archon Group and located within the Overpeck Corporate Centre, 105 Challenger Road was originally constructed for electronics giant Samsung. Last year, growing Korea-based education firm, Eye Level, acquired the property and now occupies 38,000 square feet within the building for its headquarters offices and has a tutoring center in the lobby.
Shortly after purchasing the site, Eye Level executed a capital improvement program to modernize the building that includes upgrades to the lobbies, cafeteria and fitness area, and a redesign of the landscaping. Hot water baseboard heating has also been added to provide more even and efficient heating throughout the building.
Currently, approximately 112,000 square feet of space is available for lease at the property.
“This well-located site offers highly flexible, divisible space that is ideal for both small and larger firms who want to establish a presence in a first-class property with top amenities,” said James Postell, principal of Transwestern’s New Jersey office. “Eye Level is headquartered here and is deeply committed to maintaining the quality of the property, as evidenced by the recently completed improvements. Additionally, because ownership purchased the site at a low-cost basis, Eye Level is able to offer aggressive rates that strongly position this property to deliver unparalleled value to tenants.”
The nine-story building features column-free floor plates of 18,500 square feet, as well as an atrium, conferencing facilities, fitness center, food service and ample parking with a high percentage of covered spaces connected to the property. A loading dock and freight elevator are also available for tenants’ use. The property has great visibility with proximity to major roadways including routes 80 and 95. A bus stop with direct access to the Port Authority station in New York City is located directly in front of the property.
“We selected Transwestern for this assignment because of the team’s strong knowledge of local market fundamentals, deep industry relationships and established reputation for delivering results,” said Eye Level CEO Ho Jun Kang. “We are confident the team will be able to identify a number of high-caliber tenants for 105 Challenger Road as a result of this property’s high-quality space availabilities and value-driven rental rates.”
The leasing team includes Transwestern’s Matt McDonough, Nick Kim and Jim Byron.
This assignment marks another significant assignment for Transwestern in New Jersey since establishing its Northeast regional presence in 2011 with the opening of offices in New York City, Greenwich, Conn. and New Jersey. Transwestern also serves as the exclusive leasing and property management firm for 300 Kimball, a 400,000-square-foot, Class A office building in Parsippany, N.J.
Transwestern operates 33 corporate offices across the U.S. and currently leases and manages more than 1,300 properties, representing 271 million square feet of office, industrial and retail space. In 2011, Transwestern completed leasing, sales and finance transactions totaling $6.46 billion.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 33 U.S. offices and assists clients through more than 150 offices in 30 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit www.transwestern.net and follow us on Twitter: @Transwestern.