RIDGEFIELD PARK, NJ−A subsidiary of American StockTransfer & Trust Co. is relocating to the 55Challenger Road building in the OverpeckCentre office park here.

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Financial services firm ASTOne willoccupy 45,000 square feet at the 300,000-square-foot building,which is owned by KABR Group and KushnerCos. The companies picked up the Bergen County property in2012, when office leasing seemed to have a reached a new nadir, butwhen they had already successfully repositioned another building atthe Overpeck Centre.

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This year, various first-quarter reports have indicated adiscernible improvement in the northern New Jersey office marketfundamentals, but overall vacancy is still running above20%.

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KABR chairman KennethPasternak said multi-million-dollar improvements to 55Challenger include adding a gym and cafeteria and renovatingbathrooms and lobby areas.

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The new tenant for 55 Challenger says the facility willallow it to operate more efficiently and better serve clients. "Thenew office space is the next logical step in the evolution ofASTOne," said an executive, Paul Torre. "The facility will providegreater capacity for integrated job flow.”

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KABR/Kushner now owns four buildings at the OverpeckCentre, pursuing what KABR CEO Laurence Rappaportcalls a “value-oriented approach” to creating top-flightproperties. In 2009, KABR/Kushner acquired 85 Challenger Road whenthe 235,000-square-foot building was entirely vacant. It paid lessthan a third of assessed value to buy it – and after upgrades,attracted Samsung to establish its US headquartersthere.

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In addition to 55 Challenger, KABR also owns 65 and 100Challenger Road.

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