AXA Equitable Life, which occupies the building's entire first floor and a portion of its lower level, was represented in the transaction by Matthew Astrachan, Paul Glickman and Mitti Liebersohn of the Manhattan office of Cushman & Wakefield and Curtis Foster of C&W's East Rutherford office. Hartz was represented in-house. Terms were not released.
"Lease renewals, especially ones like AXA Equitable, are becoming signs of a tightening market as New Jersey's economy remains strong," says Emanuel Stern, president and COO of the locally based Hartz. "New activity in the North Jersey market has been moderately strong, an as a result of the improving occupancy, existing tenants are left with few local options."
"This renewal enables AXA Equitable to establish a longer-term occupancy," Glickman says. "It offers flexibility for the company's evolving business."
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