Law Firm Signs 44,000-SF HQ Lease

The deal was arranged for Schwartz, Simon by Douglas Gaffney, senior managing director, along with Michael Staskiewicz of the Roseland office of the Schultz Organization. Rexcorp Realty, the Uniondale, NY-based successor to Reckson Associates following that firm's merger with SL Green, was represented in-house. The building at 44 Whippany Rd. is one of the suburban properties re-acquired by former Reckson executives from SL Green following the merger.

For Schwartz, Simon, which specializes in education and labor law, the lease reportedly runs for a 15-year term. Further terms were not released, however, available space in the building is currently listed on Rexcorp's website with an asking price of $28.50 per sf.

"The large 80,000-sf floorplates of this well-located asset allowed Schwartz, Simon to expand their operations to one floor for greater efficiency and allow for future growth," Gaffney tells GlobeSt.com. "We were able to simultaneously sell their owned asset at 10 James St. in Florham Park to a local investor, the SL Group. Schwartz, Simon will transition into the new expanded space this summer."

The building at 10 James St. totals 21,000 sf and traded for a number reportedly in the $3.5-million range, or about $166 per sf. "We had previously sold the contiguous office park at 25 Hanover Rd. in Florham Park, a 135,000-sf complex, in October 2006 to SL Group," Gaffney says. "This acquisition allows the buyer to control an adjoining 21,000-sf facility."

Gaffney and the Schultz Organization have also been retained as the exclusive marketing agent on behalf of SL Group for both 25 Hanover Rd. and 10 James St. Available space is currently listed on Schultz's website with an asking price of $21 per sf at the former property and $24 per sf at the latter.

"We have units currently available from 3,000 to 21,000 sf, with medical and office uses permitted," Gaffney says. "In the past 90 days, we have signed five leases totaling 24,000 sf at 25 Hanover Rd. Activity remains strong in this eastern Morris County submarket."