WEST PATERSON, NJ-Cytec Industries Inc., which has occupied 101,880 sf of space at Five Garret Mountain Plaza, part of Mountain Development’s three million-sf portfolio, since 1993, will stay put. The company, a global specialty chemicals and materials company, has signed another long-term lease. The term of the lease was not disclosed.

Cytec, which was spun off from American Cyanamid in 1973, is active in such fields as aerospace, automotive, ballistics, electronics, food processing and water treatment. The company, which generated $1.4 billion in sales and diluted earnings per share of $2.73 in 1999, operates 24 manufacturing plants in the US, UK, Canada, Netherlands, Germany, France, Colombia and Mexico.

The Garret Mountain location houses the corporate headquarters and R&D operations, concentrating on applications technology, manufacturing process improvement and new product research. The company, led by president/COO David Lilly, is in the S&P mid-cap 400 index.

Brokering the transaction on behalf of the tenant were Sam Buckley, Linda Dow and James Postell of Insignia/ESG-NJ, Saddle Brook. “We determined that a long-term renewal of its lease was the most prudent solution for the company,” according to Postell.

“We have become very comfortable here,” adds Gene Boyle, real estate manager for Cytec. “The renewal was the most cost-efficient option for long-term space for our company. We looked at a number of properties, but our existing location was most compatible with our requirements.

The Garret Mountain property dates back to 1982, originally developed by Robert Lieb, who with Michael Allen Seeve is now a principal in locally based Mountain Development Corp. It’s currently 100% occupied. Besides Cytec, key tenants include Purdue Frederick, Milliman & Robertson, First Institutional Securities and several executive agencies of the US government.

Besides Garret Mountain and other New Jersey properties, Mountain Development’s portfolio ranges across Massachusetts, Connecticut and Pennsylvania.

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