HACKENSACK, NJ-The Continental Plaza office complex, after being taken back by its lender in a foreclosure last year, has closed leases approaching 100,000 square feet of late.
The three-building complex on Route 4 West that totals 650,000 square feet was taken back by its lender, a JPMorgan Chase investment unit, at a foreclosure auction last July to satisfy a $102-million mortgage, according to The Record.
Newmark Grubb Knight Frank has negotiated leases with a number of new tenants and has secured lease extensions and expansions from current occupants, says Managing Director Blake Goodman. The leases total 97,770 square feet.
“We've really stabilized the buildings,” Goodman says. “We've gotten a lot of new tenants. Most of the existing tenants, we've been successful at extending out longer terms.”
He adds, “We still have a few potential tenants on the hook right now. We've got some tenants that are expanding within the building.” See story in The Record.
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