LITTLE FALLS, NJ–The ownership of Overlook at Great Notch, a 425,000-square-foot Class A trophy office building at 150 Clove Road here has successfully completed a major recapitalization of the property.
The refinance program was completed by Theta Holdings Company, L.P. through a combination of equity and debt along with East West Bank. No financial terms of the deal were released. The ownership is now poised to begin a multi-million dollar capital improvement program.
Following the recapitalization, biotechnology firm Genentech recently moved into its new 20,000-square-foot office at the building after signing a long-term lease. The office in Little Falls will serve as Genentech's satellite office in New Jersey, housing approximately 60 corporate support staff comprised of lawyers and procurement executives. Operations in Nutley and Clifton will cease by the end of 2013. Other tenants at the Overlook property include Morgan Stanley, Mass Mutual, Cantel Medical, Sentrx Safety Solutions, and Systra Consulting.
“The addition of Genentech to Overlook at Great Notch is a testament to ownership's long-term commitment to this trophy asset,” said Richard Mirliss, executive managing director, Colliers International, who along with colleagues Richard Madison and Anthony Rinaldi were recently hired to represent Overlook at Great Notch. “Furthermore, it prepares this prime asset for a dynamic capital improvement program, which includes renovations to the lobby and common areas, and constructing a state-of-the-art conference room and fitness center.”
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