The lease term covers 16 years; however, further terms of the lease agreement were not released. The transaction was arranged on behalf of Aegis by George J. Martin, vice chairman, and Philip Lipper, recently promoted to corporate managing director in the Iselin, NJ office of the Studley organization, which has had Aegis as a long-time client. Studley had represented the company in its previous headquarters lease at the Jersey City location a number of years ago.

"With this lease, which encompasses more than 23% of the building, One Meadowlands Plaza is 90% leased," Martin says. "For Aegis, the space is 20,000 sf larger than its former one, and with significant savings in terms of its occupancy costs."

As part of the lease agreement, the new tenant picked up what Martin terms "a generous concession package from the landlord toward its office build-out. It includes base building upgrades." The owner of the building, One SP Meadowlands Plaza, was represented by Kevin Welsh of CB Richard Ellis, Saddle Brook, NJ. The owner is an entity that includes CBRE's Strategic Partners II fund, which acquired it in early 2003 as part of a $240-million, three-building pick-up from MetLife.

Built in 1986, One Meadowlands Plaza is a 14-story, 420,000-sf office tower that sits at the interchange of Route 3 and the New Jersey Turnpike. Also on-site is the Meadowlands Sheraton hotel, which has separate ownership. Both properties are directly across Route 3 from Giants Stadium and the rest of the Meadowlands Sports Complex, including the Meadowlands Xanadu project. Site work is just under way on the latter.