30,000-SF HQ Sublet Hits the Market

For NKF, the assignment is being handled by managing director Frank Recine, director Michael Tesser and associates Blake Goodman and Kenneth Porreca. "The space is available with highly attractive incentives," Recine says. "This space is an opportunity for tenants in a submarket that typically does not offer a lot in the way of concessions."

The asking rental rate for the sublet starts at $15 per sf plus tenant electric, according to Recine. The existing lease term runs through Jan. 14, 2016, with up to one year of free rent available to a subtenant who takes the entire premises full term. Also, a 9% brokerage fee will be paid to procuring brokers representing a subtenant in a full-term transaction.

"The well-over-standard procurement fee should prove to be an attractive incentive for the brokerage community," says Recine. He notes, too, that for a limited period of time the building's owner has committed to paying brokerage commission on the free rent period.

The owner of the property is Mountain Development Corp., which itself is headquartered in the building, occupying 7,500 sf. As reported by GlobeSt.com, Mountain Development bought the 211,000-sf, seven-story building on six acres, a former Hoffman-La Roche office and research lab facility, in late 2000. The sublet opportunity involves the entire top floor.

Mountain subsequently launched a major overhaul of the asset, including a complete interior demolition, and renamed it the Mountain Technology Center. In 2002, Mountain Development relocated its own headquarters to the site from 3 Garret Mountain Plaza in West Paterson, a building that it also owns.