Lionstone Inks 65 KSF in New Jersey Office Leases
- Dec 10, 2020
Owner Lionstone Capital Management has signed four leases at the two-building Park 80 West office center in Saddle Brook, N.J. CBRE arranged the expansions, renewal and new lease deals, totaling roughly 65,000 square feet. Lionstone purchased the Class A office park from CBRE Global Investors for $115.5 million in the fall of 2018.
The latest spate of transactions includes a 24,742-square-foot lease expansion and extension at Plaza I, inked by Eastern Concrete Materials. Van Houten Corporate Realty represented the tenant, which will solely occupy the fifth floor. Symrise Inc. will also remain in the building, following its 21,062-square-foot lease renewal on the second floor, arranged by JLL.
Turner Surety and Insurance Brokerage—represented by CBRE’s Carl Eriksen—signed an agreement to occupy 6,823 square feet at Plaza I’s third floor. Robert Half International renewed its 11,867-square-foot lease at Plaza II’s fifth floor, with JLL working on behalf of the global human resources consulting firm.
The 511,126-square-foot office park is located at 250 Pehle Ave., at the junction of Interstate 80 and Garden State Parkway, roughly 17 miles from Midtown Manhattan. The seven-story Plaza I and ten-story Plaza II buildings date back to 1971 and 1981, respectively, and are LEED Silver certified, CommercialEdge data shows. Park 80 West is also home to New York Life, Regus, Mass Mutual, Marsh & McLennan and JPMorgan Chase & Co.
CBRE’s Donald Sperling and Robert Norton represented the owner. Norton is also part of the team overseeing leasing efforts at the Harborside mixed-use campus in Jersey City, N.J. Mack-Cali Realty Corp. is repositioning the 4.3 million-square-foot property along the Hudson River.