Wallenius will use the space for support functions for its operations at the Port of Newark and Elizabeth. Those support functions are currently sited in Montvale, NJ.
The owner was represented by CB Richard Ellis, specifically by Jeffrey Babikian, EVP, Richard Danesi, SVP and first VP Christopher Olsen of the firm's Saddle Brook, NJ office. Wallenius, meanwhile, was represented by Sam Riela of Riela Realty, Ridgewood, NJ.
Terms of the lease were not disclosed, however, available space in the building is currently listed on CBRE's website with an asking price of $27 per sf gross and TE. Additional spaces ranging from 3,500 to 24,000 sf are currently available.
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