X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TEANECK, NJ-Cognizant Technology Solutions Corp. had been occupying 42,000 square feet for its headquarters at Sanzari’s 500 Frank W. Burr Blvd. here, and has now renewed and expanded to a total of nearly 72,000 square feet, GlobeSt.com has learned. The move also involves reconfiguring its operations on two floors of the seven-story, 330,000-square-foot building.

The deal was done by Gregg Najarian and Joe Messina, corporate managing directors at Studley in Hackensack, on behalf of Cognizant Technology. Najarian represents the latter exclusively on a national basis, and has done deals in multiple markets. Owner Glenpointe Associates, an affiliate of the Hackensack-based Alfred Sanzari Enterprises, was represented in-house by Jerry Barta, along with FirstService Williams’ David Simson.

Cognizant had occupied 42,000 square feet on the seventh floor of the class A building, also known as Glenpointe Centre West, but as part of the deal, “will give back 19,000 square feet of that space,” Najarian tells GlobeSt.com. “They will take an additional 49,175 square feet on the third floor, the full floor. The new space will be more efficient.”

And the third floor comes fully furnished although the move-in will involve some work on the space, which had previously been occupied by Price Waterhouse. That work will include a renovation of the reception area and surrounding areas, tied to branding, and a move-in date of early February is anticipated. The lease was described as long-term, but details were not released. The third-floor space had been listed with an asking price of $35 per square foot plus tenant electric.

Part of a multi-building office complex attached to a Marriott hotel collectively known as Glenpointe, 500 Frank W. Burr Blvd. was constructed in 1985 and recently underwent an extensive renovation and upgrade of its common areas. “It’s one of the reasons the company committed to the lease, as well as the opportunity to take the entire third floor,” Najarian says. “We were able to negotiate very favorable expansion terms to protect the company long-term.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.