Knowledgepoint360 Commits to 60,000 Sq Ft at SL Green’s 125 Chubb Avenue in Lyndhurst, New Jersey
January 10th, 2011 at 11:37 AM
The Largest Intra-Meadowlands Submarket Transaction In 2010
New York, NY – January 10, 2011 – SL Green Realty Corp. (NYSE: SLG) announced today that KnowledgePoint360 Group LLC, a global leader in medical communications, has signed a long-term 59,354-square-foot headquarters lease at 125 Chubb Avenue (aka Skyline Corporate Center) in Lyndhurst, New Jersey.
Considered the largest intra-Meadowlands submarket transaction of 2010, and one of the largest completed since Barnes and Noble signed a 29,861-square-foot lease at the same building in 2008, KnowledgePoint360 will relocate from its current headquarters at 150 Meadowlands Parkway in Secaucus, NJ. The move is scheduled for the third quarter of 2011.
CB Richard Ellis’ Gregory Barkan with SL Green’s Clark Briffel represented SL Green, while Cushman & Wakefield’s Ed Duenas and Mark Graham co-brokered the transaction for the tenant with Jonathan Varholak and Michael Joyce of Richards Barry Joyce & Partners.
“Due to the significant amount of capital required, larger headquarter relocations are rare these days. This transaction, much like Barnes and Noble, is a testament to the quality of the real estate our firm delivers,” said John Barnes Senior Vice President and Senior Director of SL Green Realty Corp. He added that among the factors driving the transaction are the building’s recent multi-million dollar renovation, which features a stunning architecturally distinct lobby; an extensive restroom and common area renovation incorporating the latest sustainable elements; a new state-of-the-art HVAC system; a new food service/fitness center amenity base; and a new landscaping design. In addition, the office complex enjoys superior access to mass transit including a direct connection to several New Jersey Transit rail stations (including Secaucus Junction) and New York City’s Port Authority bus terminal.
KnowledgePoint360 Group will occupy the entire fourth and fifth floors of the office complex’s south wing. The 287,500-square-foot building consists of two, five-story wings, connected by a glass enclosed atrium. KnowledgePoint operates ten other offices in the United States and Europe.
According to Mr. Barkan, “This transaction continues to demonstrate the trend in New Jersey that top quality, well-located, modern generation assets will lease, while lesser quality, commoditized ones will continue to languish. Today’s sophisticated corporate tenants desire these types of environments to attract and retain the best talent possible.”
About KnowledgePoint360 Group LLC
KnowledgePoint360 Group is a global leader in healthcare information and communications, serving healthcare professionals and the pharmaceutical and biotech industries. The company offers a broad range of services, including support for data-driven clinical publications, strategic advisory services, thought leader programs, advisory boards, disease-state education, live educational events and international Congresses, award-winning Web portals, promotional communications, e-Solution, technology-enabled workflow and compliance solutions to support speakers bureaus, and design and management of exhibit booth stands. For more information, visit: www.knowledgepoint360.com.
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 September 30, 2010, the Company owned interests in 30 New York City office properties totaling approximately 22,324,460 square feet, making it New York's largest office landlord. In addition, at September 30, 2010, SL Green held investment interests in, among other things, eight retail properties encompassing approximately 366,312 square feet, three development properties encompassing approximately 399,800 square feet and two land interests, along with ownership interests in 31 suburban assets totaling 6,804,700 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 212-216-1601.
Tags: John Barnes, 125 Chubb Avenue, Clark Briffel