Major Internet Retailer Locates to SL Green's 125 Chubb Avenue in New Jersey
November 4th, 2008 at 11:21 AM
Lease for 29,861 is Largest Intra-Market Transaction
in the Meadowlands This Year
New York, NY - November 4, 2008 - SL Green Realty Corp. is pleased to announce that a major Internet retailer has signed a 12-year lease covering 29,861 square feet at 125 Chubb Avenue (aka Skyline Corporate Center) in Lyndhurst, New Jersey.
Reputed to be one of the Internet's largest retailers, the tenant will occupy a portion of the third floor of the 278,500-square-foot five-story property at which SL Green recently unveiled a truly progressive repositioning.
"We are thrilled to welcome such a renowned online national retailer as the first new tenant to 125 Chubb Avenue following the building's extensive renovation," said John Barnes, Senior Vice President and Senior Director of SL Green who explained that the multi-million dollar comprehensive capital improvement program included a brand new architecturally distinct lobby; bathroom and common area renovation incorporating the latest ‘green building technology'; a new, state-of-the-art HVAC system; a new food service/fitness center amenity base; and a new landscaping program. In addition, the building further benefits from an expanded & redundant power capability as well as existing data center infrastructure including back-up generators, UPS systems and switch.
"We transformed an obsolete Class B building into a state-of -the-art Class A facility that consequently is beginning to generate tremendous interest among prospective tenants, both locally and from further afield," added Mr. Barnes.
The tenant will move into its new premises, formerly an Ernst and Young office/ data center operation, in April 2009. Upon their move-in, the building will still have approximately 250,000 square feet of remaining office space for lease, making it one of the largest available blocks of space within a ten-mile radius of Manhattan.
Gregory Barkan, First Vice President of CBRE represented SL Green in the transaction, while J.C. Giordano and Charlie Dillon from Staubach acted on behalf of the national retailer.
"This transaction represents the largest intra-market deal in the Meadowlands to date in 2008," reported Gregory Barkan who added that Internet retailer was formerly located in Secaucus, New Jersey. "This transaction continues to demonstrate the trend of ‘flight to quality' by today's sophisticated corporate tenants."
About SL Green Realty Corp.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. As of June 30, 2008, the Company owned 30 New York City office properties totaling approximately 23,719,200 square feet, making it New York's largest office landlord. In addition, SL Green holds investment interests in, among other things, eight retail properties encompassing approximately 400,212 square feet, two development properties encompassing approximately 363,000 square feet and two land interests, along with ownership interests in 36 suburban assets totaling 7,867,500 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
Tags: John Barnes, 125 Chubb Avenue, Gregory Barkin, J.C. Giordano, Charile Dillon