Konica Minolta Consolidates US Operations

The technology and IT services firm sold its Ramsey, N.J., headquarters through a sale-leaseback and acquired an adjacent industrial asset. The new campus will create 400 new jobs and house the firm's current Connecticut operations.
Konica Minolta campus in Ramsey, N.J.

Konica Minolta Business Solutions is consolidating its U.S. operations into a single campus, starting with the sale of its current headquarters at 100 Williams Drive in Ramsey, N.J. The technology and IT services firm sold the 106,400-square-foot property to LCN Capital Partners through a sale-leaseback.

The firm also paid $20.2 million to acquire the nearby 133 Williams Drive, a 171,500-square-foot industrial asset, from Prestige Motors, public records show. The building is set to house Konica Minolta’s warehouse operations, currently situated at 101 Williams Drive, an 85,000-square-foot warehouse/office property. The facility is set to undergo a 52,000-square-foot office and parking expansion.

Further plans

The company currently employs 474 people in the city and has received $29 million in Grow New Jersey tax credits. Following the changes, Konica plans to add 400 new jobs in the unified campus, as well as relocate its administrative and distribution operations from Windsor, Conn.

A Cushman & Wakefield team comprising Richard Baumstein and Marc Graham, along with sale-leaseback specialists Ben Cooper and Peyton Horn represented Konica Minolta in the transactions. Savills Studley’s Dan Foley acted on behalf of Prestige Motors.

Konica Minolta’s presence in this neighborhood dates to the early 1970s, when 101 Williams Drive was built,” Baumstein said in a prepared statement. “The company’s various mergers and expansions into new product lines—including smart office technology products, industrial printing and managed services—are driving significant growth. This series of calculated moves paves the way for Konica Minolta to create an exciting, modern work environment while gaining efficiencies and accommodating future growth—all while remaining in place.

Also in Ramsey, TA Associates Realty recently sold a 140,000-square-foot office building to Highstone Equity Group.

Image courtesy of Cushman & Wakefield