MONTVALE, NJ-Industrial conglomerate Ingersoll-Rand has signed a lease for a total of 58,500 sf of office space at 155 Chestnut Ridge Rd. here, and will use the space as its executive headquarters. The company maintains its official headquarters in Hamilton, Bermuda, mostly for tax purposes, but has housed most of its executive staff in New Jersey for decades.

“After nearly 35 years in Bergen County, it’s also great news for New Jersey that this Fortune 500 company will be remaining in the region,” Geoffrey Schubert of CB Richard Ellis, Saddle Brook, NJ. Schubert, along with fellow CBRE SVPs James Tully and Gerry Bridges, and Patrick Murphy, the firm’s executive managing director for the tri-state suburban markets, put the deal together on behalf of I-R. CBRE’s Kim Bertin and Roger Merriman assisted in the project management efforts.

I-R’s new executive HQ site is a 92,000-sf class A asset owned by the New York-based TIAA-CREF, which was represented in the transaction by the Fairfield, NJ office of Grubb & Ellis. The remaining space within the building is currently occupied by American Ref-Fuel Co., a waste-to-energy production company. Terms of the I-R transaction were not disclosed.

The move represents a downsizing of I-R’s executive offices, at least in terms of occupied space. The company recently sold its 130,000-sf former HQ facility and 40 acres of land in neighboring Woodcliff Lake, NJ, to BMW North America. I-R had announced a couple of years ago that its Woodcliff Lake site was for sale, although at the time the company didn’t rule out an alternative arrangement, such as a sale/leaseback.

BMW is currently in the process of combining the building and site it acquired from I-R with its adjacent, similarly-sized headquarters to effectively double its own space. SJP Properties of Parsippany, NJ put the deal together for BMW earlier this year, and is the development consultant for the project.

Ingersoll-Rand has also been in the news in Garden State real estate on the industrial side recently. The company is currently redeveloping its 385-acre former manufacturing site in Phillipsburg, Warren County, as Phillipsburg Commerce Park. Last month, it was announced that the Dallas-based Flowserve had signed a lease for more than 450,000 sf, encompassing 11 buildings on the site.

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