MONTVALE, NJ-Coining Inc. has signed a long-term 60,000-square-foot industrial/flex lease at Montvale Campus Parkway I, located at 15 Mercedes Dr. here. NAI Hanson’s associate vice presidents Tom Vetter and Jeff DeMagistris represented the tenant, while Cushman & Wakefield represented the landlord, the Hampshire Cos.
“Coining first engaged our services two years ago when the company began its search for a new and larger headquarters from its existing 30,000-square-foot location in Saddle Brook,” Vetter tells GlobeSt.com. “In January of 2009, Coining acquired one of its competitors, which was headquartered in Armonk, NY, and nearly doubled its workforce. This expansion not only altered its initial space requirements, but also changed the location of its newly combined headquarters facility, which now had to be located between Saddle Brook and Armonk in order to ensure that its employees were retained. We were able to identify this facility as being a perfect fit to meet all of Coining’s evolving needs.”
Rental rates were not available, but a recent report from CB Richard Ellis places Bergen County industrial rents around $8. Built in 1976, Montvale Parkway Campus I recently underwent a major renovation and will reach 100% occupancy when Coining joins the tenant roster. Further renovations are planned to suit the company’s manufacturing needs; these are slated for completion in the second or third quarter of 2010.
Commenting on the transaction, Gary Holcomb, Coining’s CEO, said in a release, “With this relocation, we plan on utilizing this space as our new headquarters and manufacturing plant in the Northeast, after completing a facilities upgrade program that also includes new modern buildings for housing our manufacturing operations in Penang, Malaysia and Casablanca, Morocco.”