SADDLE RIVER, NJ—Pharmaceutical billing software company MedAssets is leasingthe entire 105,959-square-foot Saddle River Executive Center, a class A office property at 1 Route 17 in Saddle River, NJ.
Avison Young, which brokered the lease, declined to disclose terms.
Avison Young principal William McCaffrey and Senior Vice Presidents Marc Krieger and Steven Getzeiler oversaw the transaction on behalf of Madison Core Property Fund, a real estate fund managed by New York Life Real Estate Investors, while John Flack and James Scancarella of Cresa represented MedAssets, which is headquartered in Georgia.
"MedAssets, which started out as a subtenant at Saddle River Executive Center, has continued to expand in recent years, leasing direct space and subleasing additional space at the building," says Dennis Morris, director at New York Life Real Estate Investors. "When it became apparent that the company needed more space, they could have gone anywhere. This transaction proves that well managed New Jersey suburban office space can compete with buildings in any other submarket in the region."
While it's rare in recent years for a single tenant to lease an entire existing building in Bergen County, Avison Young led a strategic initiative to reposition the building for a single-tenant occupier upon the expiration of the previous lease.
In addition to Saddle River Executive Center, Avison Young serves as property manager and co-leasing agent for 10 Waterview Boulevard, MCPF's 98-percent leased, 211,879-square-foot office building in Parsippany, and The Offices at Bedminster, the fund's, 190,013-square-foot, 95-percent leased office buildings in Bedminster.
"While there are some large companies leaving the state and relocating to New Jersey's urban locales, there are still significant deals occurring in the suburbs, especially in Bergen County," says McCaffrey. "But to succeed, It's integral that property owners implement a service platform that fits their needs in terms of correctly repositioning assets in what has become an extremely competitive marketplace."
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
