The signing was complicated, including both a sublease with thebuilding's current tenant, CBS Viacom, which is cutting back on itsspace use in the region. Also part of the transaction is along-term lease extension with the locally based Hartz. Jaime M.Weiss and Ronald Blaufelder of the Moonachie-based Weiss Realtyrepresented North Fork, and John Jay Garibaldi of the Chatham-basedGaribaldi Group spoke for CBS Viacom.

The locally based Hartz was represented in-house. Terms of thetransaction were not disclosed. "The fact that the CBS Viacom spacewas absorbed so quickly demonstrates the viability of theMeadowlands office market," says Hartz president and COO EmanuelStern. "North Fork recognized the value of the location and itsability to serve the tri-state region."

"Timing was a critical element in this situation," says Weiss."North Fork, having recently acquired the Trust Co. of New Jersey,and having also announced its merger with GreenPoint FinancialCorp., needed immediate space to serve the check processing andback office needs of more than 350 metropolitan New York, NewJersey and Connecticut branches.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.