LKD has given the marketing/leasing exclusive to CB Richard Ellis, and specifically to the firm's vice presidents, Jim Hersh and Dan Casey. The tenant search is underway, with occupancy scheduled for July.

"We will be bringing tenants from markets to the east of this location--Fort Lee, Hackensack, Saddle Brook," predicts Hersh. "With asking rents at the new building starting at $27 per sf, compared to more than $30 per sf in Hackensack and Fort Lee, I feel that potential tenants will take this brand-new space over second- and third-generation product that's only slightly to the east.

"And with rents in New York where they are, I could even imagine some tenants relocating from there," Hersh continues. "Some of our clients are already asking us to find them office space between the Hudson River and the Garden State Parkway. This site is only 13 miles from the George Washington Bridge."

According to LKD officials, the tight market conditions provided the encouragement to move ahead with a relatively large block of spec space. Indeed, River Drive Center 3 is the largest such space to come on the market in central Bergen County in almost a decade.

Besides the four floor of office space, the new building will also have a lower level suitable for telecom switching equipment, computer labs or storage space. River Drive Center 1 provides a cafeteria for the complex.