WOODCLIFF LAKE, NJ—Colliers International has arranged 17,000 square feet of new, long-term leases at 123 Tice Boulevard in Woodcliff Lake, NJ, bringing occupancy at the 119,000-square-foot property to approximately 96 percent, up from 60 percent just two years ago.

The entry of the new tenants is underway following ownership's recent completion of a capital improvement program.

“The secret to bringing the occupancy up so dramatically has to do with ownership investing money into improvements, such as a new cafeteria, a better quality of food, advanced amenities, modernizing elevators, and creating an environment that is a modern, up-to-date place to work,” Richard J. Madison, executive managing director of Colliers, tells GlobeSt.com exclusively. “To effectively market an office property in Woodcliff Lake, it is essential to make it a destination that people are going to want to work in, with an environment where companies will be happy to be, having advanced amenities, a curb appeal of assets and modern buildings.”

In the first transaction, Colonial Surety Company leased a 7,364-square-foot space on the second floor. The property and casualty insurance company will relocate from Montvale in summer 2015.

In addition, KW Valley Realty, Keller Williams –– a privately-held global residential real estate brokerage –– leased a 5,392-square-foot space on the first floor of the building in early 2014.

Finally, Pacific Premier Bank – a community bank which services Southern California – leased 3,912 square feet on the first floor for its East Coast office.

“Taking this building from 60 percent tenancy to 96 percent in less than two years has been a tremendous accomplishment,” said Leslie Meril, managing director at Colliers International, who along with Madison exclusively represents ownership. “The success in leasing activity at 123 Tice Boulevard is a great indication of how quality assets within the Bergen County office market are prospering.”

The property at 123 Tice Boulevard currently offers two smaller units, totaling 6,309 square feet of available space.

Madison says even with the interest in urban core development that is currently driving office development, suburban office locations can still be attractive to some companies. “Convenience tends to keep companies interested in suburban office locations,” he says. “Many people are concerned about food service and cafeterias when they are in the city, and that is key when you're in a suburban office. When you're in the city, you can walk to restaurants and delis, or tenants can drive to get food, which cuts into production. If you can keep tenants at the buildings, they will work more diligently. It is helpful to have a one-stop-shop.”

Colliers previously completed leases for science and engineering company Anchor QEA and SeaCube Container Leasing. Both tenants moved into their respective 12,988-square-foot and 12,420-square-foot offices in the summer of 2014.

Located in the prestigious northern Bergen County market, 123 Tice Boulevard is easily accessible and directly across from the Woodcliff Lake Hilton, which is also undergoing renovations. Other existing tenants in the building include ID System, Polk, and Advantage Sales & Marketing.

Instant Insights /

With 17K SF of New Leases, Colliers Nearly Fills 123 Tice Blvd.

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