Bank Signs 55,000-SF HQ Lease

Doug Gaffney, managing director in the Roseland, NJ office of the Schultz Organization/TCN Worldwide, represented Investor Savings Bank in the transaction, while Reckson was represented in-house. The terms of the deal were not disclosed.

Reckson recently completed a multi-million-dollar repositioning of the 195,000-sf class A building, which is part of the larger, three-building, 575,529-sf Reckson Office Center. The overall complex has similarly undergone capital improvements, and the Melville, NY-based Reckson maintains its New Jersey regional office here.

The signing of Investor Savings Bank brings 101 JFK Parkway to the 75% occupancy level, according to Todd Rechler, corporate senior vice president and managing director of Reckson's New Jersey division. "The campus has become a destination for tenants seeking a prestigious address and image," he says, referring to pricey Short Hills. Reckson Office Center is adjacent to the five-star Short Hills Hilton and the Taubman Co.'s Mall at Short Hills, an upscale regional shopping complex.

The signing of Investor Savings Bank follows on the heels of two other recent deals at the complex, including Bollinger Insurance Co.'s 69,000-sf transaction late last year. Citicorp Private Banking also took 14,000 sf late last year. Among other on-site tenants are Dun & Bradstreet, which uses its local offices as its headquarters.

Investor Savings Bank, which was founded back in the 1920s, has retail banking office in eight New Jersey counties, including Essex, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Somerset and Union.