Wells Fargo Advisers Relocates to 700 Route 46 East

FAIRFIELD, NJ-Wells Fargo Advisors has signed a new lease for 5,616 square feet at 700 Route 46 East in Fairfield, NJ, landlord True North Fairfield Property Partners’ first signing since converting the 48,064-square-foot facility to mixed-use.

The transaction, arranged for landlord True North Fairfield Property Partners by Newmark Knight Frank, is a relocation and 2,000-square-foot expansion of Wells Fargo’s existing site at 350 Passaic Avenue. “The recent renovations afforded Wells Fargo Advisors the opportunity to expand and upgrade its image at aggressive pricing,” said Newmark Knight Frank principal Frank Recine, who teamed with associates Blake Goodman and Ken Porreca, all of the firm’s Rutherford, NJ, office. “With its location, amenities, new lobby and exterior renovations completed by True North, 700 Route 46 was a very appealing option.”

The four-story, class A office building had been a single-tenant use. True North Fairfield Property Partners, an affiliate of White Plains, NY-based True North Management Group, recently completed a major exterior and interior renovation including a new lobby. The building is part of a mixed-use complex that includes an attached Crowne Plaza Hotel. Rents for comparable buildings in the area range from $14.50 per square foot to $23 per square foot, according to LoopNet,

“Since this outstanding facility has been repositioned, we are seeing a great deal of interest in the remaining availabilities,” said Recine. “We anticipate additional announcements soon.”

The tenant was represented in the transaction by Jeffrey Miller and Chris Hovanec of UGL Services.