For Newmark, the assignment is being handled by principal Seena Stein and managing director Frank Recine of the firm's Rutherford, NJ office, along with senior EVP and director Neal Golden and associate Rory Greenberg of the New York City office. "It is an attractive alternative to Midtown Manhattan, where prices can exceed $100 per square foot for prime, class A space," Recine says.
The complex consists of Fort Lee Executive Park One, a six-story, 240,000-sf building, and Two, a nine-story, 360,000-sf asset. The buildings, which were completed circa 1980, were acquired by Witkoff a decade ago for a reported $45 million and are set to undergo a multi-million-dollar capital improvement program. Amenities include on-site daycare and foodservice.
Among the current lead tenants is Alpharma. The buildings have 38,500-sf floorplates, "the largest in the Fort Lee/George Washington Bridge submarket," Stein says. In terms of pricing, comparable space in the market carries asking rents in the $30 per sf range.
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